Maldives, Abu Dhabi-Based Eagle Hills Sign Agreement for US$20 Billion Waterfront and Marina Development
The integrated island destination in Ras Malé is expected to include premium hospitality, residences, retail, dining, entertainment, and community facilities.
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The Government of Maldives and Eagle Hills, an Abu Dhabi-based private real estate investment and development company, have signed a commercial terms agreement for a US$20-billion integrated island destination in Ras Malé.
The agreement outlines the parties’ shared vision and principal commercial terms, with more detailed provisions to be developed as the project progresses.
Called “Maldives Waterfront and Marina”, the project is envisioned to include international hospitality, premium and branded residences, a world-class marina, waterfront promenades, retail, dining, entertainment, and wellness facilities. The plans also include education, healthcare, and community infrastructure.
“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,” Mohamed Alabbar, Chairman of Eagle Hills, said.
The development is expected to expand the Maldives’ tourism and residential offerings. Once fully developed, it is projected to attract more than one million visitors annually and generate over US$2 billion in annual tourism revenue.
“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,” H.E. Dr. Abdulla Muththalib, Minister of Infrastructure, Housing and Urban Development, Maldives, said.
Preliminary estimates indicate that the development could attract more than US$30 billion in gross foreign investment over its lifetime, including approximately US$18 billion in net foreign investment.
According to the developers, sustainability, resilient infrastructure, and responsible land development will be incorporated into the project’s master plan.
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The Government of Maldives and Eagle Hills, an Abu Dhabi-based private real estate investment and development company, have signed a commercial terms agreement for a US$20-billion integrated island destination in Ras Malé.
The agreement outlines the parties’ shared vision and principal commercial terms, with more detailed provisions to be developed as the project progresses.
Called “Maldives Waterfront and Marina”, the project is envisioned to include international hospitality, premium and branded residences, a world-class marina, waterfront promenades, retail, dining, entertainment, and wellness facilities. The plans also include education, healthcare, and community infrastructure.
Entrepreneur Middle East Staff
Entrepreneur Staff
