Abu Dhabi-based developer Eagle Hills has signed a commercial terms agreement with the government of the Maldives to build the Maldives Waterfront and Marina, an integrated destination estimated to be worth around $12 billion across its development phases.
The project will rise on reclaimed land in the Ras Malé area, roughly a 17-minute speedboat ride from the capital, Malé. It is designed to combine hotels, branded and premium residences, a marina, retail and dining outlets, and education and healthcare facilities. Eagle Hills says no further dredging will take place during construction, and an independent marine monitoring programme will accompany the works.
Properties in the destination will be sold under a leasehold structure with terms of up to 99 years, governed by Maldivian law.
Maldives Infrastructure Minister Dr Abdulla Muththalib described the agreement as "the largest investment programme in our history," while Eagle Hills chairman Mohamed Alabbar said the company was committed to building "responsibly" to "create something truly world-class." proceeds from property sales will flow directly into state revenue, with the project requiring no tax incentives or government borrowing.
Eagle Hills, which has previously delivered large-scale developments in the UAE, Serbia, Morocco and Bosnia, is extending its footprint into Indian Ocean island tourism and real estate through the deal. The agreement ranks among the largest foreign investment announcements the Maldives has received in recent years, as the archipelago nation looks to diversify its tourism-dependent economy with new high-end destinations.