Pres: Project with Eagle Hills will boost Maldives’ GDP to ‘another level’

President Dr. Mohamed Muizzu has said that the USD 20 billion waterfront and marina development project launched between the Maldivian government and Abu Dhabi-based developer Eagle Hills will not result in any loss to the nation, but rather, is expected to significantly increase the country’s Gross Domestic Product (GDP) and contribute substantially to economic development and the well-being of citizens.

The President’s remarks come amid ongoing concerns over the country’s debt levels and economic vulnerabilities. In its June 2026 Article IV assessment, the International Monetary Fund (IMF) said that Maldives’ public debt remained elevated and that the risk of overall and external debt distress remained high. The IMF also identified the need for policies aimed at addressing macroeconomic imbalances and placing debt on a downward trajectory.

Speaking on state broadcaster PSM’s "Nation Chat" program, the President outlined the economic benefits he expects from the agreement with Eagle Hills, stating that the project would raise the Maldives’ GDP to a significantly higher level.

"We are bringing in various investments to achieve our goals. This recently signed project is one such initiative. God willing, from an economic perspective, this will take the Maldives' GDP to another level—a much higher level," the President said.

The President also responded to concerns raised by opposition parties regarding the agreement, saying that the opposition was misrepresenting the vision for Rasmalé in an effort to obstruct large-scale projects intended to benefit the public. He described the development as the largest foreign investment project in Maldivian history and said the work was progressing well, while reaffirming his commitment to advancing the project.

The President further stated that the Rasmalé agreement contains no unlawful provisions. He said there are no "sovereign guarantees, government-taken loans, tax concessions, or duty exemptions" associated with the project. He clarified that the arrangement involves a land lease rather than the transfer of land ownership. Responding to claims regarding the sale or transfer of land ownership, he dismissed such reports as unfounded and said no foreign company would be permitted to own land in violation of the Constitution. Public reporting on the agreement indicates that properties under the project are to be provided through a leasehold framework of up to 99 years under Maldivian law.

The President also said that some political figures oppose projects that could benefit the public because they fail to prioritize national interests. He cautioned that actions taken without considering the country’s welfare could have adverse consequences, and stressed that national interests should remain the priority regardless of which administration initiates a particular project.

Furthermore, the President said the government’s vision for the development of Ras Malé remains unchanged under the Eagle Hills project. He said the development is expected to deliver significant economic, infrastructure, and social benefits to the Maldives and contribute to fulfilling the aspirations of its citizens.

The agreement between the Maldives and Eagle Hills for the Maldives Waterfront and Marina was signed in Dubai on September 21. The project is planned to include hotels and resorts, premium and branded residences, a marina, waterfront promenades, retail and dining facilities, entertainment and wellness venues, as well as education, healthcare, and community facilities. The overall development is envisioned across multiple phases, with the government describing it as a USD 20 billion investment programme. However, the USD 20 billion figure represents the projected scale of investment across the various phases rather than a confirmed upfront capital commitment.