Maldives and Eagle Hills Sign US$20 Billion Ras Malé Waterfront Deal
The commercial terms agreement covers an island destination projected to draw over a million visitors a year and create more than 54,000 jobs.
Karim El-Sayed Karim El-Sayed covers company news, policy and regulation across the UAE and wider MENA for Anecdoted, with a focus on how new rules and licences reshape how startups operate. karim@anecdoted.com
The Maldives government and Eagle Hills, a private real estate investment and development company based in Abu Dhabi, have signed a commercial terms agreement for a US$20 billion integrated island destination at Ras Malé. Both sides describe it as one of the most ambitious development initiatives in the country's history.
The project is named "Maldives Waterfront and Marina". Its planned components include international hospitality, premium and branded residences, a marina, waterfront promenades, retail, dining, entertainment and wellness facilities. The scope runs past tourism: education, healthcare and community infrastructure also appear in the outline.
The agreement records the two parties' shared vision and the principal commercial terms. More detailed provisions are still to be settled as the development moves forward.
"The Maldives is a truly special place, with unmatched beauty and global appeal. Our ambition is to build responsibly on that strength and create something truly world-class," said Mohamed Alabbar, chairman of Eagle Hills.
Jobs, homes and revenue to the state
H.E. Dr. Abdulla Muththalib, the Maldives' Minister of Infrastructure, Housing and Urban Development, said the project would be the largest investment programme the country has undertaken.
"Tens of billions of dollars of foreign investment moving through our banking system, more than 54,000 jobs, thousands of homes for Maldivian families, and direct revenue to the State from every sale, achieved without tax giveaways and without government borrowing," Muththalib said.
That employment figure covers direct and indirect positions. The development is also expected to generate activity in construction, hospitality, retail, marine services and technology.
Visitor and investment projections
Once fully developed, the destination is projected to attract more than one million visitors a year and to generate over US$2 billion in annual tourism revenue. The plans would broaden the country's tourism and residential offerings.
Preliminary estimates put gross foreign investment across the project's lifetime above US$30 billion, including approximately US$18 billion in net foreign investment.
Master plan
The developers say sustainability, resilient infrastructure and responsible land development will be built into the master plan.
None of the projections bind the parties yet. What has been signed covers commercial terms; the detailed provisions that would turn the visitor, revenue and investment estimates into commitments are still to be developed.
