President Dr Mohamed Muizzu’s plans to develop Ras Malé as a new centre for tourism, investment and urban growth are gaining international momentum following an agreement between the Maldives government and Abu Dhabi-based Eagle Hills for the Maldives Waterfront and Marina development.
Signed in Dubai on Monday by Minister of Infrastructure, Housing and Urban Development Dr Abdulla Muththalib and Eagle Hills founder and chairman Mohamed Alabbar, the agreement outlines a large-scale integrated destination bringing together international hotels and resorts, premium and branded residences, a world-class marina and an extensive waterfront lifestyle district.
A major feature of the development will be its hospitality offering. Ras Malé is expected to introduce a new resort experience close to the capital, combining high-end accommodation with marina access, waterfront promenades, restaurants, retail outlets, leisure facilities and premium residences. The concept could complement the Maldives’ internationally renowned private-island resort model by creating a major waterfront destination where tourism, residential living and commercial activity operate within a single master-planned environment.
Investment envisioned across the different phases has been reported at around USD 20 billion, while preliminary projections indicate the wider development could attract more than USD 30 billion in gross foreign investment over its lifetime, including approximately USD 18 billion in net foreign investment. The development is also projected to create more than 54,000 direct and indirect employment opportunities.
At full maturity, the destination is expected to welcome more than one million visitors annually and generate more than USD 2 billion in annual tourism revenue. This would create additional opportunities for the hospitality, construction, aviation, marine services, retail, technology, logistics and professional services sectors, while supporting demand for Maldivian businesses, suppliers and skilled professionals.
Ras Malé is being developed through the reclamation of Fushi Dhiggaru Lagoon near Malé and is one of the administration’s major urban development projects. The wider city is planned across more than 1,100 hectares, with its masterplan envisaging approximately 65,000 housing units alongside commercial, tourism and supporting infrastructure. The Eagle Hills development is expected to add a major international tourism and investment component to the new city.
The project also supports the Muizzu administration’s broader objective of diversifying the Maldivian economy and attracting greater international investment. It follows other large investment initiatives, including the USD 8.8 billion financial centre planned with Dubai-based MBS Global Investments, as the government seeks to develop additional economic sectors alongside the country’s established tourism industry.
Eagle Hills brings international experience in developing waterfront and mixed-use destinations. The Abu Dhabi-based company was founded by Mohamed Alabbar, who also founded Emaar Properties, the developer associated with projects including the Burj Khalifa and Dubai Mall. Eagle Hills’ international portfolio includes major developments such as Durrës Yachts and Marina in Albania and Maryam Island in Sharjah.
With tourism, real estate, marina facilities and urban development being planned together, the Maldives Waterfront and Marina project could give Ras Malé a distinct role within the country’s future tourism landscape, positioning the new city as both an extension of Greater Malé and an international waterfront destination.
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