Minister of Finance and Public Enterprises Hassan Zareer has said Eagle Hills' USD 20 billion project in Rasmalé will increase investor confidence and significantly improve the Maldivian private sector's access to foreign financing.
Speaking about the project, Minister Zareer said Abu Dhabi-based Eagle Hills is an internationally recognised company that has successfully undertaken major investment projects. He said a company of this size would only decide to make such a significant investment in the Maldives after conducting extensive research into demand in the country and the returns the investment could generate.
The Minister said Eagle Hills' decision provides reassurance to those who may have been reluctant to invest in the Maldives because of the country's low credit rating. He said the decision demonstrates that investment is possible in the country and shows investors and developers who had previously hesitated to invest that projects of this nature can be undertaken in the Maldives.
Minister Zareer noted that investments of between USD 200 million and USD 300 million had previously been made in projects in the Maldives. In contrast, he described Eagle Hills as a company recognised around the world and whose scale is known to Maldivian businesses.
He said Eagle Hills' decision would increase investor confidence and significantly improve the private sector's ability to secure the foreign financing it requires, providing greater access to financing.
The Minister said the project would also open further avenues for the Maldives to secure financing from other investors and foreign banks, bringing significant benefits to the country's economy. He added that the development would provide another opportunity to improve the Maldives' credit rating.
Minister Zareer said major investors around the world are already looking for opportunities or assurances of this nature. He said the project would therefore benefit not only the Government but also bring significant progress to the private sector across the Maldives.
"Private sector businesses operate by securing financing. I believe this project will create significant opportunities for Maldivian businesses and help them progress," Minister Zareer said.
Eagle Hills operates globally recognised resort concepts and real estate projects and has a successful business model.
The USD 20 billion development will include a waterfront and marina project. Eagle Hills will also develop 5,000 housing units of different standards for Maldivians in Rasmalé at a cost of USD 500 million.
The development represents the largest investment to enter the Maldives and will create more than 54,000 job opportunities.