Abu Dhabi-based developer Eagle Hills has signed an agreement with the Maldives government to develop a $20 billion waterfront and marina project in one of the largest proposed foreign investment developments in the Indian Ocean nation.
The Maldives Waterfront and Marina will be developed in Ras Male, an urban area being created at Fushi Dhiggaru Lagoon near the capital Male, about 17 minutes away by speedboat.
The agreement was signed in Dubai on Monday, with Mohamed Alabbar, founder and chairman of Eagle Hills, and senior representatives of the Maldives government attending the ceremony.
The integrated development will include international hotels and resorts, premium and branded residences, a world-class marina, waterfront promenades, restaurants, shops, leisure and wellness centres.
Overall investment is envisioned at about $20 billion across various phases, according to Eagle Hills.
Preliminary estimates indicate the project could attract more than $30 billion in gross foreign investment over its lifetime, including about $18 billion in net foreign investment in the Maldives.
It is also expected to create more than 54,000 direct and indirect jobs. At full maturity, the destination will attract more than one million visitors annually and generate more than $2 billion in annual tourism revenue.
The $20-billion Maldives figure represents investment envisioned across the project's various phases rather than a disclosed upfront capital commitment by Eagle Hills.
Details of the project's financing, construction timeline and the amount of capital to be directly committed by Eagle Hills have yet to be disclosed.
Maldives investment drive
Ras Male is a component of one of the Maldives' largest urban expansion projects and is intended to ease pressure on densely populated Male.
The government is reclaiming land at Fushi Dhiggaru Lagoon to create a new city with residential, commercial and tourism districts.
Authorities describe it as the country's largest land reclamation initiative, with more than 1,100 hectares planned and a masterplan envisaging about 65,000 housing units.
The Eagle Hills agreement comes as the Maldives seeks greater foreign investment to diversify an economy heavily reliant on tourism.
In May 2025, the government teamed up with Dubai-based MBS Global Investments to develop an $8.8 billion financial centre in Male.
MBS Global told The National that the project would not compete with UAE financial hubs.
Eagle Hills expands portfolio
Eagle Hills is a private Abu Dhabi-based developer founded by Mr Alabbar, who is also the founder of Emaar Properties, developer of the Burj Khalifa and Dubai Mall.
The company has a growing portfolio of waterfront developments internationally.
In August, Eagle Hills said it would oversee the redevelopment of Lulu Island in Abu Dhabi, where there are plans for a community that could eventually accommodate as many as 20,000 people.
It is also behind a $2.5-billion project in Albania, Durres Yachts and Marina, which includes about 12,000 homes, hotels, retail space and a superyacht marina.
Its UAE portfolio includes the $1.2-billion Maryam Island waterfront development in Sharjah.
