The Maldivian government has signed an agreement with UAE-based developer Eagle Hills to launch a $20 billion project to develop a waterfront and marina in Rasmalé.
The agreement was signed today in Dubai, as reported by the UAE’s The National. The ceremony was attended by Mohamed Alabbar, founder of Eagle Hills and Emaar Properties, alongside Housing Minister Abdulla Muththalib and a high-level government delegation.
Citing Eagle Hills, reports indicate that the integrated development will feature international-standard hotels and resorts, high-end branded residences, and a world-class marina. The project will also include waterfront boulevards, restaurants, retail outlets, as well as entertainment and healthcare facilities.
Eagle Hills plans to invest $20 billion in the project across several phases. According to a report by The National, while some projections for the project have been provided, specific details regarding the financial arrangements, construction schedule, and expenditure breakdown have not been disclosed.
Eagle Hills Rasmalé Project Estimates
- Total Investment: $30 billion
- Foreign Direct Investment (FDI) into Maldives: $18 billion
- Job Creation: 54,000 positions
- Tourist Arrivals: Over one million annually
- Annual Revenue: $2 billion
The Maldivian government has yet to issue an official statement regarding this transaction. However, Adhadhu had previously reported on the deal prior to the official signing, based on information received at the time.
