The Maldives is preparing to add a major new waterfront destination to its globally recognised tourism portfolio following an agreement between the Government and Abu Dhabi-based Eagle Hills for the development and operation of the Maldives Waterfront and Marina in Ras Malé, with the wider project valued at USD 20 billion.
The development is envisioned as an integrated tourism, residential and waterfront destination that will combine the Maldives’ natural appeal with international-standard hospitality, modern marina infrastructure and premium urban amenities. Unlike the country’s traditional resort model centred primarily on individual private islands, the Ras Malé development is expected to introduce a broader waterfront environment where hotels, branded residences, leisure facilities, business spaces and community services operate within a single destination.
Eagle Hills Chairman Mohamed Alabbar, who founded Emaar, the developer associated with internationally recognised projects including Burj Khalifa and Dubai Mall, said the Maldives’ global reputation makes the project an exceptional responsibility. Describing the country as a destination admired around the world, Alabbar said there is “only one Maldives” and assured that Eagle Hills intends to deliver the development to the highest standards.
The tourism and hospitality component is expected to be a central feature of the project, with international-standard hotels and resort-style accommodation planned alongside high-end and branded residences. A modern marina and waterfront leisure areas are expected to position Ras Malé to attract travellers seeking longer stays while creating opportunities for premium tourism, marine tourism and residential investment close to the capital.
The destination is also planned to include waterfront promenades, dining and retail outlets, business facilities, education and healthcare services, social amenities and other facilities designed to create a complete waterfront community. This combination could allow visitors, residents and investors to access accommodation, recreation, services and commercial activities within one connected environment.
Alabbar said Eagle Hills would draw on nearly three decades of regional and international real estate experience while maintaining high environmental, social and economic standards. He said the development would place importance on protecting the environment, serving the community and ensuring that economic opportunities arising from the project extend to Maldivians.
The project is expected to generate employment, encourage the establishment of new businesses and expand opportunities for local participation in hospitality, retail, services and other sectors connected to the destination. For the Government, the development also supports its wider efforts to attract international investment, expand economic activity and further strengthen the Maldives’ position as one of the world’s leading premium destinations.
Properties within the development are expected to be offered in accordance with Maldivian law through leasehold arrangements of up to 99 years. Under the proposed framework, each transfer of ownership, including through sale or inheritance, would begin a new leasehold period of up to 99 years, providing long-term continuity for property owners and investors across generations.
The agreement was signed on behalf of the Government by Minister of Infrastructure, Housing and Urban Development Dr. Abdulla Muththalib, while Mohamed Alabbar represented Eagle Hills. With Ras Malé being developed as a major new urban centre near the capital, the waterfront project is expected to become an important addition to the Government’s plans for expanding tourism, investment and modern urban development in the Maldives.
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