UAE developer Eagle Hills unveils $12 billion project in the Maldives 

By Reuters News

By Federico Maccioni

DUBAI, Sept 21 (Reuters) - UAE real estate company Eagle Hills on Monday announced it will invest around $12 billion in a mixed-use project in the Maldives, marking its official entry into the Indian Ocean archipelago.

Located in the Ras Malé area, the Maldives Waterfront and Marina development will host facilities including international hotels, premium residences as well as retail and leisure, the company said in a statement.

"We continue searching for large-size projects," Mohamed Alabbar, the founder and chairman of Eagle Hills, told Reuters in an interview, adding that construction on the 550-hectare (1,359 acres) site could start in the first quarter of next year.

Alabbar is also the founder and chairman of property company Emaar EMAR.DU, which developed the Burj Khalifa in Dubai, the world's tallest building.

"Most probably Emaar will get involved as well ... but I will open the door for local Maldivian companies and individuals to invest with us because ... this is their country. We should open the door for them to invest with us," Alabbar said.

The Maldives government will receive 10% of the sales revenue of commercial development and a 4% fee on every property transaction, its Minister of Infrastructure, Housing and Urban Development Abdulla Muththalib said during a press conference in Dubai on Monday.

He said that 5,000 homes will be built for Maldivian families as part of the development.

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

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