Eagle Hills to Develop $20 Billion Maldives Waterfront Project

Eagle Hills signed an agreement with the Maldives government on Monday in Dubai to develop a $20 billion integrated waterfront and marina project. The development will be located in Ras Male at the Fushi Dhiggaru Lagoon near the capital, Male, and will include international hotels, branded residences, wellness centers, and a world-class marina.

The project is a component of a broader land reclamation initiative designed to create a new city with 65,000 housing units to reduce population pressure on Male. Eagle Hills estimates the development could attract more than $30 billion in gross foreign investment over its lifetime, create 54,000 jobs, and generate $2 billion in annual tourism revenue.

While the $20 billion figure represents the envisioned investment across multiple phases, the developer has not disclosed specific financing details or upfront capital commitments. Mohamed Alabbar, the founder and chairman of Eagle Hills, attended the signing ceremony in Dubai.