Abu Dhabi-based developer Eagle Hills has agreed with the Maldives government to build a waterfront and marina destination that could rank among the largest foreign investments the island nation has seen. The Eagle Hills Maldives project carries a headline value of about $20 billion.

The agreement was signed in Dubai on Monday. Mohamed Alabbar, founder and chairman of Eagle Hills, attended alongside senior Maldivian government representatives.

What is being built

The Maldives Waterfront and Marina will rise at Ras Male, an urban area being created at Fushi Dhiggaru Lagoon, roughly 17 minutes by speedboat from the capital, Male. The mixed-use scheme will bring together international hotels and resorts, branded and premium residences, a marina, waterfront promenades, restaurants, shops, and leisure and wellness facilities.

The numbers behind the announcement

The economic claims are large. Eagle Hills says total investment is envisioned at about 30 billion in gross foreign investment over its lifetime, including about $18 billion in net foreign investment in the Maldives.

At full maturity, the destination is expected to create more than 54,000 direct and indirect jobs, welcome over one million visitors a year and generate more than $2 billion in annual tourism revenue.

These figures come from the developer, and readers should treat them as projections rather than commitments. The $20 billion is investment envisioned across various phases, not a disclosed upfront capital commitment by Eagle Hills. Details of financing, the construction timeline and the amount Eagle Hills will commit directly have not yet been released.

Part of a wider reclamation drive

Ras Male is one piece of a much larger national plan. It sits within one of the Maldives' biggest urban expansion efforts, which is meant to relieve pressure on the densely populated capital. The government is reclaiming land at Fushi Dhiggaru Lagoon to create a new city with residential, commercial and tourism districts. Authorities describe it as the country's largest land reclamation project, covering more than 1,100 hectares, with a masterplan for about 65,000 housing units.

The deal also reflects the Maldives' push to broaden an economy that leans heavily on tourism. In May 2025, the government partnered with Dubai-based MBS Global Investments on an $8.8 billion financial centre in Male. MBS Global has said that project would not compete with the UAE's own financial hubs.

Eagle Hills' growing international footprint

Eagle Hills is a private developer based in Abu Dhabi. It was founded by Mr Alabbar, who also founded Emaar Properties, the developer behind the Burj Khalifa and Dubai Mall.

The Maldives project adds to a portfolio of waterfront schemes at home and abroad. In August, Eagle Hills said it would oversee the redevelopment of Lulu Island in Abu Dhabi, where plans envisage a community that could eventually house as many as 20,000 people. Overseas, it is behind the 1.2 billion Maryam Island waterfront development in Sharjah.

What to watch next

For investors and observers, several questions will shape how this project is judged. The first is financing: how much capital Eagle Hills will commit itself, and how much will come from partners, buyers of branded residences and lenders. The second is phasing, since a project of this size will depend on reclamation work advancing on schedule. The third is environmental and social impact in a country whose economy and identity are closely tied to its reefs and lagoons, a matter that any large coastal development will face scrutiny over.

The signing was in Dubai, and it underlines how UAE developers are increasingly carrying their waterfront expertise to other emerging markets. Whether the Maldives scheme reaches its projected scale will depend on details that have yet to be published.