Eagle Hills Chairman Mohamed Alabbar has pledged to deliver the planned USD 20 billion Ras Malé waterfront and marina development to the highest standards, describing the Maldives as a unique destination and promising that the project will bring substantial economic benefits to the country.
The Maldivian government signed an agreement with the UAE-based developer for the project, which is set to transform part of Ras Malé into a large-scale tourism, residential and commercial destination.
With an estimated value of USD 20 billion, the development has been described as the largest investment programme undertaken in the Maldives. The figure is more than twice the country’s stated GDP of USD 8.13 billion, highlighting the scale of the proposed development.
Speaking following the signing, Alabbar said Eagle Hills considered it an honour to become a development partner of the Maldives and would seek to ensure that the project benefits both the national economy and Maldivian communities.
“The Maldives is truly a very special place. It holds a high status globally due to its natural beauty. Our goal is to execute this work at the highest possible standard,” Alabbar said.
He said Eagle Hills readily welcomed the opportunity when the government approached the company to discuss the project, pointing to the Maldives’ established international reputation as one of the world’s most sought-after destinations.
“As everyone knows, the Maldives is a dream country for the entire world,” Alabbar said. “Because in the whole world, there is only one Maldives.”
The development is planned as a comprehensive waterfront destination combining tourism, coastal living and a world-class marina. Plans include international hospitality facilities, luxury housing and residences carrying globally recognised brands.
Beyond hotels and residences, the project is expected to incorporate entertainment and dining venues, retail spaces, wellness facilities and a high-grade marina. Educational, healthcare and community facilities are also included in the wider development concept.
Alabbar said environmental, social and economic considerations would form an important part of the project, while employment creation and new opportunities for businesses would be among its expected benefits.
“We will secure full community participation and build a living environment unlike any other,” he said.
The agreement was signed at a ceremony in the UAE, with Construction and Infrastructure Minister Dr Abdulla Muththalib signing on behalf of the Maldivian government and Alabbar signing as founder and chairman of Eagle Hills.
Muththalib said the government had secured a developer with experience delivering major urban developments internationally, citing projects including Downtown Dubai and the Belgrade Waterfront.
“Eagle Hills has successfully built major city-scale projects from the ground up, such as Downtown Dubai and the Belgrade Waterfront. We have secured that same level of partnership for the Ras Malé project,” Muththalib said.
According to the minister, the development is expected to channel billions of dollars in foreign investment through the Maldivian banking system while creating more than 54,000 jobs.
He also said thousands of housing opportunities would be made available to Maldivian families through the development, while commercial activities within the project are expected to provide direct revenue to the state.
Muththalib stressed that the investment is planned without adding to the government’s public debt, positioning the project as a major part of efforts to attract foreign capital and expand economic activity in Ras Malé.
The waterfront and marina development is one of the most ambitious projects announced for Ras Malé, which is being positioned as a major new urban and economic centre alongside the existing Greater Malé region.
