Abu Dhabi-based developer Eagle Hills has signed an agreement with the Maldives government to develop a $12 billion waterfront and marina project in one of the largest proposed foreign investment developments in the Indian Ocean nation.
The Maldives Waterfront and Marina will be developed in Ras Male, an urban area being created at Fushi Dhiggaru Lagoon, about 17 minutes away by speedboat from the capital Male.
The agreement was signed in Dubai on Monday, with Mohamed Alabbar, founder and chairman of Eagle Hills, and senior representatives of the Maldives government attending the ceremony.
The integrated development will include international hotels and resorts, premium and branded residences, a marina, waterfront promenades, restaurants, shops, leisure and wellness centres.
It will also include education and healthcare facilities, and public spaces.
Properties within the destination will be offered through a long-term leasehold framework under Maldivian law, with terms of up to 99 years, Eagle Hills said in a statement. “Upon each transfer, whether through sale or inheritance, a new leasehold term of up to 99 years will commence, providing lasting continuity for owners across generations,” it added.
Eagle Hills said the project will be developed on reclaimed land, with no further dredging to be undertaken. Independent marine monitoring will also be done alongside construction as the project progresses.
The overall investment is envisaged at about $12 billion across various phases, according to Eagle Hills.
Preliminary estimates indicate the project could attract more than $30 billion in gross foreign investment over its lifetime, including about $18 billion in net foreign investment in the Maldives.
It is also expected to create more than 54,000 direct and indirect jobs. At full maturity, the destination will attract more than one million visitors and generate more than $2 billion in tourism revenue annually.
Details of the project's financing, construction timeline and the amount of capital to be directly committed by Eagle Hills have yet to be disclosed.
“For the Maldives, this is the largest investment programme in our history – billions of dollars of foreign investment moving through our banking system, creating jobs, homes for Maldivian families, and direct revenue to the state from every sale, achieved without tax giveaways and without government borrowing,” said Abdulla Muththalib, Maldivian minister of Infrastructure, Housing and Urban Development.
Maldives investment drive
Ras Male is a component of one of the Maldives' largest urban expansion projects and is intended to ease pressure on densely populated Male.
The government is reclaiming land in Fushi Dhiggaru to create a new city with residential, commercial and tourism districts.
Authorities describe it as the country's largest land reclamation initiative, with more than 1,100 hectares planned and a master plan envisaging about 65,000 housing units.
The Eagle Hills agreement comes as the Maldives seeks greater foreign investment to diversify an economy heavily reliant on tourism.
In May 2025, the government teamed up with Dubai-based MBS Global Investments to develop an $8.8 billion financial centre in Male. MBS Global told The National that the project would not compete with UAE financial hubs.
Eagle Hills expands portfolio
Eagle Hills is a private Abu Dhabi-based developer founded by Mr Alabbar, who is also the founder of Emaar Properties, developer of Burj Khalifa and Dubai Mall.
The company has a growing portfolio of waterfront developments internationally.
In August, Eagle Hills said it would oversee the redevelopment of Lulu Island in Abu Dhabi, where there are plans for a community that could eventually accommodate 20,000 people.
Its UAE portfolio includes the $1.2-billion Maryam Island waterfront development in Sharjah.
It is also behind a $2.5 billion project in Albania, Durres Yachts and Marina, which includes about 12,000 homes, hotels, retail space and a superyacht marina.
