Minister of Economic Development Transport and Trade Mohamed Saeed has defended the Government’s proposed Eagle Hills project in Rasmalé, describing it as a major investment that could diversify the Maldivian economy.

Speaking on the eighth episode of the ‘Ahaa’ forum, jointly organised by the President’s Office and PSM, Saeed said the Maldives would need major investments beyond its existing tourism model to achieve its development ambitions by 2040.

He said the Eagle Hills project could attract an additional one million tourists and support airport expansion to accommodate four to five million annual arrivals in the near future.

Saeed noted that the country’s 170 operating resorts generate around USD 1.7 billion in direct economic contributions, but warned that excessive dependence on a single sector posed risks to the economy. He said the Eagle Hills project was intended to diversify economic activity while protecting the country’s natural environment.

Addressing concerns over long-term land leases, Saeed said the practice was not new to the Maldives. He noted that 30 per cent of reclaimed land had been granted under freehold arrangements during the 2013–2018 administration, while subsequent amendments introduced 99-year leases. He added that 54 resorts had already been leased under the 99-year arrangement.

The Government signed a commercial agreement with Eagle Hills last month for the USD 20 billion Maldives Waterfront and Marina project, which will be developed across 500 hectares in Rasmalé.

Responding to criticism of the project, Saeed dismissed concerns raised by opposition groups as politically motivated, arguing that the project’s success would be a significant setback for the opposition.