UAE property developer Mohamed Alabbar, the businessman behind Dubai’s iconic Burj Khalifa, has arrived in the Maldives for his first visit since the signing of a landmark USD 20 billion agreement to develop a major waterfront and marina destination in Ras Malé.
Alabbar, who chairs international real estate developer Eagle Hills and founded Emaar Properties, is visiting as the Maldives prepares to move forward with one of the largest development initiatives announced in the country’s history.
His arrival follows the September 21 signing of a commercial agreement between the Maldivian government and Eagle Hills for the Maldives Waterfront and Marina project, a large-scale development planned on reclaimed land in Ras Malé.
During his visit, Alabbar is expected to engage with prominent figures from the Maldivian business community and participate in a series of exclusive media interviews.
A networking luncheon bringing together business executives and journalists has also been arranged for Thursday afternoon.
He is scheduled to depart the Maldives on Friday after completing his engagements.
Alabbar is among the UAE’s most prominent real estate entrepreneurs, having established Emaar Properties, the developer responsible for several of Dubai’s internationally recognised landmarks.
These include the 168-storey Burj Khalifa, the world’s tallest building, and Dubai Mall, one of the region’s largest shopping and entertainment destinations.
He also heads Eagle Hills, an international development company involved in luxury hospitality, residential and mixed-use projects.
According to information provided about the company, Eagle Hills has a presence across 18 countries, with a portfolio encompassing 45 luxury hotels and high-end destinations.
The company’s involvement in the Maldives centres on transforming part of Ras Malé into an international waterfront development incorporating a marina and associated residential, hospitality and commercial facilities.
Under the agreement signed in September, Eagle Hills is expected to design, develop and manage the Maldives Waterfront and Marina project across approximately 500 hectares of reclaimed land.
A further 600 hectares of reclaimed land in Ras Malé have been allocated for social housing, residential land plots and municipal services.
The government has presented the development as a major component of its efforts to diversify the Maldivian economy, attract foreign investment and create new sources of employment beyond the country’s traditional economic sectors.
Housing Minister Dr Abdulla Muththalib has also announced that Eagle Hills will begin constructing 5,000 housing units in Hulhumalé before commencing physical development work on the Ras Malé waterfront project.
The housing component is expected to form an early phase of the broader development arrangement.
Government projections place the project’s initial investment at approximately USD 12 billion during its first year, followed by an estimated USD 2 billion in annual investment.
Officials have further projected that the development could generate more than USD 11 billion in direct revenue for the state over its implementation period.
The government also expects the initiative to create more than 54,000 employment opportunities, although these figures remain projections dependent on the project’s financing, implementation and commercial performance.
Economic Development Minister Mohamed Saeed has previously described the Eagle Hills development as a potentially transformative investment for the Maldives.
He has argued that projects of this scale are necessary to expand the country’s economic capacity and support the government’s ambition of achieving developed-country status by 2040.
The administration has also linked the proposed waterfront development to its wider tourism strategy, with officials suggesting that the project could significantly expand the Maldives’ capacity to attract international visitors and investment.
The Ras Malé reclamation and development initiative forms part of President Dr Mohamed Muizzu’s broader infrastructure and housing agenda, which includes expanding available land for residential development and creating new economic zones in the Greater Malé region.
Alabbar’s visit comes at an important stage for the project, as attention turns from the signing of the commercial agreement towards the practical arrangements required to begin construction.
His meetings with Maldivian business leaders are expected to provide an opportunity for discussions on investment, commercial partnerships and the potential involvement of local businesses in the planned development.
With the Ras Malé project carrying some of the government’s most ambitious investment and revenue projections, the next stages of implementation will be closely watched as the Maldives seeks to translate the agreement into construction activity and long-term economic benefits.
