The Government of Maldives has signed a monumental $20 billion agreement with United Arab Emirates real estate giant Eagle Hills to develop and operate an upscale waterfront marina destination at Rasmale'. The agreement was formally finalized during a ceremony held in Abu Dhabi, where Minister of Construction and Infrastructure Dr. Abdulla Muththalib signed on behalf of the Maldivian government alongside Mohamed Alabbar, Chairman of Eagle Hills.
Representing more than double the entire national gross domestic product (GDP) of the Maldives—which currently stands around $8 billion—the initiative marks one of the single largest foreign investment portfolios in the country's history. Eagle Hills, a private investment firm with a global footprint covering more than 18 countries and an operating portfolio of 45 luxury hotels, will execute the venture with direct involvement from Emaar Properties, the globally recognised master developer behind Dubai's iconic Burj Khalifa and The Dubai Mall.
Conceived as an integrated luxury tourism, residential, and lifestyle hub, the master plan features high-end branded residences, a cutting-edge mega-yacht marina, and extensive waterfront entertainment facilities. According to a joint statement released by the Ministry and Eagle Hills, the township is designed as a holistic destination integrating commerce, fine dining, holistic wellness retreats, healthcare hubs, and specialised education centres within a unified urban framework.
Under the framework outlined in the agreement, land plots and properties within the project will be leased for up to 99 years in strict adherence to Maldivian law. The contractual terms stipulate that every qualifying transfer—whether executed via private sale or familial inheritance—resets the 99-year leasehold period anew, creating a perpetual legal and financial security framework aimed at attracting multi-generational international investment.
The development is slated to occupy a portion of the 500 hectares of newly reclaimed land at Rasmale'. Addressing potential public concerns regarding national urbanisation priorities, the Ministry of Housing and Infrastructure underscored that this private commercial partnership will not alter or diminish any previously announced allocation targets for residential public land plots and government subsidised social housing flats promised to Maldivian citizens.