President Dr Mohamed Muizzu has assured that the planned USD 20 billion Maldives Waterfront and Marina development in Ras Malé will be implemented in full compliance with the Constitution and existing laws, as the Government advances what is envisioned as the largest integrated development project undertaken in the Maldives.
Speaking on PSM’s Nation Chat programme, President Muizzu said the Government remains committed to ensuring that the legal and national interests of the Maldives are protected throughout the development of the project. He rejected claims that land would be sold under the agreement and clarified that the development model involves leasing arrangements rather than the transfer of land into private ownership.
The Government recently signed a Commercial Terms Agreement with Abu Dhabi-based private developer Eagle Hills for the Maldives Waterfront and Marina project, establishing the principal commercial framework and shared development vision for the proposed destination. The multi-phased development is envisioned to attract approximately USD 20 billion in investment and introduce a new large-scale tourism, residential, commercial and lifestyle destination within Ras Malé.
Unlike the Maldives’ traditional standalone island resort model, the proposed development is designed as an integrated waterfront destination bringing together international hospitality, premium residences, commercial areas, retail spaces, waterfront promenades and a major marina within a single master-planned environment. The concept is expected to broaden the Maldives’ tourism offering while creating a destination capable of serving international visitors, residents, businesses and investors throughout the year.
A major component of the development is expected to be a portfolio of internationally positioned hotels and resorts supported by premium and branded residential properties. The combination of hospitality and residential development is intended to create a more diversified tourism economy, complementing the Maldives’ established resort industry while introducing new opportunities in luxury real estate, long-stay tourism and waterfront living.
The planned marina is expected to become another major feature of the destination, providing infrastructure capable of serving the international yacht and marine tourism market. Together with waterfront retail, dining, leisure and commercial facilities, the marina component is intended to strengthen the Maldives’ position within the premium global tourism sector and create additional economic activity beyond conventional resort accommodation.
The wider masterplan also includes healthcare, educational, wellness and community infrastructure, creating a development that extends beyond tourism accommodation. Public spaces and supporting urban facilities are also envisaged as part of the destination, providing the foundation for a large-scale mixed-use community connected to the broader development of Ras Malé.
President Muizzu said the agreement with Eagle Hills would not include provisions that violate the Constitution or existing laws. He further stated that the Government would not provide sovereign guarantees, Government loans, tax concessions or duty exemptions under the project structure.
The President said the Government’s original vision for Ras Malé remains unchanged despite the introduction of the Eagle Hills development. Ras Malé continues to form an important part of the Administration’s broader housing, urban development and economic strategy, with the waterfront project intended to complement the planned development of the new city rather than replace its wider objectives.
Government officials have said the development has the potential to create substantial new economic activity across tourism, construction, real estate, marine services, retail, professional services and supporting industries. Preliminary projections associated with the project indicate that, once fully developed, the destination could attract more than one million additional visitors annually and generate more than USD 2 billion in annual tourism revenue.
The project has also been projected to generate more than 54,000 direct and indirect employment opportunities over its development and operational phases. The scale of construction and subsequent tourism and commercial activity is expected to create opportunities for Maldivian businesses, contractors, service providers and workers while expanding demand across local supply chains.
Preliminary estimates associated with the development indicate that it could attract more than USD 30 billion in gross foreign investment over its operational lifetime, including significant foreign currency flows into the Maldivian economy. The Government has highlighted the potential for the development to support foreign exchange availability, strengthen investor confidence and expand the country’s capacity to attract large-scale international investment.
The development also forms part of the Government’s wider ambition to diversify the Maldivian economy beyond its traditional economic structure by creating new areas of activity around real estate, international investment, marine tourism and commercial development. The Government has identified large-scale private investment as an important avenue for expanding infrastructure and economic opportunities without placing additional borrowing requirements on the state.
President Muizzu said political considerations should not stand in the way of development initiatives intended to deliver long-term benefits to the public. He said some of the claims surrounding the Ras Malé development were politically motivated and were obscuring the wider vision and potential economic benefits of the project.
He maintained that the Administration would continue pursuing major development projects considered beneficial to the country while ensuring that their implementation remains within the legal framework of the Maldives.
With its combination of hospitality, residential development, marina infrastructure, commercial facilities and community services, the Maldives Waterfront and Marina project is positioned by the Government as an important component of Ras Malé’s future development and its broader strategy to strengthen the economy, expand tourism opportunities and attract greater international investment.
The project also reflects the Government’s objective of developing Ras Malé into a major new economic and urban centre capable of contributing to long-term GDP growth, employment generation and improved infrastructure. As detailed agreements and subsequent development phases progress, the Government has reiterated that the project will be implemented while safeguarding national interests and maintaining compliance with the Constitution and laws of the Maldives.
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