Abu Dhabi Developer Eagle Hills Partners with Maldives for Massive $20 Billion Waterfront and Marina Mega-Project

Abu Dhabi-based developer Eagle Hills has officially signed a landmark agreement with the Maldives government to launch a $20 billion waterfront and marina project, marking one of the largest proposed foreign investment developments in the Indian Ocean nation.

The Maldives Waterfront and Marina will take shape in Ras Male, an expanding urban area located at Fushi Dhiggaru Lagoon near the capital Male, accessible in approximately 17 minutes by speedboat. The official signing ceremony took place in Dubai on Monday, featuring Mohamed Alabbar, founder and chairman of Eagle Hills, alongside senior representatives of the Maldives government.

According to Eagle Hills, the comprehensive integrated development will feature international hotels and resorts, premium and branded residences, a world-class marina, scenic waterfront promenades, diverse restaurants, retail shops, as well as leisure and wellness centres. The overall investment is projected at roughly $20 billion spanning various phases.

Preliminary estimates suggest the ambitious venture could draw more than $30 billion in gross foreign investment throughout its lifespan, including an estimated $18 billion in net foreign investment for the Maldives. Furthermore, the project is anticipated to generate over 54,000 direct and indirect jobs. At full maturity, the destination aims to draw more than one million visitors annually, subsequently producing over $2 billion in yearly tourism revenue.

Industry figures clarify that the $20 billion Maldives figure represents the envisioned investment across multiple project phases rather than an immediate upfront capital commitment by Eagle Hills. Specific details regarding project financing, the construction timeline, and the precise capital directly contributed by Eagle Hills remain undisclosed.

The agreement aligns with the broader Maldives investment drive. Ras Male serves as a key component of a massive urban expansion initiative designed to alleviate population density in Male. The government is actively reclaiming land at Fushi Dhiggaru Lagoon to establish a brand-new city complete with residential, commercial, and tourism districts. Authorities highlight this as the nation's largest land reclamation effort, spanning over 1,100 hectares with a masterplan that incorporates approximately 65,000 housing units.

This strategic partnership comes as the Maldives strives to attract increased foreign investment to diversify an economy historically dependent on tourism. In May 2025, the government previously collaborated with Dubai-based MBS Global Investments to build an $8.8 billion financial centre in Male.

Meanwhile, Eagle Hills continues to aggressively expand its international portfolio. Founded by Mr Alabbar—who also established Emaar Properties, the master developer behind the Burj Khalifa and Dubai Mall—the company boasts a growing collection of waterfront properties globally. In August, Eagle Hills announced it would manage the redevelopment of Lulu Island in Abu Dhabi to build a community capable of housing up to 20,000 residents. The firm is also developing the $2.5-billion Durres Yachts and Marina project in Albania, featuring roughly 12,000 homes, hotels, retail spaces, and a superyacht marina, alongside its domestic UAE projects such as the $1.2-billion Maryam Island waterfront development in Sharjah.