President Dr. Mohamed Muizzu says the Rasmale' Development Project would generate approximately 14,000 permanent jobs, alongside 54,000 employment opportunities throughout the development phase.
The President gave this assurance during the eighth episode of "The Pulse" podcast series.
Speaking on the podcast broadcast, the President stated that the project would transform the trajectory of the Maldivian economy and bring immense benefits to the nation.
Addressing one of the most prominent allegations that foreigners would be permitted to own land, the President reiterated that Maldivian law strictly prohibits foreign ownership of land, clarifying that land would only be leased. He provided complete assurance that Israeli nationals will be legally prohibited from purchasing any property within the project area. The President further affirmed that there will be no non-Islamic places of worship or schools established in Ras Malé, and that the laws of the Maldivian State will apply fully across the entire area.
Highlighting the economic benefits of the project, the President estimated that the total investment, encompassing associated developments, will reach USD 30 billion. He noted that the initiative would generate approximately 14,000 permanent jobs, alongside 54,000 employment opportunities throughout the development phase.
Refuting politically motivated claims that land is being allocated to the detriment of the State, the President clarified that land is not being granted to the developer free of charge. Instead, the State will receive 5,000 housing units valued at USD 500 million as an advance commitment, as well as 10 percent of the developer’s revenue, estimated at approximately USD 3.1 billion. The President also reiterated that the project would not be exempt from taxes.
