Ras Malé Project Expected to Boost State Revenue with USD 340 Million in Annual TGST

The Ras Malé project is expected to deliver a major boost to government revenue and open new opportunities for businesses, with annual Tourism Goods and Services Tax (TGST) receipts projected at USD 340 million (MVR 5.2 billion).

Minister of Infrastructure, Housing and Urban Development Dr Abdulla Muththalib shared the projections while speaking as a guest speaker at the Maldives Accounting Forum. He said the development is expected to generate eight times the TGST revenue of a lagoon typically leased for resort development, equivalent to approximately USD 680,000 per hectare annually.

Highlighting the project’s anticipated economic contribution, Muththalib said the government expects to receive approximately USD 3.1 billion within 10 years under the Ras Malé model. By comparison, estimated state revenue from a resort over a 99-year lease under the Tourism Act ranges from USD 75 million to USD 316 million.

The development is also expected to create opportunities across a wide range of industries. Muththalib said businesses would be able to participate in cleaning and maintenance, property management, food and beverage services, retail and restaurants, alongside financial and professional services, accounting, digital services, marine businesses, healthcare and education.

The Maldivian government last month signed an agreement with UAE-based developer Eagle Hills to develop the USD 20 billion Maldives Waterfront and Marina project in Ras Malé.

Planned in phases, the development will bring together international-standard marina facilities, luxury hospitality establishments, premium branded residences, and waterfront retail, entertainment and leisure spaces. Educational and healthcare infrastructure will also form part of the development, supporting the needs of the future community.