The Government of Maldives and Abu Dhabi-based private real estate investment and development company Eagle Hills have signed a commercial terms agreement for the proposed US$20 billion “Maldives Waterfront and Marina”, an integrated island destination planned for Ras Malé.
Envisioned as a major new waterfront tourism and residential destination, the project is expected to bring together international hospitality, premium and branded residences, a world-class marina, waterfront promenades, retail, dining and entertainment facilities. Education, healthcare, wellness and community infrastructure are also included in the wider development concept, creating a destination designed for visitors, residents and businesses within one integrated environment.
The waterfront setting is expected to be a defining feature of the development, with the marina and surrounding promenades forming the centre of a new hospitality and lifestyle district. International hotels and high-end residences are planned alongside commercial, leisure and community facilities, expanding the Maldives’ traditional resort offering into a larger mixed-use destination with strong links to the capital region.
“The Maldives is a truly special place, with unmatched beauty and global appeal. Our ambition is to build responsibly on that strength and create something truly world-class,” Eagle Hills Chairman Mohamed Alabbar said.
The commercial terms agreement establishes the shared vision and principal commercial framework between the Government and Eagle Hills, while more detailed provisions are expected to be developed as the project advances through its various stages.
Preliminary projections indicate that Maldives Waterfront and Marina could attract more than US$30 billion in gross foreign investment over its lifetime, including approximately US$18 billion in net foreign investment. At full development, the destination is projected to welcome more than one million visitors annually and generate over US$2 billion in annual tourism revenue.
The project is also expected to have a significant employment and business impact. Government estimates indicate that more than 54,000 direct and indirect jobs could be generated over the lifetime of the development, creating opportunities across hospitality, construction, retail, marine services, professional services and supporting industries.
Infrastructure, Housing and Urban Development Minister Dr. Abdulla Muththalib described the development as the largest investment programme undertaken in the Maldives, highlighting its potential to bring substantial foreign capital into the country, create employment and expand housing opportunities for Maldivian families.
“For the Maldives, this is the largest investment programme in our history,” Minister Muththalib said, adding that the project is expected to generate direct revenue for the State from property sales. He said the development is structured without tax giveaways and without government borrowing.
Sustainability, resilient infrastructure and responsible land development are expected to form part of the project’s master planning, according to the developers. The approach is intended to combine large-scale tourism and real estate development with infrastructure suited to the Maldives’ island environment.
With hospitality, marina facilities, premium residences and wider community infrastructure planned within a single waterfront destination, Maldives Waterfront and Marina is positioned to broaden the country’s tourism and investment landscape while supporting the Government’s efforts to attract international capital and develop new areas of economic activity alongside the Maldives’ established tourism industry.
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