Eagle Hills signs commercial terms for US$12bn Maldives Waterfront and Marina
Abu Dhabi-based developer Eagle Hills has agreed principal commercial terms with the Government of Maldives to create a US$12 billion integrated waterfront, marina and tourism destination in Ras Malé.
Abu Dhabi developer Eagle Hills and the Government of Maldives have signed a commercial terms agreement to develop Maldives Waterfront and Marina, an integrated island destination in the Ras Malé area with an envisaged development scale of around US$12 billion over multiple phases.
Scope and intent
The agreement sets out the shared vision and principal commercial terms for the project, with detailed contractual arrangements to be developed as the scheme progresses. Eagle Hills describes the scheme as a world-class tourism, waterfront and marina destination combining international hospitality, premium and branded residences, a marina, waterfront leisure, retail, dining, entertainment, wellness, education, healthcare and community facilities.
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.”
Investment, tenure and environmental safeguards
The development will be delivered on reclaimed land; Eagle Hills has stated it will not undertake further dredging. Independent marine monitoring will accompany construction to ensure sensitivity to the Maldives’ marine environment. Properties within the destination are to be offered under Maldivian law through a long-term leasehold framework with terms of up to 99 years, and a new leasehold term of up to 99 years will commence on each transfer.
Dr Abdulla Muththalib, Minister of Infrastructure, Housing and Urban Development of the Maldives, said the project represented the largest investment programme in the country’s history and praised Eagle Hills’ track record, citing projects such as Downtown Dubai and Belgrade Waterfront. He said the scheme would bring “billions of dollars of foreign investment moving through our banking system, creating jobs, homes for Maldivian families, and direct revenue to the State from every sale, achieved without tax giveaways and without government borrowing.”
Economic impact
Officials project the development will broaden the Maldives’ tourism offering, attract new visitor segments, and generate significant direct and indirect employment. Authorities expect the investment to stimulate growth across hospitality, construction, retail, marine services and other sectors, creating tax contributions and strengthening local supply chains. The government has framed the project as supporting the Maldives’ ambition to become a high-income country by 2040.
As an Abu Dhabi-headquartered developer leading a major overseas scheme, Eagle Hills’ agreement with the Maldives Government represents a substantial instance of Emirati private-sector investment in a strategic Indian Ocean tourism market.
Source: WAM