Maldives signs UAE waterfront deal described as $20bn — largest foreign investment in its history
The Maldives has signed a commercial terms agreement with Abu Dhabi-based Eagle Hills for a waterfront and marina project at Ras Malé, described by the government as the largest foreign investment programme in its history.
The Maldives government said on Monday that it had approved a $20 billion investment by Abu Dhabi-based developer Eagle Hills to build a marina, homes and hotels on 500 hectares of reclaimed land at Ras Malé, near the capital Malé, calling it the country’s largest foreign investment programme.
A commercial terms agreement for the Maldives Waterfront and Marina was signed in Abu Dhabi by Infrastructure, Housing and Urban Development Minister Dr Abdulla Muththalib and Eagle Hills chairman Mohamed Alabbar. Eagle Hills’ own announcement puts the development scale at about $12 billion across multiple phases, while the government frames the agreement as a $20 billion investment programme — more than double the Maldives’ nominal GDP, put at $8 billion (Edition.mv).
Under the terms described by the government, Eagle Hills receives no tax concessions; funding will flow through Maldivian banks; the state retains ownership of the land under a leasehold framework; and the government says it will collect 10 per cent of revenue from commercial property sales plus a 4 per cent registration fee, generating more than $11 billion in state revenue. Separately, Eagle Hills will build 5,000 homes in Hulhumalé under a contractor-finance model with no upfront government cost and no sovereign guarantee.
On jobs, the two outlets differ: the government projects more than 54,000 direct and indirect employment opportunities (The Hindu); Khaleej Times reports more than 40,000.
“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,” Alabbar said. Muththalib called it “the largest investment programme in our history.”
Last year the government signed an $8.8 billion investment-zone deal with another UAE company; that project is yet to start (The Hindu).
Sources
- The Hindu, “Maldives unveils $20 billion UAE investment” (21 Sept 2026): https://www.thehindu.com/news/international/maldives-unveils-20-billion-uae-investment/article71492982.ece
- Edition.mv, “Rasmale’ investor Eagle Hills to develop 5000 housing units in Hulhumale’”: https://edition.mv/news/54285
- Times of Maldives, “Eagle Hills to Develop 5,000 Housing Units in Hulhumalé as Part of USD 20B Maldives Project”: https://timesofmaldives.com/12844/
- Zawya, “Eagle Hills eyes Q1 2027 construction start for $20bln Maldives development”: https://www.zawya.com/en/projects/eagle-hills-eyes-q1-2027-construction-start-for-20bln-maldives-development-1033485
- Khaleej Times, “Mohamed Alabbar’s Eagle Hills to build waterfront destination in Maldives”: https://www.khaleejtimes.com/business/eagle-hills-alabbar-to-build-new-waterfront-destination-maldives
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