Eagle Hills, the Abu Dhabi-based real estate developer chaired by Dubai billionaire Mohamed Alabbar, has signed an agreement with the Government of the Maldives to develop Maldives Waterfront and Marina, a $12 billion (about Dh44 billion) project across its various phases.
The agreement covers a new integrated island destination in the Ras Malé area. It sets out the shared vision and principal commercial terms, while detailed terms will be developed as the project progresses, according to a joint statement.
“The Maldives is a truly special place, with unmatched beauty and global appeal. Our ambition is to build responsibly on that strength and create something truly world-class,” said Alabbar said. He said Emaar will also join this project. But he didn’t disclose further details.
Stay up to date with the latest news. Follow KT on WhatsApp Channels.
What will be built
The development will bring together international hospitality, premium and branded residences, a marina, waterfront leisure, retail, dining, entertainment and wellness. Education, healthcare, community facilities and public spaces will complete what the developer describes as an integrated environment combining tourism, residential life and year-round economic activity.
Properties will be offered under a long-term leasehold framework governed by Maldivian law, with terms of up to 99 years. On each transfer, whether by sale or inheritance, a new lease of up to 99 years will begin, giving owners continuity across generations.
‘Largest investment programme in our history’
Dr Abdulla Muththalib, the Maldives; Minister of Infrastructure, Housing and Urban Development, said the country had secured a partner “whose record speaks for itself”.
He cited Downtown Dubai and Belgrade Waterfront among the projects that show the authority Alabbar and Eagle Hills carry in building city-scale destinations from the ground up.
“For the Maldives, this is the largest investment programme in our history,” the minister said.
He added that it would bring billions of dollars of foreign investment through the country’s banking system, creating jobs, homes for Maldivian families and direct revenue to the State from every sale. This would be achieved “without tax giveaways and without government borrowing”, he said.
He also described the project as a step towards a structured real estate sector “standing alongside tourism”, and “a decisive step on our path to becoming a high-income country by 2040”.
The project will be built on reclaimed land, and Eagle Hills will carry out no further dredging. Independent marine monitoring will run alongside construction, and the masterplan will build in sustainability and resilient infrastructure, the statement said.
Source: Khaleej Times