Zareer: Eagle Hills wishes to employ all locals for USD 20B project

Finance Minister Hassan Zareer said tonight that Abu Dhabi-based developer Eagle Hills intends for the workforce of its USD 20 billion (MVR 308 billion) Maldives project to be made up entirely of Maldivian citizens.

The Maldivian government and Eagle Hills signed a landmark agreement on Monday for the development of a major project in Rasmalé, featuring a world-class marina. The development will include international hotels and resorts, luxury branded residences, a waterfront promenade, restaurants, retail outlets, entertainment venues, and wellness facilities.

Speaking on state media, Public Service Media's (PSM) ‘Raajje Miadhu’ program, Zareer said the project is projected to generate approximately 54,000 jobs once completed.

"As I mentioned earlier, the developer’s vision is centered on providing significant opportunities for Maldivians. Their objective is for the entire workforce of this development to be local. The primary aim is to facilitate opportunities for Maldivian businesses, create employment for citizens, and elevate the national economy to new heights," Zareer said.

The Minister said the development will have a transformative impact on the Maldivian economy, describing the investment as a sustainable undertaking that will create a range of opportunities for local businesses.

"The developer estimates that this development will cater to over one million tourists annually. Currently, with approximately 65,000 beds across 189 resorts and numerous guesthouses, the Maldives serves around 2.4 million visitors. This single development property alone will have the capacity to serve nearly one million tourists," he added.

Zareer said the project will also encompass multiple sectors, including health tourism, which he described as a major step forward for the national economy. He added that a project of this scale and prominence could strengthen the confidence of other international investors.

On the issue of land ownership, the Minister said large-scale resorts currently valued at around USD 300 million are developed under 99-year lease agreements, and the same legal framework will apply to this project.

"Therefore, this project is conducted under the same principles and does not involve the outright sale of even a single inch of Maldivian land," he clarified.

The development is projected to attract more than USD 30 billion in total foreign investment, including USD 18 billion in net investment. While no specific date has been announced for construction to begin, the wider Ras Malé initiative—the largest land reclamation project in Maldivian history—is planned to reclaim more than 1,100 hectares and develop 65,000 housing units to ease congestion in the Malé region and diversify the national economy.

Eagle Hills is currently undertaking several major waterfront developments internationally, including Lulu Island in Abu Dhabi, a USD 2.5 billion marina development in Albania, and a USD 1.2 billion project in Sharjah.