Maldives Government Signs $20 Billion Waterfront and Marina Deal for Ras Malé

The Maldives government has signed a $20 billion agreement with Abu Dhabi-based developer Eagle Hills to develop a major waterfront and marina project in Ras Malé.

The agreement for the Maldives Waterfront and Marina was signed in Dubai. The ceremony was attended by Eagle Hills founder and chairman Mohamed Alabbar alongside senior representatives of the Maldivian government.

According to government spokesperson Mohamed Shareef, based on information provided to MV+, the agreement on behalf of the Maldivian government was signed by Minister of Construction and Infrastructure, Dr Abdulla Muththalib.

The development is planned for Ras Malé, the new urban area being created through land reclamation at Fushi Dhiggaru Lagoon near Malé.

However, details of the project’s financing arrangements, construction schedule, and the exact amount of equity capital that Eagle Hills would directly commit have not yet been disclosed. The $20 billion figure represents the total investment envisioned across the project’s planned phases rather than a confirmed upfront capital commitment.

Eagle Hills is a private Abu Dhabi-based developer founded by Alabbar, who also founded Emaar Properties. The company has developed waterfront and mixed-use projects in several countries, including Albania and the United Arab Emirates.

The full terms of the Maldives Waterfront and Marina agreement, including its financing structure, implementation timeline, and other contractual arrangements, have yet to be publicly detailed.

According to promotional details listed by Eagle Hills for the Maldives Waterfront and Marina, the development features options for property ownership backed by professional servicing and maintenance by the developer, complemented by dedicated leasing management for unit owners.

The project offers one, two, and three-bedroom serviced apartments. Developer listings also highlight that eligible buyers can access the Maldives Corporate Resident Visa, which grants a renewable five-year residency for investments starting from $250,000 through a streamlined application process with a one-time fee paid upon visa approval.