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Abu Dhabi-based developer Eagle Hills has signed a commercial terms agreement with the Maldives government. The project is called Maldives Waterfront and Marina.
It will be an integrated island destination in the Ras Malé area. The overall development is expected to be worth about $12 billion over its various phases.
The destination will combine hotels, premium and branded residences, a marina, retail, dining, education and healthcare facilities. Properties will be sold under a leasehold framework governed by Maldivian law.
Lease terms run up to 99 years. A new term of up to 99 years begins on each transfer, whether by sale or inheritance.
The agreement covers only the principal commercial terms. Detailed terms will be developed as the project progresses. No construction timeline or phasing has been disclosed.
The Maldives Waterfront and Marina will be built at Fushi Dhiggaru Lagoon, approximately 17 minutes by speedboat from the capital, Malé.
The agreement was signed in Dubai, in the presence of Mohamed Alabbar and senior representatives from the Maldives government.
Maldives' Largest Investment Programme
The project will be built on reclaimed land. Eagle Hills said it will carry out no further dredging. Independent marine monitoring will accompany construction.
Maldives Infrastructure Minister Abdulla Muththalib called it the largest investment programme in the country's history.
He said billions of dollars of foreign investment would move through the banking system as a result. He added that the state would earn direct revenue from every sale, without tax giveaways or government borrowing.
Muththalib also described the project as the foundation of a new real estate sector alongside tourism.
He called it a decisive step toward the Maldives becoming a high-income country by 2040. The Maldives economy relies heavily on tourism.
Eagle Hills Chairman Mohamed Alabbar said the aim was to build responsibly on the country's appeal and create something world-class.
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Major UAE Developers in the Maldives
UAE real estate firms are pouring billions into Maldivian luxury real estate and mega-infrastructure projects. This is shifting the island nation toward a high-end second-home market.
- Samana's Ocean Views project features Elie Saab interiors
- Damac signed Mandarin Oriental in December 2022 to operate a resort across three private islands in South Malé Atoll
- Fam Holdings' Al Mahra Maldives Resort features 100 specialised floating villas
Eagle Hills' new Maldives Waterfront and Marina project adds to this growing wave of UAE-backed investment in the island nation's real estate sector.
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About Eagle Hills
Eagle Hills was founded by Mohamed Alabbar, who also established Emaar Properties.
The company has built a growing international portfolio of large-scale waterfront and mixed-use destinations.
Its projects include the $1.2 billion Maryam Island waterfront development in Sharjah and the $2.5 billion Durrës Yachts and Marina in Albania, planned to feature around 12,000 homes, hotels, retail, and a superyacht marina.
Minister Muththalib pointed to Eagle Hills' track record with Downtown Dubai and Belgrade Waterfront as a key reason for choosing the developer for Ras Malé.
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