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Finance Minister Hassan Zareer - Photo: Finance Ministry

MALÉ: Finance Minister Hassan Zareer has stated that the government has not granted any tax exemptions or tax relief incentives for the major Eagles Hills development project in Rasmale’.

Speaking on state broadcaster PSM’s Raajje Miadhu program, Zareer clarified that the developer will be fully subject to standard national tax obligations.

“Income tax and tourism tax from tourism businesses will be collected. No tax relief is being granted through this project,” Zareer stated.

Eagles Hills, founded by the mastermind behind Dubai’s Emaar Properties, currently operates more than 45 major developments across 18 countries.

Zareer highlighted that the total planned investment for the project is expected to exceed three times the size of the Maldives’ current Gross Domestic Product (GDP). The project will encompass schools, hospitals, luxury residential towers, and commercial retail outlets, designed to serve over one million additional tourists annually.

The minister announced that the initial phase of the development will commence with a USD 500 million investment to construct 5,000 housing units in Rasmale’. The project will officially launch in the Maldives before the end of this year, with physical construction scheduled to begin during the first quarter of next year.

• Developer Profile: Eagles Hills (founded by the founder of Emaar Properties, operating 45+ projects across 18+ countries).

• Tax Status: Zero tax exemptions; full income tax and tourism taxes applicable.

• Initial Housing Phase: USD 500 million investment for 5,000 housing units in Rasmale’.

• Project Timeline: Official launch in Maldives before end of 2026; construction begins Q1 2027.

• Economic Scale: Total investment exceeds three times current Maldivian GDP; capacity to serve over 1 million tourists annually.