Eagle Hills Unveils $12 billion Maldives Waterfront and Marina Project

DUBAI, UAE – UAE real estate company Eagle Hills has announced plans to invest around $12 billion in a major mixed-use development in the Maldives, marking its official entry into the Indian Ocean archipelago.

Located in the Ras Malé area, the Maldives Waterfront and Marina development will include international hotels, premium residences, retail and leisure facilities.

Mohamed Alabbar, Founder and Chairman of Eagle Hills, told Reuters:

"We continue searching for large-size projects."

Alabbar said construction on the 550-hectare (1,359 acres) site could start in the first quarter of next year.

Alabbar is also the Founder and Chairman of Emaar, the property company behind Dubai's Burj Khalifa, the world's tallest building.

Emaar could participate in Maldives development

Discussing the potential involvement of Emaar and opportunities for Maldivian investors, Alabbar said:

"Most probably Emaar will get involved as well ... but I will open the door for local Maldivian companies and individuals to invest with us because ... this is their country. We should open the door for them to invest with us."

The Maldives government will receive 10% of the sales revenue of commercial development and a 4% fee on every property transaction, Minister of Infrastructure, Housing and Urban Development Abdulla Muththalib said during a press conference in Dubai on Monday.

Muththalib also said 5,000 homes will be built for Maldivian families as part of the development.

The project adds to Eagle Hills' international portfolio, with the company currently operating across more than 18 countries and holding a hospitality portfolio of 45 hotels.