Alabbar says Ras Malé project must benefit Maldives and its people

Mohamed Alabbar, chairman of UAE-based developer Eagle Hills, has said the company's proposed USD 20 billion investment in Ras Malé must benefit the Maldives and its people, pledging to prioritise local businesses, employment opportunities and compliance with Maldivian laws.

Alabbar, who is currently visiting the Maldives, made the remarks during a luncheon with Maldivian business representatives at dusitD2 Feydhoo Maldives on Thursday. He also met members of the media during his visit.

During the luncheon, Alabbar outlined his company's plans for the Maldives Waterfront and Marina development in Ras Malé and responded to questions from business representatives.

Addressing public and political criticism of the project, Alabbar said Eagle Hills had faced similar concerns since it began operations 28 years ago.

He said the company had invested in more than 20 countries and continued to encounter criticism, which he attributed to a lack of public trust in businesses.

Alabbar maintained that Eagle Hills would not undertake a project unless it benefited the host country and its people.

"As a business, we need to make a profit. But we will do so by involving the people of the country," he said.

"Wherever we go, we prioritise the local community. We listen to them and understand what they need."

He said Eagle Hills prioritised employment and business opportunities for local communities in the countries where it operates.

Alabbar also pledged to respect the Maldives' laws, regulations and environmental requirements.

"In Montenegro, for example, we comply with the country's laws and regulations, whether they concern the environment or any aspect of our operations. It will be the same in the Maldives. We will comply with the decisions of the Maldivian government and Parliament," he said.

He said investments of this scale were not undertaken lightly and that agreements governing Eagle Hills' projects were prepared in accordance with international best practices.

Alabbar also stated that agreements relating to the company's projects were generally available online.

Discussing Eagle Hills' operations in other countries, he cited Bahrain, Egypt, Georgia and Morocco as examples of markets where the company had prioritised local participation.

He said the company had invested at least USD 5 billion in each of several countries where it operates, with local businesses and workers participating in those developments.

According to Alabbar, Eagle Hills engages local suppliers, architects, contractors and employees wherever possible and intends to follow the same approach in the Maldives.

He noted that both the UAE and the Maldives depend heavily on imports, but said Eagle Hills would seek to purchase goods through Maldivian suppliers rather than importing them directly.

"For example, even if we need a bottle, instead of importing it ourselves, we will buy it from Maldivian suppliers," he said.

Alabbar invited Maldivian businesses and investors to explore opportunities to work with Eagle Hills, saying interested parties could register through the company's website.

"We want your participation. You may think we are making substantial profits from doing business here, but we want you to participate in this," he told the business representatives.

Several participants at the luncheon thanked Alabbar and Eagle Hills for bringing the proposed investment to the Maldives. They also highlighted the importance of foreign investment and partnerships with local businesses in supporting economic development.

The Ras Malé Waterfront and Marina project has attracted criticism from sections of the public and political groups over its proposed scale and development arrangements.

Under the plans announced for the project, Eagle Hills is to receive 500 hectares in the urban area of Ras Malé for the development of a waterfront and marina destination.

The proposed development includes branded residences, resorts, a marina, restaurants, waterfront promenades, and leisure and wellness facilities.

The project is expected to be developed in phases, with projections indicating that it could attract more than USD 30 billion in foreign investment, including USD 18 billion in net investment.

Eagle Hills has also projected that the development could create approximately 54,000 jobs, attract more than one million visitors annually and generate USD 2 billion in annual tourism revenue.

A commercial terms agreement for the project was signed in September, while discussions on further agreements required for its implementation are continuing.