Eagle Hills hopes to finalize $20bn Rasmale’ deal by Republic Day

Abu Dhabi-based real estate giant Eagle Hills hopes to finalize the USD 20 billion waterfront and marina project planned for Rasmale’ by the Republic Day, which the Maldives celebrates on November 11.

On September 21, Eagle Hills signed a commercial terms agreement or letter of intent for a mega project to develop a new integrated island destination in Rasmale’, including international hotels and resorts, premium and branded residences, a world-class marina, waterfront promenades, restaurants, shops, leisure and wellness centers.

In an exclusive interview on Thursday, Mohamed Alabbar, founder and chairman of Eagle Hills, told Sun that his company hopes to sign the final agreement by Republic Day.

“And I hope we can sign by the Republic Day. If we can get that,” he said.

Alabbar expects it will take around a year for construction to start.

He noted that the company will need to complete environmental impact assessments, draw up detailed designs, and prepare tender documents and hire contractors.

Alabbar said that while this process usually takes a year, the company will try to shorten it.

Sun Online Exclusive Interview | Eagle Hills Chairman Mohamed Ali Alabbar speaks to Sun Online about the $20 billion Rasmalé project, its development plans, investment, job opportunities and what it could mean for the future of the Maldives. Report: https://t.co/SxRdLRN2SE Follow us: Viber: https://t.co/5DJFr2vDa0 Telegram: https://t.co/QRTHLdfrR7 #sunonline #seemv #news #sunonlineheadlines #latestnews #dhivehinews #maldivesnews

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He also acknowledged public concern over the project, and said he believes the agreement should be publicized once its finalized.

The Eagle Hills project is set to be run under new real estate laws, which are currently in the drafting stage.

The project is described by the Maldives government as one of the most ambitious development initiatives in the country’s history.

According to the Maldives government, preliminary economic impact 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.