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Alabbar’s Eagle Hills to build $20 billion waterfront destination in Maldives
Abu Dhabi-based developer signs commercial terms agreement for Ras Malé project with hotels, marina, residences and leasehold homes of up to 99 years
- PUBLISHED: Mon 21 Sept 2026, 11:27 AM UPDATED: Mon 21 Sept 2026, 4:53 PM
Eagle Hills, the Abu Dhabi-based real estate developer chaired by Dubai billionaire Mohamed Alabbar, has signed an agreement with the Government of Maldives to develop Maldives Waterfront and Marina, a $20 billion (Dh73.4 billion) project across its various phases.
“It’s quite a sizeable project, so it could reach about $20 billion when it comes to investment. The past 30 years have taught us how to do things well, with mistakes as well. So, it was such a pleasure to be invited and trusted to do this amazing project, where we create true economic activity in the Maldives because the country needs economic activity, more revenue, more jobs for people and businesses, and more opportunities for the local community,” said Alabbar, who also heads Emaar Properties, Dubai’s largest developer, behind iconic projects such as the Burj Khalifa.
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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 mega investment will create more than 40,000 jobs in the Maldives, as its master plan also includes world-class healthcare and education facilities.
“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. There is only one Maldives in the world. There is no second,” Alabbar said.
He stressed that Eagle Hills would work with leading environmental specialists to ensure the project respected the natural setting.
He said Emaar would also be invited to join the project.
“If Emaar comes in, we're open to that. They can come 50-50. It's fine as well because it’s quite a unique project,” he said.
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.
The agreement also provides for 5,000 homes for Maldivian families, funded by the development itself.
‘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”.
Delivering his speech at the announcement on Monday, he said the project would attract approximately $31 billion in foreign direct investment to the island nation.
He cited Downtown Dubai and Belgrade Waterfront among the projects that demonstrate the authority Alabbar and Eagle Hills have 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 for 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, while the master plan will incorporate sustainability and resilient infrastructure, the statement said.
