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The Government of Maldives and Eagle Hills, a UAE based real estate investment and development company, have agreed commercial terms for the proposed development of Maldives Waterfront and Marina with an indicative development value of approximately USD $20 billion across its planned phases.
For the Maldives, the proposed project is intended to support national priorities across housing, employment, local enterprise, tourism diversification and climate-resilient urban growth. It would create new homes and urban space, support skilled employment and demand for Maldivian suppliers and entrepreneurs, and add tourism, marina, public and community infrastructure, according to a statement.
The agreement establishes the shared vision and principal commercial framework for the proposed development. Detailed project agreements, financing arrangements, master planning and the relevant technical, planning and environmental processes will follow. The USD $20 billion figure represents indicative development value across the planned phases, rather than a disclosed upfront capital commitment.
President Dr Mohamed Muizzu described the agreement as an important step in the Administration’s efforts to attract long-term international investment, broaden the country’s economic base and create lasting opportunities for Maldivians.
“This project reflects the scale of our ambition for the Maldives and for Ras Malé. Our priority is to translate international investment into jobs for Maldivians, opportunities for local businesses, homes and community infrastructure, while protecting the environment that is fundamental to our country and our economy,” the President said.
The development would form part of Ras Malé, the country’s largest land reclamation initiative and a central component of the Government’s housing and urban-development programme for Greater Malé. The President’s Office has set out a zero-carbon, safe-island concept for Ras Malé, while the 2026 Presidential Address includes 15,000 Ras Malé land plots within the Family Housing programme.
The wider Ras Malé vision includes climate-resilient infrastructure, clean energy and mobility, accessible public spaces, essential services and new commercial and social facilities. Maldives Waterfront and Marina would add international hotels and resorts, residences, a world-class marina, waterfront public spaces, retail, dining, entertainment, wellness, education, healthcare and community facilities.
The project is intended to complement the Maldives’ established resort sector by widening the country’s tourism and investment offer and creating more year-round economic activity in Greater Malé. It also aligns with Vision 2040, under which the Government is seeking a developed, inclusive and sustainable nation with a greater role for private-sector-led growth.
Preliminary long-term estimates indicate that the completed development could support more than 54,000 direct and indirect employment opportunities. At full maturity, it is projected to attract more than one million visitors annually and generate more than USD $2 billion in annual tourism revenue. These figures are preliminary projections, not guaranteed outcomes, and will be reviewed as the masterplan, financing structure and delivery programme are developed.
The next phase will involve detailed technical and financial work, development of the masterplan, environmental and planning processes, and negotiation of the agreements required to move individual phases forward.
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