Housing Minister Dr Abdulla Muththalib has said no decision has been made to grant tax concessions to the proposed USD 20 billion Rasmalé project by UAE-based Eagle Hills.

In a LinkedIn post, Dr Muththalib said the Government expects to benefit from revenue generated by the project rather than relying on benefits received at the time of signing.

He said all proceeds from sales under the project will be held in an escrow account in the Maldives, describing this as particularly important given the country’s long-standing shortage of foreign currency.

Dr Muththalib said the project is expected to attract at least one million tourists annually once completed and generate more than USD 11 billion in government revenue during its development period. He also said it could create more than 54,000 jobs.

The Minister added that the Government would not take loans or provide sovereign guarantees for the project, and no tax concessions had been granted. He said all project funds would also be channelled through Maldivian banks.