CMC, CRCC, CHEC and MACL: Who Has Built Ras Malé So Far

Ras Malé's land is being reclaimed for the state-owned Housing Development Corporation (HDC), but the dredging itself has been done by a series of contractors. Since the launch in December 2023, at least five companies have been hired. Two left with their work unfinished, and payments to them are still being argued over. This is the story of each one, in the order they arrived, using published figures.

At a glance

1. Capital Marine and Civil Construction (CMC), Sri Lanka

Hired: December 2023, at the launch. Delivered: 29 hectares at Site J.

CMC was the first contractor. At the launch, the project was budgeted at MVR 1.4 billion over three years, with MVR 400 million for 2024. The deal was meant to be largely contractor-financed: CMC would reclaim the lagoon and receive land in return. Reports put that at 70 hectares, 60 in Fushidhiggaru lagoon and 10 in Hulhumalé. Parliament, then controlled by the opposition MDP, passed the 2024 budget without the MVR 400 million. The MDP called the land-for-reclamation arrangement a corruption case, and in March 2024 the Anti-Corruption Commission confirmed it was investigating a complaint about the project.

The work stalled. The government cancelled CMC's contract in 2024 after it had reclaimed 29 hectares, the whole of Site J. Under a settlement reported in January 2025, HDC agreed to pay CMC US$21 million (MVR 323 million) in instalments for that work, and CMC decided not to go to arbitration. CMC said the payments were only for work completed.

2. Mohan Mutha Exports (MME), India

Hired: 2024. Sites: D, G and L.

After CMC's exit, HDC split the remaining sites between new contractors. In September 2024, the Indian company Mohan Mutha Exports was reported to have Sites D, G and L, with completion expected in 14 months. Its permits to dredge sand came from areas west of Maafushi and near Ithaafushi. One 2024 report described Site D, about 264 hectares, as the only site with visible work at the time, with the bund wall advancing slowly. By August 2025, the group of Sites D, F, G and L had reached 100.6 hectares, and in November 2025 Site L was reported at 25.53%.

3. China Railway Construction Corporation (CRCC), China

Hired: July 2024. Contract: 352 hectares across five sites in 18 months, for US$265.5 million.

CRCC's contract was the largest of the early ones, worth about MVR 4.1 billion. In 2024 it was reported to cover Sites A, B, H, I and K. CRCC received an advance of US$13.2 million, 5% of the contract value. In July 2025, HDC ended the agreement because the work hadn't progressed as the contract required.

The dispute over money continued into 2026. CRCC claimed US$9.4 million for work it said it had completed. An assessment commissioned by HDC valued the work at US$6.7 million. In August 2026, Atoll Times reported that HDC's board had decided to recognise CRCC's higher figure, and not to recover the remaining US$3.8 million of the advance for now. HDC hadn't commented publicly at the time.

4. China Harbour Engineering Company (CHEC), China

Hired: 2 August 2025. Sites: C (190 hectares) and E (75 hectares).

CHEC, the company that built the Sinamalé Bridge between Malé and the airport island, joined in August 2025 to reclaim 265 hectares at Sites C and E. It started almost immediately, with the Jun Yang 1, a dredger carrying 21,000 cubic metres per load, about twice the capacity of the earlier vessels. By November 2025, Site C was 20.09% complete. No figure for Site E has been published.

5. Maldives Airports Company Limited (MACL), Maldives

Started: 1 December 2025. Site: A (137.5 hectares).

The most unusual contractor is MACL, the state-owned company that runs Velana International Airport. It brought in the Cristóbal Colón, operated by the Belgian group Jan De Nul and carrying 46,000 cubic metres per load. It was the biggest dredger yet to work on the project. Progress at Site A was the fastest of any site: 41 hectares by 24 December 2025, and 116 hectares, or 84.36%, by 12 February 2026. By June 2026, Dredging Today described the reclamation as contracted to MACL.

Rules the contractors work under

Dredging needs permits. The Environment Protection Agency granted six-month permits for dredging and sand collection west of Maafushi and near Ithaafushi, enough to reclaim 562 hectares, for the work by MME and CRCC. Before new sites were dredged, 21,641 corals were removed and moved to propagation programmes at Benhaa Faru, Maniyafushi and several resorts. In December 2025, the Environmental Regulation Authority said it had received complaints about dredging outside permitted zones and during sand-mining alerts. It warned of legal action, without naming any contractor. We haven't seen any action reported since. See Ras Malé's environmental impact for more.

What it all costs

The total cost of Ras Malé's reclamation hasn't been published. Here's what is known:

• In 2024, Construction Minister Abdulla Muththalib estimated that reclaiming about 1,100 hectares would cost at least US$500 million to US$700 million.
• After Parliament removed the 2024 budget allocation, HDC was reported to be funding the work with a loan. Neither the government nor HDC has disclosed its size or lender.
• Payments to the departed contractors include US$21 million to CMC, and US$9.4 million to CRCC for completed work, against its US$13.2 million advance.

For more on how the city is being paid for, including the revenue the government expects from the Eagle Hills deal, read Who pays for Ras Malé?

Why so many changes?

Published reports point to a few reasons. The first contractor-financed model fell apart when the work stalled and Parliament cut the budget. The early dredgers were much smaller than those brought in later. And at least one contract, CRCC's, ended because the work didn't keep pace. Each change took time, as new contractors had to bring in ships and crews. The arrival of larger dredgers in late 2025 turned the project around. By September 2026, the government said about 70% of the land was reclaimed.

What to watch

• Whether the end-of-2026 target holds with the current contractors.
• The outcome of the Anti-Corruption Commission's investigation, which we haven't seen reported.
• Any audit or public statement on the total cost and the HDC loan.
• Who wins contracts for the next stages: coastal protection, roads and utilities.

For the site-by-site picture, see Ras Malé site by site. For the ships themselves, read the dredgers building Ras Malé.