Eagle Hills Announces $12 Billion Maldives Megaproject, Eyeing Emaar Partnership
Abu Dhabi's Eagle Hills plans a record-setting $12 billion mixed-use development, Ras Malé, in the Maldives, with potential involvement from Dubai's Emaar Properties, marking the largest foreign direct investment in the
Abu Dhabi-based developer Eagle Hills has unveiled plans for Ras Malé, a substantial mixed-use project in the Maldives valued at $12 billion. The development is set to cover a 5.2 million square metre island located approximately 20 minutes from the Maldivian capital, Malé.
Mohamed Alabbar, who leads both Eagle Hills and Dubai's Emaar Properties, indicated that Emaar might join the venture. This project represents the largest foreign direct investment ever recorded in the Maldives. It is planned to feature thousands of residential units, hotels, resorts, retail spaces, schools, clinics, a water park, and a marina, spread across five distinct districts.
The Maldivian government, through Abdulla Muththalib, the Minister of Infrastructure, Housing and Urban Development, highlighted the project's potential to transform the nation's tourism sector. The full multi-phase development, estimated at $20 billion, aims to attract over a million additional visitors annually and generate an estimated $2 billion in yearly tourism revenue. The government has contributed land and will share in the profits, while Eagle Hills has committed to building 5,000 social housing units during the initial phase.
Ras Malé is designed to evolve the Maldives' tourism model from single-resort stays to extended multi-week or multi-month visits, targeting wealthy retirees and families from the Gulf, Europe, and India. The project is also expected to create over 40,000 jobs, including 15,000 permanent positions, and contribute significantly to the island nation's tax base.
Regional Context
This move by Eagle Hills reflects a broader trend among Gulf developers, who accumulated substantial capital during a five-year property boom in their home markets. Developers are now increasingly looking for international expansion opportunities as regional markets face headwinds, including geopolitical disruptions and rising construction costs. Last year, Eagle Hills committed $6 billion to a development in Georgia, and Emaar maintains projects in Egypt and India. Alabbar noted a decline in Dubai property sales but affirmed that strong backlogs, margins, and collections are sustaining operations.
Questions, answered
- What is the name of the new development in the Maldives?
- The project by Eagle Hills is named Ras Malé and is located on a 5.2 million square metre island approximately 20 minutes from the Maldivian capital, Malé.
- What is the total investment value of the Ras Malé project?
- Eagle Hills' initial commitment for the mixed-use project is $12 billion, making it the largest foreign direct investment in the Maldives' history. The full multi-phase development is estimated to cost $20 billion.
- What types of facilities will Ras Malé include?
- Ras Malé will feature thousands of residential units, hotels, resorts, retail spaces, schools, clinics, a water park, and a marina, spread across five distinct districts.
- What is the Maldivian government's contribution to the project?
- The Maldivian government has contributed land for the development and will share in the profits generated by the project. Eagle Hills has committed to building 5,000 social housing units in the first stage.
- How many jobs is the Ras Malé project expected to create?
- The project is anticipated to create over 40,000 jobs, with 15,000 of these expected to be permanent positions within the Maldives.
This brief was summarised and rewritten by Gaia Living from public reporting. Figures and details reflect the original sources.