President Dr Mohamed Muizzu’s vision to transform Ras Malé into a major new urban and economic centre has taken a significant step forward, with Abu Dhabi-based Eagle Hills signing an agreement with the Maldives government for a waterfront and marina development envisioned at around USD 20 billion.
The Maldives Waterfront and Marina project will be developed at Ras Malé, the new city being created through the reclamation of Fushi Dhiggaru Lagoon near Malé. The agreement was signed in Dubai on Monday, with Eagle Hills founder and chairman Mohamed Alabbar and Minister of Infrastructure, Housing and Urban Development of Maldives Dr. Abdulla Muththalib attending the ceremony.
The proposed integrated destination will feature international hotels and resorts, premium and branded residences, a world-class marina, waterfront promenades, restaurants, retail outlets, and leisure and wellness facilities.
According to Eagle Hills, investment envisioned across the various phases of the development totals approximately USD 20 billion, making it one of the largest proposed foreign investment developments in Maldivian history. Preliminary projections cited by the developer indicate the project could attract more than USD 30 billion in gross foreign investment over its lifetime, including around USD 18 billion in net foreign investment.
The development is also projected to generate more than 54,000 direct and indirect jobs. Once fully developed, Eagle Hills expects the destination to receive more than one million visitors annually and generate over USD 2 billion in annual tourism revenue.
However, the USD 20 billion figure represents the investment envisioned throughout the project’s different phases, rather than a confirmed upfront capital commitment from Eagle Hills. Details regarding financing, the construction schedule and Eagle Hills’ direct capital contribution have not yet been disclosed.
Ras Malé vision moves forward
Ras Malé is one of the flagship projects of President Muizzu’s administration and forms a central part of his government’s plans to address housing pressures in the Greater Malé region while creating new opportunities for economic development.
The new city is being developed at Fushi Dhiggaru Lagoon, with plans for residential, commercial, tourism and supporting infrastructure. The wider reclamation project is planned to cover more than 1,100 hectares, while the masterplan envisages approximately 65,000 housing units.
The Eagle Hills agreement adds a major international investment component to that vision, potentially transforming Ras Malé beyond a residential expansion into a large-scale tourism, real estate and waterfront economic destination.
It also comes as the Muizzu administration pursues greater foreign investment and economic diversification. President Muizzu has recently reiterated that diversifying the Maldivian economy remains a key priority of his administration.
The government previously partnered with Dubai-based MBS Global Investments in May 2025 on plans for an USD 8.8 billion financial centre in Malé, another major project aimed at expanding the Maldives beyond its traditional dependence on tourism.
Major UAE developer enters Ras Malé
Eagle Hills is a private Abu Dhabi-based property developer founded by Mohamed Alabbar, who also founded Emaar Properties, the developer behind Dubai landmarks including the Burj Khalifa and Dubai Mall.
The company has developed major waterfront and mixed-use destinations internationally and is currently overseeing the redevelopment of Lulu Island in Abu Dhabi. Eagle Hills also has projects in more than 20 countries.
Its international portfolio includes the USD 2.5 billion Durrës Yachts and Marina development in Albania, while its UAE developments include the Maryam Island waterfront project in Sharjah.
The scale of the proposed Ras Malé investment marks a major milestone for President Muizzu’s flagship new-city project. If the development proceeds through its planned phases, it would substantially expand Ras Malé’s role from a solution to Malé’s housing and land constraints into a new international waterfront, tourism and investment hub for the Maldives.
