Eagle Hills, the Abu Dhabi-based real estate developer contracted to develop the multi-billion-dollar Ras Malé waterfront project, aims to finalize and formally sign the definitive concession agreement with the Maldivian government by Republic Day on November 11.
Company founder and chairman Mohamed Alabbar confirmed the target timeline during recent bilateral briefings in Malé, stating that joint legal, financial, and master-planning teams are working around the clock to conclude contractual formalities for the USD 20 billion development.
Accelerating contractual negotiations
The mega-development, situated on the newly reclaimed landmass of Fushidhiggarufalhu south of the capital, represents the single largest foreign direct investment in Maldivian history. Under the proposed framework, Eagle Hills will develop luxury waterfront residential precincts, high-end resort hotels, commercial marinas, and international retail avenues.
Alabbar indicated that high-level negotiations with state agencies are progressing smoothly, addressing regulatory approvals, zoning allocations, and long-term land lease structures:
"We are working diligently alongside our government counterparts to finalize every operational and legal detail. Our collective ambition is to complete the definitive agreement and mark this historic partnership by Republic Day," Alabbar affirmed.
The proposed agreement will formally establish the joint venture framework governing infrastructure financing, commercial concessions, and environmental sustainability standards for the new urban center.
Local economic integration
Addressing public discussions regarding the scale of foreign involvement, Alabbar emphasized that Maldivian contractors, engineering firms, and local small-and-medium enterprises will receive designated sub-contracting quotas during both the dredging and construction phases.
The developer estimated that physical construction will generate up to 40,000 jobs during peak site activity, followed by at least 15,000 permanent employment positions once commercial hubs and marinas become operational. Government economic advisers expect the development to provide long-term foreign currency revenues and ease housing pressure in the congested Greater Malé region.
