The Maldives has agreed commercial terms with Eagle Hills for a major new waterfront and marina destination in Ras Malé, with the development envisioned at around $12 billion across multiple phases.
The project is planned as a large mixed-use destination combining hotels and resorts, premium and branded residences, a marina, waterfront leisure, retail, restaurants, entertainment, wellness, education, healthcare and community facilities.
What is planned for the Maldives Waterfront and Marina?
The development will be built on reclaimed land and is intended to add a new type of waterfront destination to the Maldives’ tourism offering.
At its centre will be a marina and waterfront district surrounded by hotels, residences, promenades, restaurants, retail and entertainment venues. Education, healthcare and community facilities are also planned, meaning the project is designed to serve both visitors and residents.
The commercial terms agreement sets out the project’s principal commercial framework, while detailed terms will be developed as the project progresses.
Properties will be offered on leases of up to 99 years
One of the key details for prospective property owners is the proposed tenure structure.
Properties within the development will be offered under a long-term leasehold framework under Maldivian law, with terms of up to 99 years.
The agreement says that when a property is transferred through sale or inheritance, a new leasehold term of up to 99 years will begin. This is intended to provide continuity for owners across generations.
How will the project affect the Maldives economy?
The Maldivian government describes the development as a major foreign investment programme that could generate activity across construction, hospitality, retail, marine services, technology and other sectors.
It is also expected to create direct and indirect employment and generate demand for Maldivian suppliers, businesses and professional services.
Dr. Abdulla Muththalib, Minister of Infrastructure, Housing and Urban Development, said, “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.”
The minister also described the project as a potential new economic pillar alongside tourism.
Sustainability will be part of the development
The project is planned on reclaimed land, with Eagle Hills stating that it will undertake no further dredging.
Independent marine monitoring is expected to take place during construction, while the masterplan is intended to incorporate resilient infrastructure and measures aimed at protecting the surrounding marine environment.
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.”
The project is expected to be developed in phases, although the announcement does not provide a detailed construction timetable or completion date.
tanvir@dubainewsweek.com
