Sovereignty, safety, and the well-being of Maldivians must be every politician’s first priority. The Ras Malé deal puts all three at risk, and the track records of the two firms at its Centre explain why.

The residency designer

In July 2025 the government hired Henley & Partners to design the Maldives Pearl Residence, which grants residency in return for property investment [1]. Henley’s record should have been a red flag.

• St Kitts and Nevis: OCCRP reported that two failed investments by the country’s citizenship-funded foundation had links to an associate of Henley’s chairman, and that the chairman offered help to the opposition during an election campaign. Henley and its chairman deny wrongdoing [2][3].
• Malta: the investor citizenship scheme Henley ran as concessionaire was ruled unlawful by the EU Court of Justice in April 2025 [4].
• Cyprus: a similar property-linked scheme was abolished in 2020. An official inquiry later found that more than half of the passports it issued should never have been granted [5].

The developer

Ras Malé’s reclaimed land is now going to Eagle Hills, the Abu Dhabi developer chaired by Mohamed Alabbar [7]. Its record in Europe is a warning.

• Its agreements in Serbia, Albania, Hungary and Montenegro were kept confidential and came to light only after leaks or public pressure [6].
• Belgrade Waterfront sold more than €830 million of apartments, yet Serbia’s share of the profit was about €9.9 million, less than 1.2% [6].
• Belgrade was promised 200,000 jobs; about 1,700 materialised [6].
• The Belgrade project was also marked by illegal demolitions and worker deaths [8].

What has been signed

On 21 September 2026 the government signed only a “commercial terms” agreement with Eagle Hills. The detailed terms are still to be developed as the project progresses [7].

• Value unclear: Eagle Hills puts it at $12 billion; officials say more than $20 billion. Neither side has explained the gap, or how much capital is actually committed [9].
• Near-permanent control: homes will be sold on leases of up to 99 years, and a new 99-year term begins on every sale or inheritance [7].
• More exposure: officials say Eagle Hills will also build 5,000 homes in Hulhumalé under contractor financing [9].

This follows the familiar pattern: headline figures up front, the binding terms out of public sight.

A test of our own law

In April 2025 the Maldives amended the Immigration Act to bar Israeli passport holders, reflecting Maldivians’ overwhelming solidarity with Palestine [10]. But the clause covering dual nationals was removed at committee stage [11].

The Pearl Residence eligibility rules have never been published in law or regulation. Nobody can say whether a dual national could use a second passport to take a renewable 99-year stake in Ras Malé. A scheme that lets the nation’s stated position be bypassed, on land held for generations, invites future conflict.

Silence is not strategy

The main opposition parties have said little, perhaps judging that quiet is politically safe. It is not. Staying silent while national land is committed is abdication.

What the government must do now:

1. Table the full Eagle Hills agreement in the People’s Majlis before any plot is sold.
2. Publish the Pearl Residence eligibility and screening rules as gazetted regulation, including the treatment of dual nationals.
3. Explain the gap between $12 billion and $20 billion, and state how much capital is actually committed.
4. Cap the share of Ras Malé land that foreign parties can hold.

A debt crisis can be overcome. Land leased away for generations may never be bought back.

References

SunOnline, coverage of the Majlis committee stage of the Third Amendment, April 2025.

Henley & Partners, Maldives and Henley & Partners Sign Landmark Partnership Agreement, 1 July 2025.

OCCRP, “The Passport King” investigation series, February 2022.

Maldives Independent, Ten months of silence on the firm behind the Pearl Residence, June 2026.

Court of Justice of the EU, Commission v Malta (Case C-181/23), judgment of 29 April 2025.

Al Jazeera, Half of Cyprus passports in cash scheme were illegal: inquiry, 16 April 2021.

OC Media, When Eagle Hills comes to town: what its European projects reveal about the risks for Georgia.

Gulf News, Eagle Hills signs $12 billion Maldives Waterfront deal, September 2026.

Equal Times, Workers’ deaths, illegal demolitions and accusations of corruption mar the Belgrade Waterfront project.

Middle East Observer, Eagle Hills Plans $12bn Ras Malé Development, 23 September 2026.

President’s Office, President ratifies Third Amendment to the Maldives Immigration Act, 15 April 2025.