Male - Maldives

The Maldives is preparing to receive one of the largest tourism and real estate development projects in its history, with the “Maldives Waterfront and Marina” project, which is being developed by the Emirati company “Eagle Hills” in the “Ras Mali” area near the capital, Male, with development investments estimated at about 12 billion dollars in stages.

A tourist city on the sea

The project extends over an area of approximately 550 hectares, or 5.5 million square metres, and aims to create an integrated destination that includes hotels, resorts, luxury residential units, and a yacht marina, in addition to commercial and entertainment facilities, health and educational services.

Announced estimates indicate that the project could provide more than 54,000 direct and indirect job opportunities, and attract more than one million visitors annually when completed, with the potential to generate tourism revenues exceeding two billion dollars annually.

Investments beyond the project boundaries

Long-term estimates indicate that the project can contribute to attracting more than $30 billion in foreign investment throughout its development cycle, including about $18 billion in foreign direct investment, which gives it importance beyond the real estate sector to the tourism economy of the Maldives.
Commenting on the agreement, Mohamed Alabbar, founder and Chairman of the Board of Directors of Eagle Hills, said that the project aims to build on the unique characteristics of the Maldives. Al-Abbar added:

The Maldives is an extraordinary place of incomparable beauty and unique global appeal. Our ambition is to build on these components responsibly, and to create a global destination by all standards.”

He stressed that the project benefits from the global appeal of the Maldives, amid potential demand from the Gulf, European and Indian markets for modern housing, including long-term residence for high-net-worth retirees.

A new portal for the Gulf investor

The project places Emirati capital at the heart of the urban and tourism expansion of the Maldives, while “Capital” represents part of a trend to expand development outside overcrowded Male, and transform new lands into destinations for housing, investment and tourism.