Abu Dhabi-based developer signs USD 20bn Rasmale’ waterfront and marina deal

Abu Dhabi-based developer Eagle Hills has signed an agreement with the Maldives government to develop a USD 20 billion (approximately MVR 308 billion) waterfront and marina project in Rasmale’.

The Maldives Waterfront and Marina Project marks one of the biggest proposed foreign investment developments in the Maldives.

UAE news outlet The National News reports the agreement was signed in Dubai on Monday.

The agreement was signed by Dr. Abdulla Muthalib, the Maldivian minster of infrastructure, housing and urban development, and Mohamed Alabbar, founder and chairman of Eagle Hills. Alabbar is also the founder of Emaar Properties, which developed the world’s tallest building, Burj Khalifa, as well as the Dubai Mall.

The project is being developed in Rasmale’, an urban area being reclaimed at Fushi Dhiggaru Falhu, about 17 minutes away from Male’ via speedboat.

The National News, citing Eagle Hills, reported that the integrated development will include international hotels and resorts, premium and branded residences, a world-class marina, waterfront promenades, restaurants, shops, leisure and wellness centers.

The overall investment is envisioned at about USD 20 billion across various phases, according to Eagle Hills.

According to The National News, preliminary estimates indicate the project could attract more than USD 30 billion in gross foreign investment over its lifetime, including about USD 18 billion in net foreign investment in the Maldives.

It is also expected to create more than 54,000 direct and indirect jobs. At full maturity, the destination is expected to attract more than one million visitors annually and generate more than USD 2 billion in annual tourism revenue.

The Rasmale’ project is the Maldives’ largest land reclamation initiative, with more than 1,100 hectares planned and a masterplan envisaging about 65,000 housing units, designed to resolve the housing crisis facing Male’.