Former President Nasheed Backs UAE-Based Eagle Hills Real Estate Project, Urges Govt to Submit Agreement to Parliament

Former President and opposition Maldivian Democratic Party (MDP) Chairperson Mohamed Nasheed has voiced strong support for the massive 500-hectare tourism and real estate development project led by UAE-based Eagle Hills, saying that establishing a residency programme for foreigners in the Maldives is a commendable initiative in principle.

The government last week signed a commercial terms agreement with Eagle Hills for the ambitious venture, officially named the Maldives Waterfront and Marina Project and slated for Rasmale’. However, the project has drawn sharp criticism and allegations from various opposition figures.

Taking to social media platform X, Nasheed reiterated that opening up the Maldivian economy through large-scale foreign direct investment (FDI) is vital for national prosperity, peace of mind, and expanding business opportunities. He emphasised that the Maldivian economy can only truly develop by attracting substantial foreign capital.

While maintaining his overall support, Nasheed noted that he has two primary concerns regarding the current trajectory of the deal—the non-receipt of advance funds and the project's location within the densely populated Male’ region. 

Nasheed previously raised the location issue during a press briefing at the MDP office last week, noting that Eagle Hills had floated a similar proposal during his own presidency. At that time, he advised relocating the venture outside the capital region to prevent further overcrowding in Male’.

To ensure transparency and legal certainty, Nasheed urged the government to submit the undisclosed contract to the Parliament as promptly as possible.

The best way forward is for the government to send the contract to the People’s Majlis promptly, and for the government's majority to pass the legal framework required for this project, Nasheed explained.

Nasheed’s call for parliamentary involvement follows Attorney General Ahmed Usham’s announcement that the venture will be executed under a newly drafted real estate law. With the ruling People's National Congress (PNC) currently holding a supermajority in the parliament, passing the necessary legislation is expected to be a straightforward process.

Addressing his stance as the head of the opposition, Nasheed defended his pro-investment position by highlighting the MDP's center-right political identity, which traditionally champions privatisation and foreign investment. 

However, he clarified that his personal endorsement does not unilaterally dictate official party policy, noting that how a future MDP government would approach such a project would ultimately be outlined in its presidential election manifesto.