Rasmalé development projected to generate 14,000 permanent jobs, USD 30bn investment

The broader Rasmalé development is projected to attract USD 30 billion in total investment and create approximately 14,000 permanent jobs, according to the latest estimates disclosed by President Dr Mohamed Muizzu.

The President said the development and associated projects are also expected to generate around 54,000 employment opportunities during the development phase. The figures are government projections and will depend on the scale and implementation of the projects ultimately undertaken.

The latest estimate is broader than the USD 20 billion Maldives Waterfront and Marina development announced in September, for which the Government signed a commercial terms agreement with Abu Dhabi-based developer Eagle Hills. That project is planned as an integrated destination incorporating hotels and resorts, residences, a marina, retail, dining, entertainment, wellness, education, healthcare and community facilities.

Under the commercial arrangements outlined by the Government, the State is expected to receive 10% of the developer’s revenue, estimated at around USD 3.1 billion. The Government has also said it will receive 5,000 housing units valued at approximately USD 500 million as an advance commitment. The project is not expected to receive tax exemptions.

The commercial terms agreement signed in September establishes the principal terms and overall vision for the development, with more detailed terms to be developed as the project progresses. Properties within the development are planned to be offered under long-term leasehold arrangements governed by Maldivian law.

Earlier this month, Eagle Hills Chairman Mohamed Alabbar estimated that the project could support between 15,000 and 18,000 permanent jobs once completed, in addition to around 40,000 construction jobs. The latest figures announced by the Government place permanent employment at around 14,000 while estimating 54,000 employment opportunities during development.

The Government has described Rasmalé as a major new area for housing, tourism, real estate and commercial development. In September, the President said around 60% to 70% of land reclamation at Rasmalé had been completed.