The Government of Maldives and Abu Dhabi-based investment and development company Eagle Hills have signed a commercial terms agreement for Maldives Waterfront and Marina.
The major integrated island destination is planned for the Ras Malé area, with the agreement setting out the shared vision and principal commercial terms for the project, with detailed terms to be developed as it progresses.
The development is planned to combine international hospitality, premium and branded residences, a marina, waterfront leisure, retail, dining, entertainment, wellness, education, healthcare, community facilities and public spaces within one destination.
“The Maldives is a truly special place, with unmatched beauty and global appeal,” explained Eagle Hills chairman Mohamed Alabbar.
“Our ambition is to build responsibly on that strength and create something truly world-class.”
Tourism offer
The project is expected to broaden the Maldives’ tourism offer, attracting new international visitor segments while creating a platform for sustained foreign investment.
The wider activity generated by the development is also expected to support tax contributions and growth across hospitality, construction, retail, marine services, technology and related sectors.
Responsible development and environmental stewardship will guide the masterplan. The project will be developed on reclaimed land, with no further dredging to be undertaken by Eagle Hills, while independent marine monitoring will accompany construction.
H.E. Dr Abdulla Muththalib, Minister of Infrastructure, Housing and Urban Development, Maldives, 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.”
