Alabbar outlines new opportunities for Maldivian businesses through Rasmalé project

The proposed Maldives Waterfront and Marina project in Rasmalé could open doors for Maldivian entrepreneurs, create jobs and help local businesses grow, according to Eagle Hills Chairman Mohamed Alabbar.

In an interview with Mihaaru, Alabbar outlined a vision that places local businesses, workers and suppliers at the heart of the development. Drawing on his experience overseas, he said he hoped to create opportunities for Maldivians to participate in the project and share in its success.

He highlighted Marassi, an Emaar development on Egypt’s Mediterranean coast, as an example of the approach he wants to bring to the Maldives. According to Alabbar, Egyptian professionals were involved in its design, local contractors carried out construction, and local suppliers provided materials. He said approximately 15,000 Egyptians now work there.

Alabbar told Mihaaru that lessons learned from Marassi could help deliver an even better development in the Maldives, with strong local participation.

A key part of his vision is helping promising small businesses overcome the financial barriers to expansion. In Marassi, he explained, the developer built premises for some entrepreneurs who could not afford the initial costs, allowing them to repay the investment once they had sufficient funds.

A similar approach in Rasmalé could give Maldivian restaurants, retailers and other businesses opportunities to open new outlets, reach more customers and create employment.

Alabbar said he wanted to see capable local entrepreneurs succeed, describing his enthusiasm for supporting businesses that generate income for their owners and jobs for their communities.

He also pointed to the growth of construction companies in Dubai, where contractors that once built only a few homes gradually developed the expertise to deliver high-rise buildings. He presented this experience as an example of how major developments can help smaller companies build their skills and take on larger projects.

The proposed USD 20 billion Maldives Waterfront and Marina development involves the Maldivian government and Abu Dhabi-based developer Eagle Hills. Alabbar expressed hope that practical work could begin within 12 months.

Discussing its residential concept, he described the project as a destination for second homes. He also emphasised openness and dialogue, telling Mihaaru that he was willing to meet people seeking more information about the development.

Throughout the interview, Alabbar connected his ambitions to his own modest beginnings and his desire to extend opportunities to others. His vision for Rasmalé centres on giving Maldivians a meaningful role in the development—from supplying materials and building premises to running businesses that could grow alongside it.