The Government of Maldives and Eagle Hills have signed a commercial terms agreement for Maldives Waterfront and Marina, a large-scale integrated destination planned for the Ras Malé area.
The agreement sets out the shared vision and principal commercial terms, with detailed terms to follow as the project advances.
Eagle Hills values the development at around $12 billion across multiple phases, which the company describes as the largest foreign investment programme in the Maldives’ history.
“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 in a statement.
The masterplan calls for a mix of hotels and resorts, premium and branded residences, a marina, waterfront promenades, dining, retail, wellness, entertainment, education, healthcare and community infrastructure, all developed on reclaimed land.
Eagle Hills says no further dredging will be undertaken, and independent marine monitoring will run through construction.
Properties will be offered on a leasehold basis under Maldivian law, with terms of up to 99 years. Each transfer through sale or inheritance will reset the leasehold to a fresh 99-year term.
“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. Most importantly, this project establishes a structured, world-class real estate sector for the Maldives — a new pillar of our economy standing alongside tourism. It is a decisive step on our path to becoming a high-income country by 2040,” Dr. Abdulla Muththalib added.
Eagle Hills, the Abu Dhabi-based developer behind projects including Belgrade Waterfront and several Gulf city-centre developments, says the project will generate employment across construction, hospitality, retail and professional services, though specific job creation figures were not disclosed.
