Eagle Hills Signs $12 Billion Maldives Waterfront Project Agreement

Eagle Hills, an Abu Dhabi-based developer chaired by Mohamed Alabbar, has formally signed an agreement with the Maldives government for the creation of a major $12 billion waterfront and marina development. This significant foreign investment initiative will be located in Ras Male, an urban expansion area within Fushi Dhiggaru Lagoon, approximately 17 minutes by speedboat from the capital, Male.

Project Scope and Features

The Maldives Waterfront and Marina project is designed as an integrated development featuring a diverse range of facilities. These include international hotels and resorts, premium and branded residences, a dedicated marina, waterfront promenades, and various retail and dining options. Also, the development will incorporate leisure and wellness centres, educational and healthcare facilities, and extensive public spaces.

Properties within this new destination will be offered under a long-term leasehold framework, aligning with Maldivian law. These lease terms can extend up to 99 years, with a notable provision that allows for a new 99-year lease term to commence upon each transfer of ownership, whether through sale or inheritance, ensuring long-term continuity for property owners across generations.

Economic Impact and Sustainability Focus

Eagle Hills anticipates the overall investment across various phases to reach approximately $12 billion. Preliminary projections suggest the project could attract more than $30 billion in gross foreign investment over its lifespan, including an estimated $18 billion in net foreign investment for the Maldives. The development is also expected to create over 54,000 direct and indirect jobs and, at full maturity, attract more than one million visitors annually, generating over $2 billion in tourism revenue.

The project will be developed on existing reclaimed land, with Eagle Hills affirming that no further dredging will be undertaken. Independent marine monitoring will be conducted throughout the construction period to assess environmental impact.

Maldivian Minister of Infrastructure, Housing and Urban Development, Abdulla Muththalib, highlighted the project's significance, stating it represents the largest investment program in the nation's history, bringing substantial foreign investment without government borrowing or tax concessions. This initiative is part of the Maldives' broader strategy to diversify its economy, which traditionally relies heavily on tourism, and to alleviate population pressure on Male through new urban centres like Ras Male, which plans for over 1,100 hectares of reclaimed land and approximately 65,000 housing units.