Ras Malé Project Expected to Generate US$3.1 Billion

The Maldives government expects to receive approximately US$3.1 billion in revenue over 10 years from the Ras Malé waterfront and marina project, according to Infrastructure Minister Dr Abdulla Muththalib.

In a written response to questions from Galolhu North MP Mohamed Ibrahim, the minister said the projected revenue would come from the state’s 10 per cent share of revenue generated by UAE-based developer Eagle Hills.

Muththalib said the project was awarded under rules governing privately initiated proposals, rather than through an open competitive bidding process. The agreement covers around 500 hectares of reclaimed land under a proposed 99-year lease arrangement.

The minister also said the project would not transfer land into foreign ownership and that the final agreement would set out the investment schedule and consequences if the project is not completed.

The government and Eagle Hills signed the commercial terms agreement on 21 September 2026.