Abu Dhabi developer Eagle Hills and the Government of Maldives have agreed principal commercial terms for a USD 12 billion multi-phase masterplan. Located in the Ras Malé area, the “Maldives Waterfront and Marina” scheme marks the largest investment programme in the archipelago’s history. Detailed terms for the integrated destination will be drafted as the scheme progresses.

The site will bring together hotels, resorts, premium residences, and branded properties alongside a world-class marina, leisure spaces, retail, and dining options. Community facilities including healthcare and education will also be provided to support year-round living.

Mohamed Alabbar, Chairman of Eagle Hills, said: “The Maldives is a truly special place, with unmatched beauty and global appeal. Our ambition is to build responsibly on that strength and create something truly world-class.”

Properties will be offered through long-term leaseholds of up to 99 years under local law. Upon every property transfer through sale or inheritance, a fresh 99-year term will commence.

H.E. Dr. Abdulla Muththalib, Minister of Infrastructure, Housing and Urban Development, Maldives, said: “In Eagle Hills and its Chairman, Mr. Mohamed Alabbar, the Maldives has a partner whose record speaks for itself — 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.”

H.E. Dr. Abdulla Muththalib added: “For the Maldives, this is the largest investment programme in our history — billions of dollars of foreign investment moving through our banking system, creating jobs, homes for Maldivian families, and direct revenue to the State from every sale, achieved without tax giveaways and without government borrowing.”

H.E. Dr. Abdulla Muththalib added: “Most importantly, this project establishes a structured, world-class real estate sector for the Maldives — a new pillar of our economy standing alongside tourism. It is a decisive step on our path to becoming a high-income country by 2040.”

The project will be built entirely on reclaimed land, with Eagle Hills committing to perform no additional dredging. Independent marine monitoring will oversee the build process to safeguard the ocean setting. Economically, the inflow of international capital is projected to generate jobs, strengthen local supply chains, and drive state revenue.