Abu Dhabi-based developer Eagle Hills has signed an agreement with the Maldives government to develop a $12 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, about 17 minutes away by speedboat from the capital Male.
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.
Mr Alabbar said the global appeal of the Maldives and the opportunity to encourage visitors to stay for longer periods were key reasons behind the investment.
“Well, there's only one Maldives in the world. It's the dream … people go there and pay $4,000 a night,” he told The National.
“So why don't we give more people the chance to come and experience the Maldives, but for a longer period of time,” he said.
“We're doing something where you can really live in a resort island, where you can have all the fun you want, where you can have all the quiet time you want, and where you can stay for one or two months or maybe one year.”
The integrated development will include international hotels and resorts, premium and branded residences, a marina, waterfront promenades, restaurants, shops, leisure and wellness centres.
It will also include education and healthcare facilities, and public spaces.
Properties within the destination will be offered through a long-term leasehold framework under Maldivian law, with terms of up to 99 years, Eagle Hills said in a statement. “Upon each transfer, whether through sale or inheritance, a new leasehold term of up to 99 years will commence, providing lasting continuity for owners across generations,” it added.
Eagle Hills said the project will be developed on reclaimed land, with no further dredging to be undertaken. Independent marine monitoring will also be done alongside construction as the project progresses.
The overall investment is envisaged at about $12 billion across various phases, according to Eagle Hills.
Mr Alabbar said Eagle Hills commits to the total value of its projects during the development period, which can stretch over a decade or more.
“All of our projects, Eagle Hills or Emmar … we look at the total value of the project and we commit to it over whatever that period of time, if it's 10 years or 15 years,” he said.
“Sometimes it moves faster because of the speed of absorption that we get, and we stand behind our numbers.”
He said projects are typically funded through a combination of equity, debt and property pre-sales, with the balance depending on market conditions.
“Most of our projects are a combination of three: equity, debt and pre-sale. And it depends on how the debt market is or how the pre-sale activity is, then that will determine what equity we should put in, and it's always a balance.”
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 and generate more than $2 billion in tourism revenue annually.
While Mr Alabbar outlined the project's expected mix of equity, debt and pre-sales, the construction timeline and the amount of equity to be directly committed by Eagle Hills have yet to be disclosed.
He said the project's economic contribution to the Maldives was a priority, pointing to housing, new businesses, tax revenue and increased tourism.
“Economic contribution for me is really on top of the list,” Mr Alabbar said. “There will be so many new businesses that are going to be opened by businessmen and medium-sized businessmen from the Maldives. There will be a contribution of taxes that will go to the government from our side, increase tourism.”
Abdulla Muththalib, Maldivian minister of Infrastructure, Housing and Urban Development, said: “For the Maldives, this is the largest investment programme in our history – 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.”
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 in Fushi Dhiggaru 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 master plan envisaging about 65,000 housing units.
Mr Alabbar said protecting the environment would be central to the development.
“We have to be honest, and respect the people and the environment. I promise you we are going to do that carefully,” he said.
He added that Eagle Hills would focus on “respecting the turtles and the fish and the corals” as the project is developed.
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 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 20,000 people.
Its UAE portfolio includes the $1.2-billion Maryam Island waterfront development in Sharjah.
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.
Antonie Robertson contributed to this report
