The Maldives government, along with Eagle Hills, have agreed terms for a $12bn Ras Malé waterfront destination featuring hotels, branded residences, a marina and 99-year property leases.
UAE developer Eagle Hills has agreed commercial terms with the Government of Maldives for a $12bn waterfront mega-project featuring hotels, premium homes, branded residences and a major marina.
Maldives Waterfront and Marina will be developed in the Ras Malé area and is described as one of the most ambitious development initiatives in the country’s history.
The integrated island destination is envisioned at around $12bn across its various phases and will combine tourism, residential property, leisure and community infrastructure.
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 commercial terms agreement establishes the shared vision and principal commercial terms between Eagle Hills and the Maldives government, with detailed terms to be developed as the project progresses.
The development will include international hotels and resorts, premium residences, branded residences, a marina, waterfront promenades, restaurants, retail, entertainment and wellness facilities.
