Former President Mohamed Nasheed has raised concerns about the government’s decision to award a $20 billion waterfront and marina project in Ras Male to Emirati developer Eagle Hills, saying the arrangement offers no relief for the Maldives’ urgent financial troubles.

In a statement on X, Nasheed said that while selling state assets to settle debt is not inherently wrong, the country’s current circumstances require deals that generate immediate revenue. The Eagle Hills project, he argued, would not begin returning value to the state for at least two years, even in the best-case scenario.

The agreement was signed at a ceremony in Dubai, with Housing Minister Abdulla Muththalib representing the Maldivian government and Mohamed Alabbar — the businessman behind Eagle Hills and Emaar Properties — signing on behalf of the developer. Neither the size of the land parcel nor its price has been officially disclosed, though sources close to the deal say Eagle Hills is set to receive approximately 500 hectares of Ras Male, roughly half of the 1,058 hectares being reclaimed from Fushidhiggaru lagoon.