Malé: The Government of Maldives and Abu Dhabi-based Eagle Hills have signed a commercial terms agreement to develop the Maldives Waterfront and Marina in the Ras Malé area. Eagle Hills says the agreement establishes the project’s shared vision and principal commercial terms, while detailed contractual terms will be worked out as the development progresses.
The proposed integrated destination is planned to include hotels and resorts, premium and branded residences, a marina, waterfront promenades, retail, dining, entertainment, wellness, education, healthcare and community facilities. Eagle Hills also says properties will be offered under a leasehold structure of up to 99 years under Maldivian law.
There is, however, an important investment-value discrepancy. Eagle Hills’ official September 21 release describes the overall project scale as being around USD 12 billion across its phases, while Maldives government-linked reporting describes the Ras Malé scheme as an envisioned USD 20 billion investment. Until both sides publish harmonised figures or full detailed terms, TRT should report this variation rather than treat one figure as uncontested.
The project is planned on reclaimed land, with Eagle Hills stating that it will carry out no further dredging and that independent marine monitoring will accompany construction. The Maldives government has said the wider development is expected to create major employment, housing and tourism opportunities, but these remain projected benefits rather than completed outcomes.
