Attorney General Ahmed Usham has said the 99-year lease period for tourist resorts was introduced during former President Abdulla Yameen’s administration, responding to Yameen’s criticism of the Government’s planned Rasmalé project.

Yameen warned at a gathering of the People’s National Front (PNF) on Sunday night that leasing land for the USD 20 billion Rasmalé project to a foreign company for 99 years would be equivalent to selling it permanently. He also warned that officials involved in the project could face consequences if the Government changes.

In a post on X, Usham outlined the history of resort lease periods in the Maldives. He said the first Tourism Act, enacted in 1999, set the maximum lease period at 25 years. This was extended to 75 years in 2010 during former President Mohamed Nasheed’s administration and further increased to 99 years in 2015 under Yameen.

Usham also cited Article 8 of the Tourism Act, which provides for compensation to investors for the depreciated value of their investments when a 99-year resort lease expires.

Addressing concerns over the Rasmalé project, Usham said it would be governed by a proposed real estate law. He noted that only a letter of intent or an agreement on commercial terms had been signed so far, with definitive agreements to be negotiated before the project begins.

He added that the relevant legislation would require parliamentary approval and assured that the project would be implemented in accordance with the Constitution and the laws of the Maldives.

The Government plans to lease 500 hectares of reclaimed land in Rasmalé to UAE-based Eagle Hills for 99 years to develop a marina and waterfront city.