Abu Dhabi-based real estate developer Eagle Hills is entering the Maldives market after signing an agreement with the Maldives Government to deliver a premium 550-hectare Maldives waterfront and marina project.
Marking the UAE developer’s first toe-dip into the Indian Ocean archipelago, it’s understood that the multi-phase project is estimated at US $12 billion over various phases, making it the most ambitious development initiative in the history of the Indian Ocean nation.
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Run by Emirati businessman Mohamed Alabbar, founder of Dubai-based Emaar Properties and the masterminds behind the world’s tallest building, the Burj Khalifa in Dubai, Eagle Hills will begin construction of the mixed-use waterfront and marina project in the Ras Malé area as early as 2027.
A $12 billion vision for Fushi Dhiggaru Lagoon
Also known as Maldives Eco City, the groundbreaking land reclamation project is located in Fushi Dhiggaru Lagoon, which is approximately 17 minutes from the densely populated capital city Malé.
The mega-development will be decoupled from traditional isolated boutique resort concepts such as the recently announced Baccarat Hotel & Residences, pivoting towards a ‘self-contained community master plan’ scaffolded around micro-infrastructure, which spans international hospitality, branded residences, a world-class mega-yacht marina, waterfront dining, retail, and entertainment options.
“The project's economic contribution to the Maldives will be unprecedented in generating investment and economic activity across all major sectors”
A wellness-centered development will weave in between beachfront promenades and sports and recreation spaces while robust community-focused endeavours include education and healthcare facilities and public spaces.
The project’s economic contribution to the Maldives will be unprecedented in generating investment and economic activity across sectors, with 10% sales revenue of commercial development paid directly to the government, and a 4% fee on every property transaction.
Economic growth, sustainability and 99-year leases
Emaar properties could potentially participate in the project on a 50:50 share, depending on the decision of the Emaar Investment Committee, Alabbar confirmed in a statement.
Abdulla Muththalib, Maldivian minister of Infrastructure, Housing and Urban Development, said: “For the Maldives, this is the largest investment programme in our history – billions of dollars of foreign investment moving through our banking system, creating jobs, homes for Maldivian families, and direct revenue to the state from every sale, achieved without tax giveaways and without government borrowing.”
Over its lifetime, the project is expected to create significant direct and indirect employment opportunities for Maldivians, creating 5,000 new homes for local residents while strengthening local supply chains and creating sustained demand for local businesses, suppliers and professional services.
Properties within the destination will be offered through a long-term leasehold framework under Maldivian law, with terms of up to 99 years, providing lasting continuity for owners across generations.
Protecting the Maldives’ fragile marine ecosystem will be central to the development, developers say, with resilient infrastructure in place that includes sustainable land development practices, and climate-adaptive engineering.
He added that the tourism, hospitality and commercial project would create a cornerstone of a new real estate sector alongside tourism, becoming “a decisive step on our path to becoming a high-income country by 2040.”
The rise of Maldives luxury real estate
Preliminary economic impact estimates indicate that “Maldives Waterfront and Marina” could attract more than $30 billion in gross foreign investment over its lifetime, including approximately $18 billion in net foreign investment, and generate more than 54,000 jobs, it was announced at a press conference in Dubai this week.
Eagle Hills already has a portfolio of 45 prime and super-prime projects and high-end communities across the globe, including Bvlgari Resorts & Mansions Abu Dhabi, an ultra-luxury private island destination set to open in 2030, the Montis, a luxury resort and residential destination in Azerbaijan, and the restored Grand Hotel Des Bains in Venice, Italy.
The Maldives is fast becoming a premier luxury destination for ultra-high-net-worth capital and a preferred destination for second home ownership, as major global brands establish trophy resorts on the paradise island nation.
“The Maldives is fast becoming a premier luxury destination for ultra-high-net-worth capital and a preferred destination for second home ownership
The government is on an active campaign to promote the Indian Ocean tropical destination as a “safe and profitable environment for luxury investments”, announcing a new ‘golden visa’ that offers residency through real estate investments.
The scheme falls in line with the Maldives’s forward-thinking ‘Vision 2040’, which aims to position the Maldives among developed nations as a dynamic, diversified, and resilient economy by 2040.
Earlier this year, luxury developer Chedi Hospitality announced its expansion into the Maldives via a partnership with JIH Global Investments, to deliver Chedi Kan’Baashaa – a 58-key overwater boutique hotel and limited collection of 11 branded residences in the Maldives, expected to open 2028.
