The Maldivian government has signed a USD 20 billion agreement with United Arab Emirates (UAE)-based Eagle Hills to develop and operate a marina and waterfront in Rasmalé.

In a joint statement released by the Ministry of Housing and UAE's Eagle Hills, it was announced that the Abu Dhabi-based company signed the agreement with the Maldivian government today. The agreement was signed on behalf of the company by Chairman Mohamed Alabbar and on behalf of the government by Minister of Housing Dr. Mohamed Muththalib.

According to the joint statement, the project will feature a modern marina alongside commercial, dining, wellness, educational, healthcare, and social facilities. It will also encompass waterfront entertainment venues, international-grade services, and high-end branded residences.

Implemented across multiple phases, the total investment for the project will reach USD 20 billion. Eagle Hills has designed the initiative as a world-class tourism, waterfront, and marina development. The project is expected to attract over USD 30 billion in foreign investment to the Maldives, including USD 18 billion in net investments.

With an estimated 54,000 direct and indirect jobs created, the development is projected to draw over one million tourists annually upon completion, generating USD 2 billion a year in tourism revenue for the country. Land and buildings allocated under the project will be sold on a leasehold basis for up to 99 years in compliance with Maldivian laws.

Minister Muththalib highlighted that this will be the largest investment project in Maldivian history. He noted that the initiative will channel billions of dollars in foreign investment through the banking system, create extensive employment, provide housing for Maldivian families, and yield direct state revenue from property sales. The Minister emphasized that the project will proceed without tax waivers or government loans, serving as a vital step in expanding the real estate sector alongside tourism to help achieve the government's goal of making the Maldives a high-income nation by 2040.

Eagle Hills Chairman and prominent Dubai businessman Mohamed Alabbar stated that the Maldives is a uniquely beautiful country of global significance. He noted that the company's objective is to responsibly develop a world-class destination, adding that Dubai's Emaar company will also participate in the project.

The development will be constructed on land already reclaimed in Rasmalé, with Eagle Hills committing not to dredge additional lagoons for land acquisition. Furthermore, independent marine monitoring will be conducted to assess environmental impacts throughout construction. The master plan has been designed to establish eco-friendly and climate-resilient infrastructure, with detailed agreements to follow ahead of physical implementation.