Eagle Hills Project to Power Maldives’ 2040 Development Ambition, Says Economic Minister

The Eagle Hills project in Rasmalé will be a major engine of economic growth and a key driver of the Maldives’ ambition to become a developed nation by 2040, Economic Minister Mohamed Saeed has said.

Speaking at the “Ahaa” forum, Saeed described the project as comparable in asset value to the investments brought into the country’s tourism sector over the past 54 years. He said the development would strengthen tourism, expand revenue opportunities and support economic diversification while respecting the Maldives’ unique characteristics.

Abu Dhabi-based developer Eagle Hills has signed an agreement with the Maldives government to develop the Maldives Waterfront and Marina at Rasmalé, with an investment estimated at US$12 billion to US$20 billion.

Saeed said the Eagle Hills project alone would attract an additional one million tourists. He added that the airport’s development was intended to support four to five million tourist arrivals in the near term.

Highlighting the importance of large-scale investment, Saeed said ambitious developments were essential to accelerate economic growth, meet expenditure needs and deliver the country’s long-term development goals.

With several real estate projects already underway, he emphasised the opportunity to broaden the economic base and create new avenues for growth alongside tourism.

According to Saeed, the Maldives has 170 resorts, with tourism contributing US$1.7 billion directly to the domestic economy. He said investment on the scale of the Eagle Hills project would help the country move beyond its existing growth model and advance towards its 2040 development ambition.