Eagle Hills reveals $12bn Maldives mega-project with hotels, homes, marina and 99-year property leases

Abu Dhabi-based developer Eagle Hills has entered into a historic $20 billion agreement with the Maldives government to create an expansive waterfront and marina project in Ras Male. Located near the capital Male, this ambitious development is set to transform the urban area of Fushi Dhiggaru Lagoon. Eagle Hills Chairman Mohamed Alabbar and senior Maldivian government representatives signed the agreement in Dubai on Monday.

The project, which will span multiple phases, will feature international hotels, luxury residences, a world-class marina, and a variety of commercial and leisure amenities. With an overall investment of approximately $20 billion, the development could attract over $30 billion in foreign investment throughout its lifetime, creating more than 54,000 jobs.

When fully realized, the project is expected to draw over one million tourists annually, generating more than $2 billion in tourism revenue. Eagle Hills, founded by Alabbar, already has a strong portfolio of waterfront projects globally, including a major redevelopment in Abu Dhabi and a $2.5-billion initiative in Albania.