Abu Dhabi-based real estate developer Eagle Hills and the government of Maldives signed a commercial terms agreement today, 21 September, for Maldives Waterfront and Marina, a new island destination planned in Ras Malé. The Indian Ocean development is envisioned to expand the country’s tourism, waterfront and residential offering, with an overall scale of about $20 billion USD across its phases.
Planned as a global destination, the project aims to combine a marina and waterfront promenades with hotels, resorts and branded residences. The wider plans extend to dining, retail, leisure, entertainment and wellness, alongside education, healthcare, community facilities and public spaces, supporting tourism, residential life and year-round economic activity.
Projections for the development show it could receive more than one million visitors a year, generating over $2 billion in annual tourism revenue. Over its lifetime, the project could also attract more than $30 billion in gross foreign investment, including around $18 billion in net foreign investment into the Maldives, while creating more than 54,000 direct and indirect jobs. This is expected to generate tax contributions and create sustained demand across hospitality, construction, retail, marine services and technology, and among local businesses, suppliers and professional services.
Dr. Abdulla Muththalib, Maldives’ minister of infrastructure, housing and urban development, said the project is “the largest investment programme in the country’s history, bringing foreign investment, jobs, homes for Maldivian families and direct state revenue from sales without tax incentives or government borrowing”. He added that the project “establishes a structured, world-class real estate sector alongside tourism and supports the Maldives’ goal of becoming a high-income country by 2040”.
Eagle Hills’ operations span more than 18 countries, with a hospitality portfolio of 45 hotels. For the Maldives project, the company plans to proceed in phases, focusing on resilient infrastructure, responsible land development and protection of the natural setting of an island nation known for its tourism, hospitality and established resort sector.
Mohamed Alabbar, chairman of Eagle Hills, commented: “The Maldives is a truly special place, with unmatched beauty and global appeal. Our ambition is to build responsibly on that strength and create something truly world-class.”
The minister added: “In Eagle Hills and its chairman, Mr. Mohamed Alabbar, the Maldives has a partner whose record speaks for itself – from the making of Downtown Dubai to Belgrade Waterfront and destinations across three continents, few names in global real estate carry the same authority in building city-scale destinations from the ground up. That is the calibre of partnership we have secured for Ras Malé.”
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