For thousands of Maldivian families, a $20 billion Maldives project now stands between where they live today and a new home by the water. Abu Dhabi developer Eagle Hills has signed a commercial terms agreement with the Government of Maldives to build an island destination called Maldives Waterfront and Marina. The site covers 550 hectares, roughly 1,359 acres, in the Ras Malé area.
Ras Malé sits at Fushi Dhiggaru Lagoon, about 17 minutes by speedboat from the capital, Malé. The agreement, signed on Monday, sets out the main commercial terms. Finer details will follow as the work moves ahead.
Inside the $20 billion Maldives project
The Eagle Hills Maldives plan runs in phases. It brings together international hotels, premium and branded residences, a marina and waterfront leisure spaces. Retail, dining and entertainment sit alongside wellness, education, healthcare and community services. The aim is a place where people can holiday, live and go about ordinary days in one connected setting.
Numbers show the scale. The Ras Malé development could draw more than one million visitors a year and more than $2 billion in annual tourism revenue, by early estimates. Over its lifetime, it could attract more than $30 billion in gross foreign investment, including about $18 billion in net foreign investment. Planners expect it to create more than 54,000 jobs.
Homes for local families, and a cut for the state
The $20 billion Maldives project promises more than tourism for the islands. Its plan sets aside 5,000 homes for Maldivian families. The government will take 10 percent of sales revenue from the commercial side, plus a 4 percent fee on every property deal, including sales and resales. Each time a unit changes hands, the state earns its share.
Mohamed Alabbar, founder and chairman of Eagle Hills, told Reuters construction could begin in the first quarter of 2027. He also raised the chance of a familiar name joining in.
Where Emaar Properties fits in
The current agreement rests with Eagle Hills alone. Even so, Alabbar left the door open to a shared stake in the $20 billion Maldives project. “We may go for 50:50 sharing, depending on the decision of the Emaar Investment Committee,” he said. Emaar Properties, which Mohamed Alabbar also founded, is the name behind Burj Khalifa and Dubai Mall. Its presence would carry weight for buyers weighing where to put their money.
Eagle Hills works across more than 18 countries and runs a portfolio of 45 hotels. The developer said the masterplan folds in sustainability, resilient infrastructure and steps to protect the fragile island environment.
Dubai Creek Tower and no IPO
Alabbar addressed other plans too. He said the tendering of the proposed Dubai Creek Tower would depend on the conflict involving Iran and the United States. “Once the situation in Iran and the US settled, I might tender it,” he said. Back in June 2026, reporting indicated Emaar had delayed that tender after port closures tied to the Iran-US war pushed up material costs and pricing.
On one point, he was firm. “For Eagle Hills, no IPO is on the table,” he said, ruling out a public listing.
For families near Malé, the next signal to watch is simple. If ground breaks in early 2027 as planned, the $20 billion Maldives project moves from paper to shoreline.
