Former President Abdulla Yameen Abdul Gayoom has declared the Maldives government’s agreement with Abu Dhabi-based developer Eagle Hills illegal, insisting that any future administration should refuse to honor the contract.
Speaking at a People’s National Front (PNF) gathering on Thursday evening, Yameen heavily criticized the 99-year lease agreement for the USD 20 billion waterfront and marina project at Rasmale’, accusing the current administration of compromising the country’s long-term economic sovereignty.
Yameen argued that no sitting government possesses the legal mandate to enter into agreements that bind future generations over nearly a century. He asserted that because the transaction lacks proper legal backing, incoming governments hold no legal obligation to maintain or recognize the contract. Furthermore, he claimed the Rasmale’ initiative was not an original concept of President Dr. Mohamed Muizzu and alleged that the project is driven by specific underlying motives rather than national interest.
The controversial agreement with Eagle Hills represents one of the largest foreign investment commitments in Maldivian history. Signed in Dubai, the ceremony was attended by senior Maldivian officials and Mohamed Alabbar, founder of Emaar Properties and chairman of Eagle Hills.
Envisioned as the nation’s largest land reclamation endeavor, the Rasmale’ project aims to reclaim over 1,100 hectares to construct 65,000 housing units. While the government maintains the megaproject will alleviate congestion in Malé and stimulate long-term economic expansion, an official implementation timeline has yet to be released.
