Abu Dhabi-based developer Eagle Hills is preparing one of its largest international projects after reaching an agreement with the Maldives government on a $12 billion waterfront destination in Ras Malé. The development is designed to combine residential property, hospitality, tourism and commercial infrastructure within a new island district.
Known as Maldives Waterfront and Marina, the project will be delivered in several phases and is expected to become a major new destination near the Maldivian capital, Malé. Plans include hotels and resorts, premium apartments, branded residences, a large marina, waterfront promenades, restaurants, shops, entertainment venues and wellness facilities.
The developer and the Maldives government have signed a commercial terms agreement defining the main principles of the development, according to the official announcement from Eagle Hills. More detailed commercial arrangements are expected to be established as planning advances. The overall development value is estimated at approximately $12 billion across its various stages.
Residential property becomes a bigger part of the Maldives economy
The project could significantly broaden the country’s traditional tourism-focused development model. Rather than concentrating exclusively on short-term resort stays, Maldives Waterfront and Marina is expected to introduce a substantial residential component aimed at international buyers and long-term residents.
Properties within the development are planned to be offered through a leasehold system governed by Maldivian law. Lease terms will extend for as long as 99 years. When a property changes ownership through a sale or inheritance, a new leasehold period of up to 99 years is expected to begin.
This structure could give overseas investors greater clarity when considering long-term ownership in a market historically dominated by hotels and private-island resorts. The combination of branded residences, hospitality and marina infrastructure also reflects a development model increasingly used across major waterfront projects in the Gulf and other international markets.
Mohamed Alabbar, chairman of Eagle Hills, said the company intends to build on the Maldives’ established international appeal while developing the destination responsibly. Eagle Hills already has experience delivering large mixed-use projects in markets outside the UAE, including developments in Serbia, Albania and other countries.
The Ras Malé development is particularly notable because of its scale. Maldives Infrastructure, Housing and Urban Development Minister Abdulla Muththalib described it as the largest investment programme in the country’s history. The government expects the development to attract foreign capital while generating state revenue, employment and new opportunities for local companies.
Investment could extend far beyond the initial $12 billion
The project’s economic impact could ultimately be considerably larger than its headline development value. Preliminary estimates cited by Eagle Hills indicate that Maldives Waterfront and Marina could generate more than $30 billion in gross foreign investment over its lifetime, including around $18 billion in net foreign investment flowing into the Maldives.
The development is also projected to support more than 54,000 direct and indirect jobs. Once fully established, the destination could attract more than one million visitors annually and generate over $2 billion a year in tourism revenue.
Such projections remain dependent on the pace of construction, property demand and the eventual phasing of the masterplan. Eagle Hills has not yet disclosed a detailed construction schedule or specified how much equity it will contribute directly.
Alabbar has said large projects of this type can be financed through a combination of developer equity, debt and property pre-sales. The exact balance can change depending on financing conditions and buyer demand during individual phases.
The project therefore represents more than another luxury resort investment. Its mix of homes, hotels, retail, healthcare, education and public infrastructure is intended to establish a permanent mixed-use community and expand economic activity beyond conventional tourism.
Waterfront development will face environmental requirements
Environmental considerations will be particularly important because of the Maldives’ sensitive marine ecosystem. The project is planned on reclaimed land, and Eagle Hills says it will not conduct additional dredging for the development.
Independent marine monitoring is expected to accompany construction, while the masterplan is intended to incorporate resilient infrastructure and measures aimed at protecting the surrounding environment. These commitments will be closely watched as the project moves from commercial agreements into detailed planning and construction.
For Eagle Hills, the agreement also expands an international portfolio that already stretches across more than 18 countries. The Abu Dhabi-headquartered company has increasingly used large waterfront and mixed-use developments as a central part of its overseas strategy.
For the Maldives, meanwhile, the $12 billion project could help create a more structured real estate investment market alongside the country’s established tourism sector. If delivered at the proposed scale, Maldives Waterfront and Marina would introduce a new source of residential investment while linking property sales with hospitality, retail and long-term infrastructure development.