The Maldivian government has signed a commercial terms agreement with Abu Dhabi-based developer Eagle Hills to build a $12 billion waterfront and marina destination in the Ras Malé area, in what officials describe as the largest investment programme in the country’s history. Eagle Hills Maldives Megaproject
The agreement details the shared vision and key commercial terms, with specific conditions to be further discussed as development of the project advances.
The new Maldives Waterfront and Marina concept is expected to require responsible investment to benefit from the country’s global appeal, Eagle Hills Group chairman Mohamed Alabbar, developer of Downtown Dubai and the Belgrade Waterfront, said, describing it as an integrated mixed-use project featuring global hotel brands, private and luxury residences, a marina, retailers and restaurants, wellness, education and medical facilities and community infrastructure.
The minister of infrastructure, housing and urban development, Abdulla Muththalib, said that the deal had injected billions of foreign currency into the local banking system, without the need of fiscal incentives or state borrowing, creating jobs, housing and direct revenues for the government through sales of residential units.
Properties will be sold under a long-term leasehold model permitted by Maldivian law, with terms running up to 99 years and automatically renewing for another 99-year term upon resale or inheritance.
Officials say the project is intended to complement the Maldives’ resort-dominated tourism sector by introducing waterfront residential and marina experiences aimed at attracting new categories of international visitors.
Construction will take place on land already reclaimed, with Eagle Hills committing to no further dredging and independent marine monitoring throughout the build, addressing environmental concerns in a nation especially vulnerable to coastal and ecological pressures.
Muththalib framed the project as a structural shift for the Maldivian economy, establishing real estate as a new pillar alongside tourism and describing it as central to the country’s ambition of reaching high-income status by 2040.
The development is expected to generate significant direct and indirect employment across construction, hospitality, retail and marine services, while strengthening local supply chains, according to government and company statements. Bahrain Economy
