Alabbar says Eagle Hills has Maldivians’ trust for Ras Malé development

Eagle Hills Chairman Mohamed Alabbar has said the company has the trust of Maldivians as it prepares to develop a waterfront and marina project in Ras Malé.

In a video shared on Instagram outlining the company’s plans for the development, Alabbar described the project as a major investment in the Maldives and presented a vision of Ras Malé as a destination for tourism, residential living and leisure.

The Maldives government and UAE-based Eagle Hills signed a commercial terms agreement on 21 September for the Maldives Waterfront and Marina project in Ras Malé. Eagle Hills said the agreement establishes the shared vision and principal commercial terms, with more detailed terms to be developed as the project progresses.

Alabbar said the company was proud to make the investment in the Maldives and expressed confidence in the development.

“May Almighty Allah grant us success in this endeavour,” he said.

Alabbar, who is also the founder of Emaar Properties, the developer behind projects including the Burj Khalifa and Dubai Mall, said the Maldives has global appeal as a destination.

He said the Ras Malé project would provide opportunities for people to stay in the Maldives for longer periods, including for a month or a week, rather than visiting solely for conventional resort holidays.

The planned development will include beaches, restaurants, hotels, sports facilities and activities for children, Alabbar said.

He also said the project would be developed in a manner that responds to what Maldivians want from the development.

Eagle Hills says the Maldives Waterfront and Marina will include international hotels, resorts and residences, a marina, waterfront promenades, dining and retail facilities, as well as wellness, education, healthcare and community facilities.

About 500 hectares of Ras Malé have been allocated for the Eagle Hills development, according to information previously disclosed about the project.

The project is planned to be implemented in phases. Estimates released in connection with the development have projected billions of dollars in foreign investment, tens of thousands of jobs and additional tourism activity once the project is developed.

Eagle Hills has said the development would bring sustained foreign capital into the Maldives and create direct and indirect employment while generating economic activity across hospitality, construction, retail, marine services, technology and other sectors. The company has also said the project will be developed on already reclaimed land and that it will not undertake further dredging for the development.

The commercial terms agreement has also drawn scrutiny from political figures who have called for more details of the arrangement to be made public, including the terms governing the land and property rights.

The government has rejected claims that the Ras Malé land is being sold to foreigners, maintaining that the underlying land will remain state property.