Abu Dhabi-based developer Eagle Hills has signed a commercial terms agreement with the Government of Maldives to build a $12 billion mixed-use waterfront destination — one of the largest foreign direct investments in the country's history.
Project details
Location: Ras Malé, about 20 minutes from the capital, Malé
Size: 5.2 million sq metres, across five districts
Includes: hotels and resorts, premium and branded residences, a marina, retail, dining, entertainment, wellness facilities, schools, clinics, and a water park
Value: $12 billion initial terms; could scale to roughly $20 billion across future phases
Residences to be offered on leasehold terms of up to 99 years
Who's behind it
Eagle Hills is chaired by Mohamed Alabbar, the Dubai billionaire who also founded Emaar Properties, developer of Downtown Dubai and Burj Khalifa. Alabbar has said Emaar may join the Maldives venture as it develops.
Alabbar on the project: "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."
Maldives Minister of Infrastructure, Housing and Urban Development Dr Abdulla Muththalib called it "the largest investment programme in our history," adding that it would bring foreign capital through the country's banking system, create jobs and generate direct state revenue, "without tax giveaways and without government borrowing."
Economic and environmental impact
Officials expect the project to draw over a million additional visitors annually and generate around $2 billion in yearly tourism revenue, shifting the Maldives' tourism model toward longer, multi-week stays for high-net-worth travellers from the Gulf, Europe, and India.
The Maldivian government has contributed land and will share in profits. Eagle Hills has committed to 5,000 social housing units in the first phase. The developer says the project will use reclaimed land with no further dredging, alongside independent marine monitoring throughout construction.
The Maldives agreement also follows the country's $8.8 billion financial centre deal with Dubai-based MBS Global Investments in May 2025, part of a wider push to attract large-scale Gulf investment into the island nation's economy. Together, the two deals point to growing Gulf capital flows into the Maldives as the country looks to diversify beyond its traditional single-resort tourism model and position itself as a hub for extended, high-value stays.
Construction timelines and the final equity-debt-presales structure are still being worked out.
