Abu Dhabi-based developer Eagle Hills, chaired by Mohamed Alabbar, has signed an agreement with the Government of Maldives for a major waterfront and marina development that could reach $20 billion in investment.
Eagle Hills Maldives project targets major investment
Eagle Hills, the Abu Dhabi-based real estate developer chaired by Mohamed Alabbar, is preparing to develop a large-scale waterfront destination in the Maldives under a multi-phase project expected to attract up to $20 billion in investment.
The company has signed a commercial terms agreement with the Government of Maldives for the proposed Maldives Waterfront and Marina, establishing a shared vision and the principal commercial terms for the development.
Detailed terms of the project will be agreed at later stages as planning and implementation progress.
The development is planned for the Ras Malé area and is expected to combine hospitality, residential, retail, leisure and community facilities within an integrated island destination.
Alabbar said the investment could eventually reach around $20 billion, drawing on Eagle Hills' experience in large-scale developments and its work across international markets.
The project is also expected to create more than 40,000 jobs, potentially providing employment and business opportunities for people and companies in the Maldives.
Abu Dhabi-based Eagle Hills expands international development
The Maldives project represents another major international development initiative for Eagle Hills, which is headquartered in Abu Dhabi.
The company has been involved in large-scale real estate and waterfront developments in different markets, while Alabbar is also known for his role in the development of major destinations in Dubai and other international locations.
For the Maldives, the planned project is designed to create more than a collection of hotels and residences. The master plan is expected to include international hospitality brands, premium and branded residences, a marina, waterfront leisure facilities, retail, restaurants, entertainment, wellness facilities, education, healthcare and community spaces.
The combination of these facilities is intended to create an integrated destination where residents, visitors and businesses can operate within the same wider development.
The master plan is also expected to include world-class healthcare and education facilities, adding services that go beyond the Maldives' traditional tourism-focused development model.
Project expected to create more than 40,000 jobs
Employment is expected to be one of the major economic components of the Eagle Hills Maldives project.
According to the project's plans, the development could generate more than 40,000 jobs across its various phases.
The investment is also expected to create opportunities for local businesses and communities through construction, hospitality, retail, tourism, services and other activities connected to the destination.
Alabbar said the project is intended to create economic activity in the Maldives, including additional revenue, employment and opportunities for local communities and businesses.
The Maldivian government has also described the development as a significant foreign investment programme for the country.
Maldives Minister of Infrastructure, Housing and Urban Development Dr Abdulla Muththalib said the project could attract approximately $31 billion in foreign direct investment to the island nation when its broader economic impact is considered.
He also pointed to developments such as Downtown Dubai and Belgrade Waterfront when discussing the experience being brought to the Maldives.
Eagle Hills project to focus on long-term development
The planned waterfront destination is expected to be developed with a focus on sustainability and long-term resilience.
According to the project plans, the development will be built on reclaimed land and will not require further dredging.
Environmental specialists are expected to be involved in the project, while independent marine monitoring will take place during construction.
The measures are intended to monitor the marine environment throughout the development process and support the project's sustainability objectives.
Alabbar has described the Maldives as a unique destination with global appeal and said the ambition is to create a world-class development while maintaining a responsible approach to the country's environment.
The project therefore combines a large investment programme with environmental monitoring and infrastructure designed to support long-term development.
Properties could have leases of up to 99 years
The residential component of the Maldives Waterfront and Marina will operate under a long-term leasehold framework governed by Maldivian law.
Properties could be offered under lease terms of up to 99 years.
The proposed structure also includes provisions intended to provide continuity when properties change ownership.
According to the project terms, when a property is transferred through sale or inheritance, a new lease of up to 99 years can begin. This could allow ownership arrangements to continue across generations under the country's legal framework.
The development also includes plans for approximately 5,000 homes for Maldivian families, with funding for those homes coming through the wider development.
That component is intended to connect the international investment programme with local housing needs.
Emaar could potentially join Eagle Hills project
Alabbar has also indicated that Emaar Properties could potentially become involved in the Maldives development.
The project is currently being led by Eagle Hills, but Alabbar said the company remains open to Emaar joining the initiative.
He indicated that a potential partnership could involve an arrangement such as a 50-50 structure, although no final partnership structure has been confirmed.
Emaar is one of the companies associated with Alabbar, who is widely known for his role in the development of major real estate destinations in Dubai.
Any involvement by Emaar would depend on future discussions and agreements between the relevant parties.
From Abu Dhabi to the Maldives
The Eagle Hills Maldives project adds to the Abu Dhabi-based developer's international portfolio and places the company at the centre of a major planned transformation in the Maldives.
The proposed destination is expected to bring together tourism, residential development, business activity and community facilities in one large waterfront master plan.
For the Maldives, the government is positioning the project as a way to attract international capital while creating jobs, housing and new sources of economic activity.
The government has said billions of dollars of foreign investment could flow through the country's banking system, while the development could generate direct state revenue from property sales.
Officials have also said the project is structured without relying on government borrowing or tax giveaways.
The wider objective is to develop the country's real estate sector alongside its established tourism industry and support the Maldives' long-term economic ambitions.
With an estimated investment of up to $20 billion from Eagle Hills and the potential for tens of thousands of jobs, the Maldives Waterfront and Marina is set to become one of the company's largest planned international developments.
The project's next stages will focus on detailed commercial arrangements, planning and implementation. Its eventual scale will depend on how the development progresses through its planned phases.
For Abu Dhabi-based Eagle Hills, the project represents a significant international expansion opportunity, while for the Maldives, it is being presented as a long-term investment programme combining tourism, real estate, housing, infrastructure and economic development.
