The government has revealed that Eagle Hills, the UAE-based firm contracted to develop a $20 billion waterfront and marina project in Rasmalé, will also construct 5,000 housing units in Hulhumalé.
An agreement was signed between the Maldivian government and Eagle Hills during a ceremony held in Dubai today. The document was signed by Mohamed Alabbar, founder of Eagle Hills and Emaar Properties, and Housing Minister Abdulla Muththalib.
Speaking to "Mihaaru" regarding the agreement, Muththalib clarified that this deal would not alter any previously announced projects. He further noted that the 5,000 housing units in Hulhumalé would be developed under a contractor financing model.
The Minister explained that the government would reimburse the company during the handover and sale phase once the housing units are completed.
Details regarding the broader agreement to hand over the Rasmalé development to one of Dubai’s largest developers remain limited.
According to reports citing Eagle Hills, the integrated development will feature international-standard hotels and resorts, high-end branded residences, a world-class marina, and waterfront promenades. The project is also set to include diverse dining and retail options, alongside entertainment and healthcare facilities.
