Housing Minister Dr. Abdulla Muththalib has stated that the decision to carry out the "Maldives Marina and Water Front" project in Rasmalé with Eagle Hills was made under the principles relating to unsolicited proposals as stipulated in the Public Finance Regulation.

The minister made this remark in a written response to a question regarding the project submitted to him by the MDP member for Galolhu North constituency, Mohamed Ibrahim (Kudoo).

Kudoo had questioned why the project was not opened up to other investors through an open bidding process instead of deciding to lease a large area of Rasmalé to UAE's Eagle Hills for 99 years.

In his written reply concerning the $20 billion project—the largest project ever undertaken in the Maldives—the minister stated that the agreement was signed in accordance with the Public Finance Regulation. He noted that the rules for private parties to submit unsolicited project proposals are outlined in Article 10.22 (c) of the Public Finance Regulation.

He added that this is a procedure currently practiced in the Maldives for implementing various projects.

Accordingly, the minister stated that the project agreement was signed under the private sector proposal principle outlined in Article 10.22 (c) of the State Public Finance Regulation.

The minister also addressed and clarified several other questions concerning the Rasmalé project. In response to certain inquiries, he noted that details regarding the key clauses of the signed commercial terms agreement have now been made public.