Maldives Signs USD 20B Ras Malé Deal

The Maldivian government and Abu Dhabi-based developer Eagle Hills have signed an agreement setting out the principal commercial terms for the proposed Maldives Waterfront and Marina development in the Ras Malé area.

The Commercial Terms Agreement was signed on Monday, outlining the parties’ shared vision and key commercial terms for the project, with further details to be finalised as development progresses.

The project is planned to be developed in multiple phases with an overall investment scale of USD 20 billion.

The proposed development will include international hotels and resorts, branded and premium residences, a major marina, waterfront leisure facilities, retail and dining outlets, entertainment and wellness facilities, as well as education, healthcare and community infrastructure.

The development is also expected to include waterfront promenades and public spaces, creating a mixed-use tourism and residential destination.

Eagle Hills Chairman Mohamed Alabbar said the company intends to develop an international destination while taking a responsible approach to development in the Maldives.

Infrastructure, Housing and Urban Development Minister Dr Abdulla Muththalib described the agreement as a major partnership for the development of Ras Malé, citing Eagle Hills’ projects including Downtown Dubai and Belgrade Waterfront.

According to the government and Eagle Hills, the fully developed project could attract more than one million visitors annually and generate over USD 2 billion in tourism revenue each year.

The government estimates that the development could attract more than USD 30 billion in gross foreign investment over its lifetime, including around USD 18 billion in net foreign investment into the Maldives.

The project is projected to create more than 54,000 direct and indirect jobs, while also generating business opportunities for local companies, suppliers and professional service providers.

The parties said environmental considerations will be incorporated into the project’s planning and development, including sustainability measures, resilient infrastructure, responsible land development and protection of the Maldives’ natural environment.

Minister Muththalib described the project as the country’s largest investment programme, saying it could establish real estate as a new economic sector alongside tourism.

Eagle Hills, founded in Abu Dhabi, operates in more than 18 countries and has a hospitality portfolio comprising 45 hotels, according to the company.