Dubai billionaire Mohamed Alabbar’s Eagle Hills is set to develop a major waterfront destination in the Maldives, with the multi-phase project expected to reach $20 billion in investment.
Abu Dhabi-based real estate developer Eagle Hills, chaired by Dubai businessman Mohamed Alabbar, has signed an agreement with the Government of Maldives to develop a major new waterfront and marina destination in the Ras Malé area.
The Maldives Waterfront and Marina project will combine hotels, premium and branded residences, a marina, waterfront leisure, retail, dining, entertainment and wellness facilities as part of a large integrated island destination.
The development is expected to create more than 40,000 jobs and will also include healthcare, education, community facilities and public spaces.
Alabbar, who also heads Emaar Properties, the Dubai developer behind landmarks including Burj Khalifa, said the investment could reach approximately $20 billion as the project progresses through its various phases.
“It’s quite a sizeable project, so it could reach about $20 billion when it comes to investment,” Alabbar said.
He said the development could help generate economic activity, government revenue, employment and new opportunities for businesses and communities in the Maldives.
Eagle Hills plans major Maldives waterfront destination
The commercial terms agreement sets out the shared vision and principal commercial terms for the Ras Malé development. More detailed arrangements are expected to be developed as the project progresses.
The master plan is designed to create an integrated destination rather than a standalone resort.
It will bring together international hospitality, premium and branded residences, a marina and waterfront leisure areas, alongside retail, restaurants, entertainment and wellness facilities.
Education and healthcare facilities will also be incorporated into the development, along with community infrastructure and public spaces.
The combination of tourism, residential and commercial facilities is intended to create an environment capable of supporting activity throughout the year.
For the Maldives, the project represents a major planned expansion of the country’s real estate and tourism infrastructure, while for Eagle Hills it adds another large-scale international destination to its development portfolio.
Properties will have leases of up to 99 years
A key element of the project is its long-term property ownership structure.
Properties within the development will be offered under a leasehold framework governed by Maldivian law. Lease terms can extend for up to 99 years.
The agreement also provides for a new lease of up to 99 years when a property is transferred through sale or inheritance.
This structure is intended to provide long-term continuity for property owners and their families.
The development will also include 5,000 homes for Maldivian families, with the homes to be funded through the development itself.
The housing component adds a local community element to a project that will also feature high-end hospitality, residential and leisure facilities.
$20bn investment and more than 40,000 jobs
Eagle Hills expects the project to create more than 40,000 jobs in the Maldives.
The scale of the proposed investment makes the development one of the country’s most significant planned private-sector projects.
Maldives Minister of Infrastructure, Housing and Urban Development Dr Abdulla Muththalib said the country had secured a partner with experience in large-scale destination development.
Speaking at the announcement, he said the project could attract approximately $31 billion in foreign direct investment to the Maldives.
The minister referenced major developments associated with Alabbar and Eagle Hills, including Downtown Dubai and Belgrade Waterfront, as examples of large-scale destinations built around residential, commercial and tourism activity.
“For the Maldives, this is the largest investment programme in our history,” Muththalib said.
He added that the project would bring billions of dollars of foreign investment through the country’s banking system while creating jobs, homes for Maldivian families and direct revenue for the state from property sales.
According to the minister, the programme is intended to support the development of a more structured real estate sector alongside the Maldives’ established tourism industry.
He described the project as part of the country’s longer-term ambition to become a high-income economy by 2040.
Alabbar says Maldives project will focus on responsible development
The Maldives is known for its beaches, islands and marine environment, making environmental considerations a central issue for any major development.
Eagle Hills said the Ras Malé project will be developed with environmental specialists involved in the planning process.
The project will be built on reclaimed land, and the developer said it will carry out no further dredging.
Independent marine monitoring will also operate alongside construction, according to the project statement.
The master plan is expected to incorporate sustainability measures and resilient infrastructure while taking account of the natural environment.
Alabbar said the Maldives presented a unique development opportunity because of its global appeal and distinctive natural setting.
“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,” he said.
“There is only one Maldives in the world. There is no second.”
The developer's environmental approach will be particularly significant because of the scale of the proposed destination and its location within the Maldives.
Emaar could join the project
Alabbar also indicated that Emaar Properties could potentially participate in the Maldives development.
When asked about Emaar’s involvement, he said the company would be welcome to join the project and that different partnership structures could be considered.
“If Emaar comes in, we're open to that. They can come 50-50. It's fine as well because it’s quite a unique project,” Alabbar said.
Emaar is one of Dubai’s best-known property developers and is closely associated with major developments in the emirate, including Downtown Dubai and Burj Khalifa.
A potential Emaar role would therefore bring another major Dubai-linked development company into the Maldives project, although the agreement does not establish that Emaar will participate.
For now, Eagle Hills remains the developer identified in the commercial terms agreement with the Maldivian government.
From Dubai to the Maldives
The project adds to Mohamed Alabbar’s growing international development activities through Eagle Hills.
While Alabbar is closely associated with Dubai through Emaar and major projects in the emirate, Eagle Hills has developed and pursued large-scale projects in several international markets.
The Maldives project follows the same broader destination-development model, combining residential properties with hospitality, retail, leisure and community facilities.
The proposed Ras Malé destination is also designed to generate economic activity beyond traditional tourism by bringing together homes, businesses, healthcare, education and public spaces.
That approach could give the project a broader economic role than a conventional resort development.
For the Maldivian government, the investment is being positioned as a way to increase foreign investment, employment, housing supply and state revenue.
For Eagle Hills, the development provides an opportunity to establish a major new waterfront destination in one of the world's most internationally recognised tourism markets.
The commercial terms agreement is an initial step, with further detailed agreements and planning expected as the project moves forward.
With a potential investment value of $20 billion, more than 40,000 expected jobs and a master plan spanning hospitality, residences, retail, leisure, healthcare and education, the Ras Malé project is set to become one of the most ambitious developments associated with Mohamed Alabbar outside the UAE.
Its progress will depend on the detailed development plans, investment phases and implementation arrangements that follow the initial agreement with the Maldivian government.
