Abu Dhabi-based developer Eagle Hills has officially entered into a landmark agreement with the government of the Maldives to construct a $12 billion waterfront and marina destination in Ras Malé. The project, slated for the Fushi Dhiggaru Lagoon, represents the largest foreign investment programme in the history of the island nation and promises to fundamentally reshape its tourism and residential landscape.
Located just a 17-minute speedboat ride from the capital city of Malé, the ambitious development will transform the lagoon into a fully integrated, multi-use hub. The master plan includes a sophisticated mix of international luxury hotels, branded residences, a world-class marina, extensive retail, dining, and wellness facilities. Crucially, the site is also designed to serve as a sustainable community, incorporating essential healthcare and education facilities alongside expansive public green spaces.
The deal was formalized in Dubai, featuring Mohamed Alabbar, founder and chairman of Eagle Hills, alongside senior representatives from the Maldivian government. According to the development team, the project will be rolled out in phases. While the initial investment is pegged at $12 billion, the total economic impact is expected to be staggering; financial projections suggest the destination could generate more than $30 billion in gross foreign investment over its lifecycle.
Abdulla Muththalib, the Maldives’ Minister of Infrastructure, Housing and Urban Development, lauded the agreement as a historic milestone. “This project will bring billions in foreign investment through our banking system while creating thousands of jobs and delivering essential homes for local families,” Muththalib said. Notably, the government emphasized that the development will be funded without the need for government borrowing or the provision of tax concessions, marking a new era of fiscal independence for the island nation’s urban expansion.
Environmental sustainability remains a central focus of the project. Eagle Hills has committed to utilizing existing reclaimed land, explicitly stating that no further dredging will be required. Furthermore, the firm has pledged to maintain independent marine monitoring throughout the construction process to protect the fragile ecosystem surrounding Fushi Dhiggaru.
The development is a cornerstone of the Maldives’ broader urban expansion strategy aimed at alleviating density in the capital, Malé. Across the 1,100-hectare Fushi Dhiggaru site, the government envisions the creation of approximately 65,000 homes. To encourage investment, properties will be offered under a 99-year leasehold framework, which provides continuity for future owners through inheritance or secondary sales.
At full maturity, the Ras Malé development is forecast to attract over one million visitors annually, injecting more than $2 billion into the Maldivian economy each year and creating upwards of 54,000 direct and indirect jobs. While specific timetables and immediate capital commitments remain under wraps, the partnership solidifies Eagle Hills’ position as a global leader in large-scale, high-end waterfront transformations.
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