Monday 09 Nov 2026
President Dr Mohamed Muizzu (L) with Attorney General Ahmed Usham (R) at the ceremony held at Barcelo' Nasandhura to commemorate the 75th anniversary of the AG’s Office, September 13, 2025. (Photo/President's Office)
Rasmale’ properties cannot be sold to Israeli citizens or Israeli-linked entities, while leasehold rights acquired in violation of the law can be revoked and taken over by the state, according to the Real Estate Bill submitted to Parliament.
The bill was drafted as part of the legal framework for the Rasmale’ Waterfront and Marina Project, a USD 20 billion (MVR 308 billion) development planned by the Maldivian government in partnership with Abu Dhabi-based developer Eagle Hills.
The project, one of the largest foreign investment ventures in Maldivian history, was formalized through a memorandum of understanding signed on September 21.
Following the project's announcement, Minister of Construction, Housing and Infrastructure Dr. Abdulla Muththalib said the government was seeking to establish a real estate industry that does not currently exist in the Maldives.
The project has faced criticism over Eagle Hills’ alleged Israeli links, with opposition figures raising concerns that Israelis could gain residency or property rights in the Maldives through the development. Muththalib has previously maintained that Israelis would not be permitted to purchase property in Rasmale’.
The Real Estate Bill, now before the Parliament where the government holds a supermajority, stipulates that leasehold rights to property within a designated real estate zone cannot be sold to individuals or entities that are prohibited from entering or remaining in the Maldives. The bill also bars the subleasing of land within such zones.
The legislation specifically prohibits the sale of leasehold rights to Israeli citizens, as well as legal entities in which Israeli citizens directly or indirectly hold ownership interests or other stakes.
Under the bill, any transaction carried out in violation of these provisions would be deemed void.
The proposed law further states that individuals who provide false information when acquiring property, conceal relevant information, or unlawfully transfer ownership rights will face penalties prescribed under regulations enacted pursuant to the legislation.
In such cases, authorities would be empowered to cancel the property's leasehold registration and transfer the associated rights to the state.
Notably, President Dr. Mohamed Muizzu has previously assured that once the Rasmale’ development is completed, residents living in the area would comprise Maldivians and Muslims from other countries.
Criticising the project, former President Abdulla Yameen Abdul Gayoom has warned that Maldives risks losing its sovereignty and identity as an independent state if developments such as Rasmale’ are handed over to foreign parties.
The opposition Maldivian Democratic Party (MDP) has also called on the government to subject the Rasmale’ project to a public referendum.
However, MDP Chairperson and former President Mohamed Nasheed has publicly backed the project, arguing that linking development initiatives to religion and promoting unsubstantiated claims of Zionist influence would not strengthen political credibility.
