The planned "Eagle Hills" mega-development in Rasmalé represents an investment comparable to the combined value of all assets developed across the Maldivian tourism sector over the past 54 years, Minister of Economic Development and Trade Mohamed Saeed has stated.
Speaking during the government’s public forum "Ahaa," Minister Saeed noted that given the Maldives' current revenue-to-expenditure dynamics, the nation cannot remain regionally competitive without engineering extraordinary economic growth. He stressed that President Dr. Mohamed Muizzu's vision of transitioning the Maldives into a fully developed nation by 2040 can only be realized by executing large-scale, transformative ventures of this magnitude.
Addressing economic diversification, the minister argued that the country cannot introduce industries incompatible with its natural serenity, fragile environment, and world-renowned hospitality standards. Consequently, expanding high-end real estate anchored to the country's natural beauty represents the most viable path forward for sustainable expansion.
Highlighting the scale of the undertaking, Saeed explained that over the past 54 years, the Maldives has developed 177 resorts, accommodating 2.2 to 2.3 million tourists annually and injecting roughly $1.7 billion into the economy. In comparison, the multi-billion-dollar Eagle Hills venture alone is projected to draw an additional one million visitors per year, fully utilizing the newly expanded Velana International Airport, which is built to serve four to five million passengers annually.
Dismissing criticism surrounding long-term land allocations, the minister clarified that 99-year leases are not unprecedented, having been introduced between 2013 and 2018, with approximately 54 resorts currently operating under such arrangements. He concluded that opposition pushback stems from political posturing to incite public unease, adding that the triumphant delivery of Eagle Hills would fundamentally overshadow the opposition's political prospects.