While the government characterizes the 5,000 housing units to be developed in Hulhumalé by UAE-based Eagle Hills as a grant, it is in fact a barter transaction involving the relinquishment of the 10 percent revenue share due to the state from the Ras Malé development. Although no direct budgetary expenditure is incurred for this project, it involves leasing prime land in the Maldives to the company for a 99-year period without any upfront payment as compensation
