The government has officially signed a landmark Commercial Terms Agreement with Abu Dhabi-based private developer Eagle Hills to launch the "Maldives Waterfront and Marina."
Set for development in the Ras Male’ area, the multi-phased integrated island destination represents an envisioned USD 20 billion investment, making it the most ambitious development initiative in the history of the Indian Ocean nation.
The newly signed agreement outlines the shared vision and primary commercial terms for the mega-development, which departs from traditional isolated resort concepts. The masterplan seamlessly integrates luxury international hospitality with premium and branded residences, a world-class megayacht marina, waterfront dining, retail, and entertainment. It also features robust community infrastructure, including state-of-the-art wellness, healthcare, and educational facilities.
"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," Mohamed Alabbar, Chairman of Eagle Hills and the mastermind behind iconic landmarks like Downtown Dubai and the Belgrade Waterfront said.
The economic scale of the "Maldives Waterfront and Marina" is poised to reshape the nation's financial future. Preliminary assessments estimate the development will attract over USD 30 billion in gross foreign investment over its operational lifetime, with around USD 18 billion flowing directly into the Maldivian banking system and economy.
Once fully matured, the destination is projected to draw more than one million additional visitors annually, generate over USD 2 billion in annual tourism revenue, and create upward of 54,000 direct and indirect jobs—all achieved without relying on tax giveaways or sovereign debt.
Minister of Infrastructure, Housing and Urban Development, Dr Abdulla Muththalib, lauded the partnership with Alabbar and Eagle Hills, noting that the project establishes a structured, world-class real estate sector as a new pillar of the economy.
"It is a decisive step on our path to becoming a high-income country by 2040," Minister Muththalib added.
The project will incorporate resilient infrastructure, sustainable land development practices, and climate-adaptive engineering specifically designed to protect the Maldives’ fragile marine ecosystem.