The Government of Maldives and Eagle Hills have signed a Commercial terms agreement for the development of Maldives Waterfront and Marina, a major new integrated island destination in the Ras Malé area, marking one of the most ambitious development initiatives in the country’s history. The Commercial terms agreement sets out the shared vision and principal commercial terms of the project, with detailed terms to be developed as the project progresses. With an overall development scale envisioned in the region of USD 20 billion over its various phases, the project represents a transformational long-term vision for the Maldives.
Mohamed Alabbar, Chairman of Eagle Hills, said: “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.”
Envisioned as a world-class global tourism, waterfront and marina destination, the development will bring together international hospitality, premium residences, branded residences, a world-class marina, waterfront leisure, retail, dining, entertainment, wellness, education, healthcare and community facilities within one integrated destination.
H.E. Dr. Abdulla Muththalib, Minister of Infrastructure, Housing and Urban Development, Maldives, said: “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.”
The project builds on the extraordinary strength of the Maldives brand. Recognised around the world for its natural beauty, exceptional hospitality and unique island experience, the Maldives has established a position few destinations can replicate. The development will build on this legacy, complementing its globally renowned resort sector with a new generation of waterfront living, hospitality and marina experiences.
At its heart will be an internationally significant destination where hotels and resorts, premium residences, branded residences, marina experiences, waterfront promenades, dining, retail, wellness and entertainment come together around the water. Education, healthcare, community infrastructure and high-quality public spaces will complete an integrated environment combining tourism, residential life and year-round economic activity.
The development is expected to broaden the Maldives’ tourism offering, creating new reasons to visit, stay longer, return and invest, while attracting new international visitor segments and further strengthening the country’s position as one of the world’s most desirable tourism and lifestyle destinations. At full maturity, the destination is projected to welcome more than one million visitors annually and generate over USD 2 billion in annual tourism revenue.
Responsible development and environmental stewardship will guide the project from planning through delivery. The masterplan will respond carefully to the Maldives’ unique relationship with the ocean and its sensitive island environment, with sustainability, resilient infrastructure, responsible land development and protection of the natural setting embedded in its planning.
H.E. Dr. Abdulla Muththalib, added: “For the Maldives, this is the largest investment programme in our history — tens of billions of dollars of foreign investment moving through our banking system, more than 54,000 jobs, thousands of homes for Maldivian families, and direct revenue to the State from every sale, achieved without tax giveaways and without government borrowing.”
Maldives Waterfront and Marina is expected to establish a major new platform for sustained foreign investment in the Maldives. Preliminary economic impact estimates indicate that it could attract more than USD 30 billion in gross foreign investment over its lifetime, of which approximately USD 18 billion would represent net foreign investment into the country. This significant and sustained inflow of international capital will underpin long-term value creation across the Maldivian economy. The wider activity generated by the development is also expected to create significant tax contributions and stimulate growth across hospitality, construction, retail, marine services, technology and other sectors.
Over its lifetime, the project could create more than 54,000 direct and indirect employment opportunities. This activity will open new career pathways for Maldivians, strengthen local supply chains and create sustained demand for local businesses, suppliers and professional services, helping retain a greater share of the economic value created within the Maldives.
By bringing tourism, hospitality, residential communities and enterprise together, Maldives Waterfront and Marina aims to translate international investment into lasting economic value for the Maldives and its people, while establishing an exceptional waterfront and marina destination worthy of the country’s extraordinary international standing.
H.E. Dr. Abdulla Muththalib, added: “Most importantly, this project establishes a structured, world-class real estate sector for the Maldives — a new pillar of our economy standing alongside tourism. It is a decisive step on our path to becoming a high-income country by 2040.”
About Eagle Hills
Founded in Abu Dhabi, Eagle Hills is a private real estate investment and development company with a global footprint extending across more than 18 countries and a hospitality portfolio of 45 hotels. The company develops distinctive mixed-use and lifestyle destinations across the UAE and international markets, guided by disciplined master planning, design excellence and a commitment to quality.
By bringing together residences, hospitality, retail, leisure and public spaces, Eagle Hills creates integrated destinations that respond to their setting, strengthen local economies and deliver enduring value to their communities.
