Ras Male' reclamation project to cost $330 million: Minister Muththalib
10 ނޮވެމްބަރު 2026 | އަންގާރަ 14:23Minister Muththalib announced that the cost of reclaiming 1,009 hectares of land under the Ras Male' project has been reduced to an estimated $330 million, a significant decrease from previous projections. Attributing these savings to the strategic collaboration with state-owned enterprises, the Minister further noted that the government aims to complete the majority of the reclamation work by the end of this year.
From the "Ahaa" forum held on Monday night. | President's Office
The Minister of Infrastructure, Housing and Urban Development, Dr. Abdulla Muththalib, has stated that the total cost to complete the reclamation of the entire lagoon under the Ras Male' project will be approximately $330 million (roughly 5.1 billion MVR).
However, Minister Muththalib previously stated that the Ras Male' reclamation project would cost between $500 million and $700 million.
Speaking at the "Ahaa" forum on Monday night, Minister Muththalib stated that the initial cost of the Ras Male' reclamation project was estimated to be between $500 million and $700 million. The Minister noted that these projections were based on the previous government's expenditure on the Gulhifalhu and Giraavaru Lagoon reclamation projects, current market rates, and the costs associated with coastal protection works. Furthermore, Minister Muththalib highlighted that the current administration's cost-cutting measures have significantly reduced the overall expenditure of the project.
Minister Muththalib stated that by executing the project through state-owned enterprises and chartering dredgers, the total cost for reclaiming all 1,009 hectares of Ras Male' is now estimated at $330 million. The Minister further noted that the reclamation of 500 hectares within this project is expected to cost approximately $160 million.
A significant portion of the aforementioned $330 million was disbursed in Maldivian Rufiyaa. This was part of a deliberate effort by the government to minimize the impact on the country's foreign exchange liquidity and alleviate the dollar shortage.Dr. Abdulla Muththalib
Furthermore, Minister Muththalib dismissed claims that the Ras Male' project would cost between $700 million and $1 billion, labeling such reports as false. He stated that these figures are being circulated for political purposes to incite fear among the public.
Minister Muththalib stated that, compared to previous land reclamation rates in the Maldives, the Ras Male' project is being carried out at a significantly more efficient and cost-effective rate.
Minister Muththalib stated that the government aims to complete the majority of the Ras Male' reclamation project before the end of this year.
