Abu Dhabi-based developer Eagle Hills, led by billionaire Mohamed Alabbar, has officially entered into a landmark $12 billion agreement with the Maldivian government to construct a sprawling, integrated waterfront destination in the Ras Malé region. This ambitious project aims to blend luxury tourism with residential living, featuring high-end branded residences, a world-class marina, and extensive retail and entertainment facilities. With Emaar also slated to participate, the development intends to foster long-term economic growth by creating a community that encompasses wellness, education, and healthcare infrastructure, all while offering potential investors 99-year renewable leasehold properties.

For the Maldives, this venture marks the largest investment program in its history, signaling a pivotal shift toward diversifying the economy beyond traditional tourism. Dr. Abdulla Muththalib, the Minister of Infrastructure, Housing and Urban Development, highlighted that the project will drive substantial foreign investment and create local jobs without requiring government debt or tax incentives. Furthermore, the development emphasizes environmental responsibility; the site will be built on already reclaimed land, and the project will incorporate stringent independent marine monitoring to ensure sustainable growth as the nation strives to reach high-income status by 2040.