USD 500 million housing investment to be financed upfront by Eagle Hills, says Alabbar

Eagle Hills will shoulder the initial financing for the 5,000 housing units proposed under the Rasmale' development project, Chairman Mohamed Alabbar said Thursday. 

Speaking in an exclusive interview with Sun, he said the housing component alone amounts to an investment of around USD 500 million.

Alabbar noted that Eagle Hills will pour in its own funds first, recovering the investment gradually as the wider development progresses. “This is a fair offer from us. We will put money in now, and we will get it back later,” he said, adding that the financing structure will be woven from equity, debt and real-estate proceeds.

He said the project is expected to stir broad economic gains, from increased tax revenue to employment and commercial activity. Alabbar estimates nearly USD 2 billion in tax revenue over the project’s lifetime, alongside 40,000 construction jobs and 15,000 - 18,000 permanent jobs once Rasmale' is complete.

Housing, he stressed, is a cornerstone of how Eagle Hills intends to assist Maldives. “If national housing is needed, it is very important. We have to help,” he said, adding that he would prioritise housing even if the investment must wait longer to be recovered.

While the final agreement with the government has not yet been signed, Alabbar said he hopes to conclude it soon. He expects design, environmental work and other preparatory stages to take about a year. He also believes the agreement should be made public once finalised, saying the people have a right to know its details. The government says it will disclose the agreement once completed.