News Desk
Abu Dhabi-based real estate developer Eagle Hills has signed an agreement with the Maldivian government to invest $20 billion (MVR 308.4 billion) into a mega waterfront and marina development in Rasmaale’, marking the largest single foreign direct investment in the country’s history.
The agreement was signed in Dubai by Eagle Hills Chairman Mohamed Alabbar alongside senior Maldivian officials, as reported by Abu Dhabi-based The National.
Dubbed “Maldives Waterfront and Marina,” the integrated development will be located in Rasmaale’, the newly reclaimed city at the Fushidhiggaru lagoon situated roughly 17 minutes by speedboat from Malé. The master project will feature international hotels, resorts, premium branded residences, a world-class marina, waterfront promenades, retail and dining hubs, and dedicated wellness centers.
Eagle Hills plans to roll out the estimated $20 billion (MVR 308.4 billion) outlay across multiple phases rather than a single upfront expenditure.
Preliminary estimates indicate the broader project timeframe could attract over $30 billion (MVR 462.6 billion) in total foreign investment, with $18 billion (MVR 277.56 billion) representing direct net FDI inflows into the domestic economy. Proponents project the initiative will create over 54,000 direct and indirect jobs, draw over one million tourists annually upon completion, and generate more than $2 billion (MVR 30.84 billion) in annual tourism revenue.
Specific capital drawdowns, construction timelines, and financing details have not yet been disclosed.
Rasmaale’ forms the core of President Dr Mohamed Muizzu’s urban expansion plan designed to relieve severe congestion in the capital. The master plan spans over 1,100 hectares of reclaimed land intended to house around 65,000 residential units alongside commercial and tourism zones.
The deal highlights ongoing government efforts to diversify the economy beyond traditional resort operations. It follows an $8.8 billion (MVR 135.7 billion) agreement signed in May 2025 with Dubai’s MBS Global Investments to establish a financial center in Malé.
Eagle Hills founder Mohamed Alabbar previously founded Emaar Properties, the developer behind iconic landmarks such as the Burj Khalifa and Dubai Mall. Eagle Hills’ international portfolio includes the $2.5 billion Durrës Yachts & Marina project in Albania, the $1.2 billion Maryam Island development in Sharjah, and the redevelopment of Abu Dhabi’s Lulu Island.
