Eagle Hills’ $20bn waterfront project in Maldives targets one million annual visitors, $2bn tourism revenue

The Government of Maldives and Abu Dhabi-based real estate developer Eagle Hills have signed a commercial terms agreement for the development of Maldives Waterfront and Marina, a proposed integrated island destination in the Ras Malé area with an overall development scale of around USD 20 billion.

The agreement establishes the shared vision and principal commercial terms for the project, with detailed terms expected to be developed as the project progresses.

According to Eagle Hills, Maldives Waterfront and Marina is planned as an integrated tourism, residential and commercial destination incorporating international hotels, resorts, premium and branded residences, a marina, waterfront leisure facilities, retail, dining, entertainment, wellness, education, healthcare and community infrastructure.

Mohamed Alabbar, Chairman of Eagle Hills, said the company intended to build on the Maldives’ existing international tourism position.

“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,” Alabbar said.

The project is expected to complement the Maldives’ established resort tourism sector by introducing a large-scale waterfront destination combining hospitality, residences and marina facilities. Plans outlined in the announcement also include waterfront promenades, public spaces and year-round commercial and community facilities.

Dr Abdulla Muththalib, Minister of Infrastructure, Housing and Urban Development, said Eagle Hills’ previous developments included Downtown Dubai and Belgrade Waterfront.

“In Eagle Hills and its Chairman, Mr Mohamed Alabbar, the Maldives has a partner whose record speaks for itself — from the making of Downtown Dubai to Belgrade Waterfront and destinations across three continents, few names in global real estate carry the same authority in building city-scale destinations from the ground up. That is the calibre of partnership we have secured for Ras Malé,” he said.

Once fully developed, Maldives Waterfront and Marina is projected to receive more than one million visitors annually and generate over USD 2 billion in annual tourism revenue, according to preliminary estimates released with the announcement. The developers expect the project to broaden the country’s tourism offering and attract additional international visitor segments.

The development is also expected to generate substantial foreign investment. Preliminary economic impact estimates indicate the project could attract more than USD 30 billion in gross foreign investment during its lifetime, including approximately USD 18 billion in net foreign investment into the Maldives.

Economic activity associated with the project is expected to contribute to sectors including hospitality, construction, retail, marine services and technology. The development could also create more than 54,000 direct and indirect employment opportunities over its lifetime, according to the announcement.

Muththalib described the development as the largest investment programme undertaken in the Maldives.

“For the Maldives, this is the largest investment programme in our history — 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,” he said.

Environmental considerations are also expected to form part of the master planning process. Eagle Hills said sustainability, resilient infrastructure, responsible land development and protection of the natural environment would be incorporated into planning and delivery, taking into account the Maldives’ island and marine environment.

The project is also intended to establish a larger structured real estate sector alongside tourism, including residential communities associated with the waterfront development.

Muththalib said the government views this as part of its wider economic development strategy.

“Most importantly, this project establishes a structured, world-class real estate sector for the Maldives — a new pillar of our economy standing alongside tourism. It is a decisive step on our path to becoming a high-income country by 2040,” he said.

Eagle Hills is a private real estate investment and development company headquartered in Abu Dhabi. It operates across more than 18 countries and has a hospitality portfolio comprising 45 hotels. Its developments combine residential, hospitality, retail, leisure and public spaces.