Eagle Hills eyes Q1 2027 construction start for $20bln Maldives development

By Bhaskar Raj

Abu Dhabi-based real estate developer Eagle Hills has signed an agreement with the Government of Maldives to develop a $20 billion (AED73.4 billion) waterfront and marina mega project in the island nation.

Maldives Waterfront and Marina will be developed as an integrated island destination in the Ras Malé area, an urban development being created at Fushi Dhiggaru Lagoon, about 17 minutes by speedboat from the capital Malé.

The agreement signed on Monday sets out the principal commercial terms of the project, with detailed terms to be developed as the project progresses, Eagle Hills said in a statement.

The multi-phase development is planned to include international hotels, premium and branded residences, a marina, waterfront leisure facilities, retail, dining and entertainment offerings, as well as wellness, education, healthcare and community facilities.

Although the agreement is exclusively with Eagle Hills, the company’s founder and chairman Mohamed Alabbar indicated that Emaar Properties, which he also founded, could participate in the project.

“We may go for 50:50 sharing, depending on the decision of the Emaar Investment Committee,” he said.

The Maldives government will receive 10 percent of sales revenue from the commercial development and a 4 percent fee on every property transaction, including sales and resales.

In an interview with Reuters on Monday, Alabbar said construction on the 550-hectare (1,359-acre) development could start in the first quarter of 2027. The development will also include 5,000 homes for Maldivian families, the Reuters report said.

Eagle Hills said the destination is projected to attract more than one million visitors annually and generate more than $2 billion in annual tourism revenue.

Preliminary economic impact estimates indicate that Maldives Waterfront and Marina could attract more than $30 billion in gross foreign investment over its lifetime, including approximately $18 billion in net foreign investment, and generate more than 54,000 jobs.

The company said the masterplan would incorporate sustainability, resilient infrastructure and measures to protect the Maldives' island environment.

Eagle Hills operates across more than 18 countries and has a hospitality portfolio of 45 hotels.

Dubai Creek Tower

Separately, Alabbar said the tendering of the proposed Dubai Creek Tower would depend on developments in the conflict involving Iran and the US.

“Once the situation in Iran and the US settled, I might tender it,” he said.

In June 2026, a Zawya Projects report, citing Dubai government-owned Arabic-language newspaper Emarat Al Youm, said that Emaar Properties had delayed tendering for Dubai Creek Tower after port closures related to the Iran-US war affected construction material costs and overall project pricing.

Alabbar also ruled out plans for an initial public offering of Eagle Hills.

“For Eagle Hills, no IPO is on the table,” he said.

(Reporting by Bhaskar Raj; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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