Eagle Hills Signs $12B Deal for Maldives Waterfront Project
The National
Abu Dhabi’s Eagle Hills partners with Maldives to develop a $12 billion waterfront and marina, promising major investment and job creation.
Eagle Hills Commits to $12 Billion Waterfront and Marina Project in Maldives
Abu Dhabi-based developer Eagle Hills has entered a landmark agreement with the Maldives government to build an expansive $12 billion waterfront and marina development, marking one of the largest foreign investments in the Indian Ocean nation.
The ambitious project, named the Maldives Waterfront and Marina, will be situated in Ras Male at Fushi Dhiggaru Lagoon, approximately a 17-minute speedboat ride from the Maldives' capital, Male. The deal was officially signed in Dubai, with Mohamed Alabbar, founder and chairman of Eagle Hills, alongside senior Maldives government representatives present at the ceremony.
Vision Behind the Investment
Mohamed Alabbar highlighted the Maldives’ global attraction and the opportunity to extend tourist stays as key drivers behind Eagle Hills’ investment strategy. “Well, there's only one Maldives in the world. It's the dream ... people go there and pay $4,000 a night,” he remarked. “So why don't we give more people the chance to come and experience the Maldives, but for a longer period of time?” Alabbar explained that this project will enable residents and visitors to truly live in a resort-style island environment, offering a blend of vibrant leisure and peaceful retreat, catering to stays ranging from months to a year.
Project Features
The integrated destination will combine international hotels, resorts, premium branded residences, a marina, waterfront promenades, and a range of amenities including restaurants, shops, leisure and wellness centres. Additionally, infrastructure for education, healthcare, and public spaces will be incorporated.
Properties within this luxurious enclave will be offered under a long-term leasehold model as per Maldivian law, with lease terms extending up to 99 years. Eagle Hills assures that with every transfer, including sales or inheritance, a fresh 99-year lease term will commence, securing generational ownership continuity.
Environmental and Development Considerations
Eagle Hills confirmed that the project will utilize reclaimed land without further dredging, and independent marine monitoring will be implemented to protect the surrounding environment during construction. Alabbar emphasized environmental stewardship by promising to respect the local marine life, including turtles, fish, and coral reefs, throughout the development process.
Economic Impact and Investment Strategy
Projected investment for the project spans multiple development phases over the coming decade or more. Alabbar noted Eagle Hills’ commitment to the total project value regardless of construction speed. Funding will be balanced through equity, debt, and property pre-sales, calibrated to market conditions.
Early forecasts suggest the development has the potential to attract over $30 billion in gross foreign investments throughout its lifespan, contributing approximately $18 billion net foreign investment to the Maldives. It is also projected to create more than 54,000 direct and indirect jobs, boost tourism revenue beyond $2 billion annually, and draw over one million visitors once fully established.
Statements from Officials
Abdulla Muththalib, Minister of Infrastructure, Housing and Urban Development for Maldives, described the project as the largest-ever investment programme in the country’s history, highlighting its role in job creation, housing provision, and state revenue without tax incentives or public borrowing.
"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," said Muththalib.
Broader Context and Eagle Hills Portfolio
Ras Male forms part of the Maldives’ most significant urban expansion, aimed at easing population pressures on Male via land reclamation efforts creating a new city with residential, commercial, and tourism zones. The master plan targets over 65,000 housing units across more than 1,100 hectares.
In addition to this Maldives venture, Eagle Hills is expanding its waterfront development portfolio with projects like Abu Dhabi’s Lulu Island redevelopment, Sharjah’s $1.2 billion Maryam Island, and the $2.5 billion Durres Yachts and Marina in Albania.
Implications for Real Estate Agents
This historic $12 billion project represents a significant opportunity for real estate agents specializing in luxury, waterfront, and international markets. The introduction of long-term leasehold options and the guarantee of generational ownership retainment could attract a new class of overseas investors and expatriates seeking resort-style living. Agents should prepare to navigate and communicate the unique advantages of this development, including its environmental stewardship, extensive amenities, and economic benefits, making it an attractive destination in the Indian Ocean region.
Based on reporting from The National. Summary and analysis by Propilot AI.
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