ABU DHABI (ALETIHAD)
Abu Dhabi-based Eagle Hills has signed a commercial-terms agreement with the Government of Maldives to develop a waterfront and marina destination with an envisaged investment of about $12 billion.
The proposed Maldives Waterfront and Marina will be developed in the Ras Malé area as an integrated island destination combining tourism, residential, commercial and community facilities, Eagle Hills said in a statement.
The agreement establishes the shared vision and principal commercial terms for the project, with detailed terms to be developed as it progresses, the statement said. The estimated investment will be spread across the project’s various phases.
The development is planned to include international hotels and resorts, premium and branded residences, a marina, waterfront promenades, shops, restaurants, entertainment and wellness facilities. Educational, healthcare and community facilities will also form part of the project.
“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,” Mohamed Alabbar, Chairman of Eagle Hills, said.
Properties within the development will be offered under a long-term leasehold framework in accordance with Maldivian law, with terms of up to 99 years.
A new leasehold term of up to 99 years will commence whenever a property is transferred through a sale or inheritance, providing continuity for successive owners, according to the statement.
Dr Abdulla Muththalib, Minister of Infrastructure, Housing and Urban Development of the Maldives, said the country had secured a partner with experience in developing large-scale destinations.
“In Eagle Hills and its Chairman, 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,” he said.
The project is expected to attract international investment and generate activity across the hospitality, construction, retail, marine services and technology sectors, the statement said. It is also expected to create direct and indirect employment opportunities and demand for Maldivian businesses, suppliers and professional services.
Muththalib described it as the largest investment programme in the country’s history and said it would create jobs, housing for Maldivian families and revenue for the government.
“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,” he said.
The project will be built on reclaimed land, and Eagle Hills will not undertake any further dredging, according to the statement.
Eagle Hills said environmental considerations would be incorporated into the project’s planning and construction, including sustainability measures, resilient infrastructure and protection of the surrounding natural environment. Independent marine monitoring will accompany construction as the development progresses.
“Most importantly, this project establishes a structured, world-class real estate sector for the Maldives — a new pillar of our economy standing alongside tourism,” Muththalib said.
Eagle Hills is a private real estate investment and development company based in Abu Dhabi. It develops mixed-use projects in international markets and is present in Morocco, Albania, Bahrain, Croatia, Ethiopia, Jordan, Latvia, Oman, Serbia and the UAE.
