Historic $20 Billion Maldives Waterfront and Marina Set to Transform Nation’s Economy

The Maldives has taken a historic step towards a stronger and more diversified economy with the signing of a commercial terms agreement for the US$20 billion Maldives Waterfront and Marina—the largest development project in the country’s history.

The landmark agreement between the Government of Maldives and Abu Dhabi-based Eagle Hills establishes the shared vision and principal commercial terms for a world-class integrated island destination in the Ras Malé area. Detailed terms will be developed as the project progresses.

Envisioned across multiple phases, Maldives Waterfront and Marina is projected to deliver:

• 5,000 homes for Maldivians

• More than 40,000 direct and indirect jobs

• Over US$1 billion in annual revenue

• One million additional international travellers annually

• Major growth in foreign currency earnings

• Significant new tax revenue for the State

The development will bring together luxury tourism, modern waterfront living, a world-class marina, international investment and essential community infrastructure in one globally significant destination.

A world-class partner for a historic national project

The agreement brings the Maldives together with Eagle Hills, one of the most prominent names in international real estate development.

Eagle Hills is chaired by Mohamed Alabbar, who is also the founder of Emaar Properties—the globally recognised developer behind landmark destinations including Downtown Dubai, the Burj Khalifa and Dubai Mall.

With Eagle Hills operating across more than 18 countries and managing a hospitality portfolio of 45 hotels, the partnership gives the Maldives access to extensive international expertise in developing city-scale waterfront, tourism and residential destinations.

Minister of Infrastructure, Housing and Urban Development Dr Abdulla Muththalib said the strength and international standing of the project’s development partner represented a major achievement for the country.

“In Eagle Hills and its Chairman, Mr Mohamed Alabbar, the Maldives has a partner whose record speaks for itself,” the minister said.

“From the making of Downtown Dubai to Belgrade Waterfront and destinations across three continents, few names in global real estate carry the same authority in building city-scale destinations from the ground up. That is the calibre of partnership we have secured for Ras Malé.”

Alabbar said the development would build responsibly upon the Maldives’ extraordinary global reputation.

“The Maldives is a truly special place, with unmatched beauty and global appeal,” he said. “Our ambition is to build responsibly on that strength and create something truly world-class.”

A new global destination in Ras Malé

Maldives Waterfront and Marina will feature international hotels and resorts, premium residences, branded residences, a world-class marina, waterfront promenades, restaurants, retail outlets, entertainment venues and wellness facilities.

Education, healthcare, community services and high-quality public spaces will complete the destination, creating an integrated environment that brings together tourism, residential life, business and year-round economic activity.

The development is expected to strengthen the Maldives’ international tourism offering by creating new reasons for travellers to visit, stay longer, return and invest.

With an additional one million travellers projected to visit the destination annually, the project could significantly increase tourism receipts and foreign currency inflows while expanding the country’s appeal to new visitor and investor segments.

The development will complement—not replace—the Maldives’ globally successful island resort sector by introducing a new generation of waterfront living, marina tourism, hospitality and lifestyle experiences.

5,000 homes and over 40,000 jobs

A central component of the project will be the delivery of 5,000 homes for Maldivians, supporting the government’s efforts to address housing needs and create modern communities in the greater Malé region.

The project is also projected to create more than 40,000 direct and indirect employment opportunities over its lifetime.

These opportunities are expected to span construction, tourism, hospitality, retail, marine services, transportation, technology, healthcare, education and professional services.

Maldivian businesses, contractors, suppliers and entrepreneurs are expected to benefit from sustained demand throughout the project’s construction and operation, helping retain a greater share of the economic value within the country.

The scale of the development is also expected to create new career pathways for young Maldivians, strengthen national skills and support the growth of local enterprises.

More than US$1 billion in annual revenue

Once fully operational, Maldives Waterfront and Marina is projected to generate more than US$1 billion in revenue annually.

The project is expected to deliver a major and sustained boost to the country’s foreign currency earnings, strengthen the financial system and generate significant tax revenue for the State.

According to the government, billions of dollars in foreign investment will move through the Maldivian banking system, creating jobs, housing and economic opportunities without government borrowing or tax giveaways.

“For the Maldives, this is the largest investment programme in our history,” Dr Muththalib said.

The wider economic activity generated by the destination is expected to strengthen multiple sectors, expand the national revenue base and reduce the Maldives’ dependence on a narrow range of economic activities.

A new pillar of the Maldivian economy

Properties within Maldives Waterfront and Marina will be offered through a long-term leasehold framework under Maldivian law, with terms of up to 99 years.

Upon each transfer—whether through sale or inheritance—a new leasehold term of up to 99 years will commence, providing long-term continuity for owners across generations.

The government believes this framework will help establish a structured, internationally competitive real estate sector capable of becoming a major new pillar of the Maldivian economy alongside tourism.

“Most importantly, this project establishes a structured, world-class real estate sector for the Maldives,” Dr Muththalib said.

“It is a decisive step on our path to becoming a high-income country by 2040.”

Development guided by environmental responsibility

Responsible development and environmental stewardship will guide Maldives Waterfront and Marina from planning through delivery.

The masterplan will respond carefully to the Maldives’ unique relationship with the ocean, incorporating sustainability, climate-resilient infrastructure and protection of the surrounding natural environment.

The project will be developed on land that has already been reclaimed, with no further dredging to be undertaken by Eagle Hills.

Independent marine monitoring will accompany construction as the project advances, helping ensure that development remains sensitive to the waters and natural environment that define the Maldives.

The US$20 billion Maldives Waterfront and Marina represents a defining moment in the country’s development journey.

By delivering homes, creating more than 40,000 jobs, attracting one million additional travellers and generating over US$1 billion annually, the project has the potential to reshape the national economy and create lasting prosperity for Maldivians.

More than a waterfront development, it is a bold declaration of the Maldives’ ambition: to become a high-income nation, a leading global investment destination and home to one of the world’s most exceptional waterfront and marina communities.