The Maldives Government has assured that its major Ras Malé waterfront development with Abu Dhabi-based Eagle Hills will not reduce the number of land plots or housing units already allocated for Maldivian citizens, while the developer will separately construct an additional 5,000 housing units in Hulhumalé.
The agreement for the large-scale development was signed in Abu Dhabi by Minister of Infrastructure, Housing and Urban Development Dr. Abdulla Muththalib and Eagle Hills Chairman Mohamed Alabbar. The Government has described the wider programme as representing more than USD 20 billion in foreign investment, placing Ras Malé at the centre of its plans to expand housing, tourism, real estate and long-term economic activity.
“Most importantly, this project will not result in any change to the number of social housing units previously announced,” Minister Muththalib said, adding that Eagle Hills will also develop 5,000 housing units in Hulhumalé.
According to the Minister, the Hulhumalé homes will be delivered through a contractor-financed arrangement in which Eagle Hills will bear the construction cost upfront. The Government will not provide a sovereign guarantee, with payment to be made only after the completed homes are handed over and reach the sales stage.
“The Government will not provide the company with any form of sovereign guarantee to carry out this work,” Muththalib said. “Payment will be made only after the housing units are completed and handed over.”
The Ras Malé development is planned across approximately 500 hectares of reclaimed land and is envisioned as an international-standard waterfront destination combining tourism, residential and commercial development. Plans include premium and branded residences, international hotels and resorts, a modern marina, waterfront leisure areas, retail and dining spaces, alongside education, healthcare and community facilities designed to support a fully integrated destination.
Eagle Hills, headquartered in Abu Dhabi, has developed large-scale mixed-use and waterfront destinations across international markets. Emaar, associated with globally recognised developments including Burj Khalifa and Dubai Mall and founded by Alabbar, is also expected to participate in the Ras Malé development.
The Government says the wider investment programme is expected to generate more than USD 11 billion in State revenue and create more than 54,000 employment opportunities while directing substantial international capital through the Maldivian financial system. Muththalib also stressed that the development would proceed without tax concessions for Eagle Hills.
“This project will be implemented without granting any tax relief, and all project-related funds will be paid through Maldivian banks,” the Minister said.
With the Maldives’ economy valued at around USD 8 billion, the scale of the proposed investment represents a significant expansion of the country’s development pipeline. For the Government, the project combines a new international waterfront destination with additional housing supply while preserving previously announced public housing commitments, positioning Ras Malé as an important new centre for urban development, tourism and investment.
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