The Maldivian government has signed an agreement with Abu Dhabi-based developer Eagle Hills to develop a large waterfront and marina project in Rasmalé valued at USD 20 billion (about MVR 308 billion). Officials describe it as the largest foreign investment project ever undertaken in the Maldives.
Housing Minister Dr. Abdullah Muththalib signed for the government. Eagle Hills founder and chairman Mohamed Alabbar signed for the company.
Under the multi-phase project, international-standard hotels and resorts as well as high-end branded residences are planned. It will also include a world-class marina for yachts and similar vessels, waterfront promenades, restaurants, shops, and centres dedicated to recreation and wellbeing.
The project is expected to bring major benefits to the Maldivian economy. More than USD 30 billion in foreign investment is projected, with about USD 18 billion expected to enter the country's banking system as clean foreign direct investment. More than 54,000 jobs are expected to be created directly and indirectly. Once complete, the project is estimated to draw more than one million tourists a year and generate more than USD 2 billion in annual tourism revenue.
Rasmalé is the government's planned city project to ease congestion in Malé by reclaiming more than 1,100 hectares of land and developing 65,000 housing units. Through that wider scheme, housing is expected to be secured for thousands of Maldivian families. Separately, as part of efforts to reduce reliance on tourism alone, the government also signed an agreement in May to develop an USD 8.8 billion financial centre with Dubai's MBS Global Investments.
Eagle Hills is the private company of Mohamed Alabbar, the founder of Emaar Properties, which developed the Burj Khalifa and Dubai Mall. At the signing ceremony, Housing Minister Dr. Abdullah Muththalib said the project is expected to bring foreign funds into the banking system and increase government revenue. Alabbar gave an assurance that Eagle Hills would take the project forward responsibly and help establish the Maldives as a world-class destination on the international stage.
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