Abu Dhabi-based developer Eagle Hills has signed an agreement with the Maldivian government to develop a USD 20 billion waterfront and marina project in the Maldives, marking one of the largest foreign investment projects proposed in the country.

Eagle Hills Founder and Chairman Mohamed Alabbar attended the ceremony alongside senior Maldivian government officials.

Named the Maldives Waterfront and Marina, the development will be located in the newly reclaimed Ras Malé city in the Fushidhiggaru lagoon, about 17 minutes from Malé by speedboat.

Ras Malé is a major government land reclamation project intended to ease population and infrastructure pressures in the capital region.

The broader master plan covers more than 1,100 hectares of reclaimed land and includes plans for approximately 65,000 housing units.

Eagle Hills said the waterfront development will be implemented in multiple phases and feature international-standard hotels and resorts, premium and branded residences, a large-scale marina, and a waterfront promenade.

The project is also expected to include restaurants, retail outlets and wellness facilities.

The development is projected to attract more than USD 30 billion in total foreign investment over its lifespan, including an estimated USD 18 billion in direct net investment into the Maldives.

It is also expected to create more than 54,000 direct and indirect jobs and attract more than one million tourists annually once fully developed.

The project is projected to generate approximately USD 2 billion in tourism revenue each year.

The overall investment planned across the project's various phases is estimated at USD 20 billion.

Details on the financing structure, construction timeline and Eagle Hills' direct capital contribution have yet to be announced.

The agreement comes as the Maldivian government seeks to attract major foreign investments and expand economic activity beyond its traditional reliance on tourism.

In May 2025, the government signed an agreement with Dubai-based MBS Global Investments for the proposed USD 8.8 billion development of a financial center in Malé.

Eagle Hills is an international real estate investment and development company founded and chaired by Mohamed Alabbar, who also founded Emaar Properties, the developer behind Dubai's Burj Khalifa and Dubai Mall.

The company is involved in major waterfront and mixed-use developments in several countries, including the redevelopment of Al Lulu Island in Abu Dhabi and projects in Albania.

Its portfolio also includes the USD 1.2 billion Maryam Island development in Sharjah.