Who's Who in Ras Malé: The Agencies and Companies Involved

News about Ras Malé is full of acronyms: HDC, MACL, MTCC, CRCC, CHEC, PSIP. This guide explains who's who, grouped by role, with links to our articles on each. Names and roles change, especially ministry names, so we note the current ones as of October 2026.

How the pieces fit

In simple terms: the government sets the policy and makes the big decisions. HDC, a state company, owns the job of making the land and hires contractors to dredge it. The housing ministry decides who gets plots and flats. The finance ministry is in charge of planning the city and its transport. Eagle Hills will develop one large district under a lease. Regulators issue permits, and Parliament, the courts and the ACC hold the others to account.

The government

The President's Office

President Mohamed Muizzu launched Ras Malé on 18 December 2023 as one of his government's flagship pledges. The President's Office has published many of the official progress updates. The President himself has announced most of the big figures, including the 70% progress figure in September 2026.

Ministry of Infrastructure, Housing and Urban Development

The housing ministry, renamed in April 2026, runs the Housing for All scheme, including plot and flat applications, and issues building permits. The ministry signed the Eagle Hills commercial terms. Its minister, Dr Abdulla Muththalib, has answered MPs' written questions on the deal. Read housing in Ras Malé.

Ministry of Finance and Planning

The finance ministry leads the Ras Malé master plan (project TES/2025/C-005), where it's named as the implementing agency, and the transport master plan (TES/2025/C-007). Finance Minister Hassan Zareer has projected more than US$11 billion in state revenue from the Eagle Hills project.

Attorney General

Attorney General Ahmed Usham has said the Eagle Hills agreement covers commercial terms only, and that further agreements and legislation, including a real estate law, are needed before it can go ahead.

State companies

Housing Development Corporation (HDC)

HDC is the state-owned company behind Hulhumalé and the client for the Ras Malé reclamation. It hires and pays the contractors, funds the work through a loan whose size hasn't been disclosed, and will develop much of the housing. It also runs Kudagiri picnic island, which it developed with MTCC. Read who pays for Ras Malé.

Maldives Airports Company Limited (MACL)

MACL, which runs Velana International Airport, became a reclamation contractor at Ras Malé in December 2025. It took on Site A using the Jan De Nul dredger Cristóbal Colón, and by mid-2026 was described as holding the reclamation contract.

Maldives Transport and Contracting Company (MTCC)

MTCC is a state company that runs public ferries and does dredging and construction. In September 2026, the President said it had secured a dredger three times larger than its Mahaa Jarraafu, and that its merger with another state company, RDC, should speed up projects.

Bank of Maldives (BML)

The state-majority bank offers home construction loans with 5% equity for projects up to MVR 3 million, and lends under the Hiyaavehi programme. Its subsidiary, BML Affordable Home Leasing Company, is building 3,260 homes in Malé and Villimalé. Read building a house on a Ras Malé plot.

The contractors

• Capital Marine and Civil Construction (CMC), Sri Lanka: the first contractor, from December 2023. It reclaimed 29 ha at Site J before its contract was cancelled in 2024, and was paid US$21 million.
• Mohan Mutha Exports (MME), India: assigned Sites D, G and L in 2024.
• China Railway Construction Corporation (CRCC): a US$265.5 million contract for 352 ha from July 2024, ended by HDC in July 2025.
• China Harbour Engineering Company (CHEC): Sites C and E, 265 ha, from August 2025, with the dredger Jun Yang 1. CHEC also built the Sinamalé Bridge.
• Jan De Nul, Belgium: operator of the Cristóbal Colón, working for MACL.
• China Machinery Engineering Group (CMEC): signed an agreement in January 2024 for water and electricity in Ras Malé and Gulhifalhu.

Read who has built Ras Malé so far.

The developer

Eagle Hills

Eagle Hills is a private Abu Dhabi developer, founded in 2014 by Mohamed Alabbar, who also founded Emaar. On 21 September 2026, it signed commercial terms to be master developer of the Maldives Waterfront and Marina on about 500 hectares of Ras Malé. Its plans include hotels, branded homes, a marina, shops, schools and healthcare, with homes sold on leases of up to 99 years. It's also to build 5,000 homes in Hulhumalé. Read who is Eagle Hills?

Regulators

Environment Protection Agency and Environmental Regulation Authority

The environmental regulator issued the permits for dredging Ras Malé's sand west of Maafushi and near Ithaafushi. It has since been reported as the Environmental Regulation Authority, which in December 2025 said it had received complaints about dredging outside permitted zones. Read Ras Malé's environmental impact.

Maldives Monetary Authority (MMA)

The central bank licenses the banks where buyers' off-plan payments for Eagle Hills homes are to be held in escrow.

Registrar of Business and Maldives Immigration

These two bodies handle the corporate resident visa, which the government says Ras Malé buyers could apply for.

Scrutiny

People's Majlis (Parliament)

Parliament removed Ras Malé's MVR 400 million budget line for 2024. In October 2026, it accepted for debate an opposition motion to publish the Eagle Hills agreement, with 53 MPs in support. In August 2026, it rejected a motion to suspend the separate Pearl Residence scheme.

Supreme Court

In September 2026, lawyer and former MP Ali Hussain asked the Supreme Court to void the Eagle Hills agreement, arguing it breaches Articles 250 and 251 of the constitution. The registrar declined to register the case in October, and he said he would appeal. Read our news story.

Anti-Corruption Commission (ACC)

In March 2024, the ACC confirmed it was investigating a complaint about the Ras Malé project. A further complaint about the Eagle Hills deal was reported in 2026. We haven't seen the outcome of either reported.

Who to contact

• Housing for All applications: the housing ministry's housing portal, boahiyaavahikan.housing.gov.mv. The ministry has also published a query email, hotline@infrastructure.gov.mv.
• Corporate resident visa: the government business portal, business.egov.mv, then Maldives Immigration.
• Eagle Hills homes: no official sales process had been announced by October 2026. Be wary of anyone taking deposits before it is.
• Corrections to this guide: contact us.

Not involved, despite what you may read

• Henley & Partners is developing the Pearl Residence scheme. The President has said no part of Ras Malé will be included in it.
• Emaar is a separate company from Eagle Hills, though Alabbar has said Emaar may also invest.

For the meaning of terms like PSIP, bund and Hiyaavehi, see our Ras Malé glossary.