Rasmalé Offers Major Opportunity for Maldives’ Economic Growth: Thoriq

Mahibadhoo MP Ahmed Thoriq has voiced strong support for the Rasmalé project, describing it as an opportunity to create a major national asset and advance efforts to diversify the Maldivian economy.

Speaking during a parliamentary debate, Thoriq said the project could become one of the most profitable ventures for the Maldivian state, with commercial agreements and legislation helping safeguard the country’s interests.

“This is not a project, nor an opportunity we have been given, that should be halted in any way,” he said.

Abu Dhabi-based developer Eagle Hills has signed an agreement with the Maldives government to develop the Maldives Waterfront and Marina at Rasmalé, with investment estimated at US$12 billion to US$20 billion.

Thoriq said the project comes at a time when the Maldives is pursuing efforts to reshape and broaden its economy. He stressed that managing potential risks would be essential to maximizing its benefits.

“It is not just the Rasmalé project; every project can come with certain negative aspects. We need to minimize or manage those things. Things that need to be controlled by law should be controlled by law,” he said.

Thoriq called for any potential economic losses to be minimized through carefully structured commercial agreements and legislation passed by the People’s Majlis.

He added that finalizing the agreements alongside a special law, while sharing the details with the public through Parliament, could help make Rasmalé one of the most beneficial ventures for the state.

His remarks highlighted support for advancing the project with legal safeguards and public transparency to secure its potential economic benefits.