Eagle Hills signs $12 billion Maldives waterfront deal

Abu Dhabi-based developer Eagle Hills has signed a commercial terms agreement with the Maldives government for a new project called the ‘Maldives Waterfront and Marina’. This will be an integrated island destination in the Ras Malé area. The overall development is expected to be worth about $12 billion over its various phases, a press release said.

The destination will combine hotels, premium and branded residences, a marina, retail, dining, education and healthcare facilities. Properties will be sold under a leasehold framework governed by Maldivian law, with terms of up to 99 years. A new term of up to 99 years will begin on each transfer, whether by sale or inheritance.

The agreement covers only the principal commercial terms, with detailed terms to be developed as the project progresses. No construction timeline or phasing was disclosed. 

The project will be built on reclaimed land. Eagle Hills said it will carry out no further dredging, and independent marine monitoring will accompany construction.

Maldives Infrastructure Minister Abdulla Muththalib called it "the largest investment programme in our history", with billions of dollars of foreign investment moving through the banking system. He said the state would earn direct revenue from every sale, "without tax giveaways and without government borrowing".

Muththalib also framed the project as the foundation of a new real estate sector alongside tourism, calling it "a decisive step on our path to becoming a high-income country by 2040". The Maldives economy relies heavily on tourism. Eagle Hills Chairman Mohamed Alabbar said the aim was to "build responsibly" on the country's appeal and "create something truly world-class".

UAE real estate firms are pouring billions into Maldivian luxury real estate and mega-infrastructure projects, shifting the island nation toward a high-end second-home market. Some of the developers operating there include Samana’s Ocean Views which boast of Elie Saab interiors. In December 2022, Damac signed Mandarin Oriental to operate a resort across three private islands in the South Malé Atoll. Whereas, Fam Holdings’ Al Mahra Maldives Resort, features 100 specialized floating villas.