Maldives Partners with Abu Dhabi’s Eagle Hills in Historic USD 20 Billion Deal to Build Maldives Waterfront and Marina

The government has officially entered into a landmark Commercial Terms Agreement with Abu Dhabi-based private real estate developer Eagle Hills to launch the Maldives Waterfront and Marina. 

Slated for development in the Ras Male’ area, the massive, multi-phased integrated island destination represents an envisioned USD 20 billion investment, marking it as the most ambitious development initiative in the history of the Indian Ocean nation.

The newly signed agreement establishes the shared vision and primary commercial terms for the mega-development, with detailed terms to be finalized as the project progresses. 

Aiming to redefine the Maldives' global tourism and resident appeal, the destination will seamlessly integrate luxury international hospitality with premium and branded residences, a world-class megayacht marina, waterfront dining, retail, and entertainment. In a departure from traditional isolated resort concepts, the master plan also features robust community infrastructure, including state-of-the-art wellness, healthcare, and educational facilities.

Mohamed Alabbar, the Chairman of Eagle Hills and the mastermind behind iconic global landmarks like Downtown Dubai and the Belgrade Waterfront, expressed his enthusiasm for the venture. 

The Maldives is a truly special place, with unmatched beauty and global appeal, Alabbar said. 

Our ambition is to build responsibly on that strength and create something truly world-class.

The Minister of Infrastructure, Housing and Urban Development, Dr Abdulla Muththalib, lauded the high-caliber partnership. 

In Eagle Hills and its Chairman, Mr. Mohamed Alabbar, the Maldives has a partner whose record speaks for itself — from the making of Downtown Dubai to Belgrade Waterfront and destinations across three continents, few names in global real estate carry the same authority in building city-scale destinations from the ground up. That is the calibre of partnership we have secured for Ras Male’,” he said.

The economic scale of the Maldives Waterfront and Marina is poised to reshape the nation's financial trajectory. Preliminary economic impact assessments estimate that the project will attract over USD 20 billion in gross foreign investment over its operational lifetime, with approximately USD 18 billion representing direct net foreign investment into the Maldivian banking system and economy.

Once fully matured, the destination is projected to draw more than one million additional visitors annually, generating over USD 2 billion in annual tourism revenue. Additionally, the initiative is expected to create upwards of 54,000 direct and indirect jobs, provide thousands of high-quality homes for Maldivian families, and secure direct revenue for the State database—notably achieved without relying on tax giveaways or sovereign debt.

For the Maldives, this is the largest investment programme in our history, Dr. Muththalib added. 

Most importantly, this project establishes a structured, world-class real estate sector for the Maldives — a new pillar of our economy standing alongside tourism. It is a decisive step on our path to becoming a high-income country by 2040.

Addressing environmental concerns, both partners emphasised that responsible development and rigorous environmental stewardship will guide the project from planning through delivery. The masterplan is being meticulously designed to respect the Maldives' fragile marine ecosystem, embedding resilient infrastructure, sustainable land development practices, and climate-adaptive engineering directly into the core planning.

By establishing a year-round economic hub that blends tourism, upscale residential communities, and robust local enterprise, the Maldives Waterfront and Marina is set to translate massive international investment into enduring socioeconomic value for the Maldivian people, securing the country's status as a premier global lifestyle destination.