Former President Mohamed Nasheed has welcomed plans for a major waterfront and marina development in Ras Malé, describing the concept as a positive step while also renewing his support for privatisation as a means of addressing public debt.
Nasheed made the remarks following the signing of a landmark agreement between the Maldivian government and Abu Dhabi-based developer Eagle Hills for the development of “The Maldives Waterfront and Marina.”
The project, valued at an estimated USD 20 billion, or approximately MVR 308 billion, is envisioned as a large integrated destination featuring international-standard hotels and resorts, high-end branded residences and a world-class marina.
In a post on X, Nasheed said developing a waterfront in Ras Malé was a good idea. He also argued that privatisation, including the sale of state assets, could be used to generate funds to reduce the country’s public debt.
Nasheed’s comments also brought renewed attention to the different approaches taken towards state assets under successive administrations.
During Nasheed’s presidency, state assets and interests were sold or transferred to private parties as part of his administration’s privatisation policies. President Dr Mohamed Muizzu’s administration, by contrast, has been working to regain state enterprise shares that were relinquished during that period rather than pursuing the same approach to raising government revenue.
Nasheed maintains that the immediate priority should be to sell state assets in a way that generates cash for the government without delay.
The Ras Malé agreement, however, is centred on attracting large-scale investment and developing new economic activity over the longer term.
Plans for The Maldives Waterfront and Marina include hotels, resorts and luxury residences alongside restaurants, retail outlets, premium wellness facilities and pedestrian-friendly waterfront areas.
According to figures released in connection with the project, the development is expected to create more than 54,000 employment opportunities as it progresses through multiple phases.
Once fully developed, the destination is projected to attract more than one million tourists each year and generate approximately USD 2 billion in annual tourism revenue. More than USD 30 billion in foreign direct investment is also expected to enter the Maldivian economy over the lifespan of the development.
The project forms part of the government’s broader effort to attract major foreign investment and diversify an economy that remains heavily dependent on tourism.
It follows another large investment initiative involving Dubai-based MBS Global Investments, with which the government has partnered for the development of an USD 8.8 billion financial centre in Malé.
Eagle Hills is a private real estate development company owned by businessman Mohamed Alabbar, the founder of Emaar Properties. Emaar is best known internationally as the developer behind Dubai’s Burj Khalifa, the world’s tallest building, as well as Dubai Mall.
Eagle Hills has itself undertaken major developments in several international markets, including waterfront projects in Abu Dhabi, Albania and Sharjah.
The scale of the Ras Malé project, together with the financial centre initiative, represents part of the Muizzu administration’s push to bring large international investments into the Maldives and establish additional sources of economic activity.
