The Maldives government and Eagle Hills have signed a commercial terms agreement for a planned $12 billion waterfront and marina destination in the Ras Malé area, the developer said on Monday.
The project, known as Maldives Waterfront and Marina, is planned as an integrated tourism and residential destination combining hotels and resorts, premium and branded residences, a marina, waterfront leisure, retail, dining, entertainment, wellness, education, healthcare and community facilities.
The agreement sets out the parties’ shared vision and principal commercial terms, with detailed terms to be developed as the project progresses. Development is expected to take place in several phases.
Investment and economic impact
Maldives Infrastructure, Housing and Urban Development Minister Abdulla Muththalib described the project as the country’s largest investment programme, saying it would bring billions of dollars of foreign investment through the Maldivian banking system while creating jobs, homes and state revenue.
The project is expected to generate activity across hospitality, construction, retail, marine services, technology and other sectors, while creating direct and indirect employment and demand for local suppliers and professional services.
Muththalib said the development would create a structured real estate sector as a new economic pillar alongside tourism, with the government targeting high-income country status by 2040.
Leasehold and environmental plans
Properties will be offered under Maldivian law through leasehold terms of up to 99 years. Following a sale or inheritance, a new leasehold term of up to 99 years will begin.
The project will be built on reclaimed land, with Eagle Hills saying it will undertake no further dredging. Independent marine monitoring will accompany construction, while sustainability, resilient infrastructure and protection of the natural environment will form part of the planning and delivery process.
Eagle Hills Chairman Mohamed Alabbar said the company aimed to build a world-class destination while developing the project responsibly.
