The massive USD 20 billion Ras Male’ waterfront and marina development will serve as a catalyst for local human resource development and economic empowerment in the Maldives, according to Mohamed Alabbar, Chairman of the Abu Dhabi-based real estate giant Eagle Hills.
Speaking on the historic project—the largest investment ever undertaken in the island nation—Alabbar emphasised that the development will be executed in a manner that directly benefits the Maldivian public.
In an exclusive interview with PSM News, Alabbar shared his vision for the landmark project, explaining that major developments must begin with a strong vision and a commitment to inclusivity. Reflecting on his experiences guiding Dubai’s rapid transformation over the past 40 years, he asserted that physical infrastructure alone does not define successful development. Instead, the true measure of a project's success lies in how it elevates the lives of the local population.
"An investment without public participation cannot yield meaningful returns. So, it is tied to showcasing national prestige alongside elevating the standard of services provided. The work must generate employment opportunities. Customers must be attracted in a way that benefits the local population, and the government must genuinely profit through taxes and revenue,” he explained.
A central pillar of Eagle Hills’ global strategy, which spans operations in 20 countries, is the integration of local businesses and professionals into its projects. Alabbar confirmed that this successful blueprint will be applied to the Ras Male’ development.
"We use local architects everywhere we go, that is truly how our process works. We engage local contractors in all our activities. As a result, it becomes something quite different—it is no longer just about a project, but about training people and developing human capacity, alongside us," he added.
The government and Eagle Hills have already signed a commercial terms agreement for the ambitious waterfront and marina project. Both parties are currently working to finalise the official formal agreement, which is projected to bring a total investment value of USD 20 billion to the Maldives upon completion.