Abu Dhabi-based real estate conglomerate Eagle Hills expects to execute the definitive USD 20 billion development agreement for the Ras Malé waterfront project by Republic Day on November 11, company chairman Mohamed Alabbar has revealed.
Speaking in an interview on Monday, Alabbar stated that negotiations and master-planning discussions with the Maldivian government are progressing rapidly, with legal teams finalizing contractual parameters for the multibillion-dollar reclamation and urban expansion scheme.
Landmark timeline for mega-development
The Ras Malé project, situated at the Fushidhiggarufalhu lagoon south of the capital, represents the flagship urban development initiative of President Dr Mohamed Muizzu’s administration. The plan envisions reclaiming over 1,150 hectares of land to build an eco-city featuring residential districts, financial zones, and tourism infrastructure.
Alabbar confirmed that both parties are working towards a formal signing ceremony to coincide with national Republic Day celebrations:
"Discussions are advancing very smoothly. We are finalizing documentation and our sincere hope is to sign the definitive contract by Republic Day. This project will transform economic opportunities across the country," Alabbar commented.
He reaffirmed that Eagle Hills will finance the development independently without seeking external consortium borrowing or state debt guarantees from the Maldivian government.
Domestic enterprise and job creation
The developer stressed that the commercial framework prioritizes Maldivian contractors and small businesses, projecting that the construction phase alone will generate approximately 40,000 jobs, alongside at least 15,000 permanent positions in hospitality, retail, and maritime operations upon project delivery.
Addressing public concerns over foreign land tenure, Alabbar assured that all commercial operations and long-term land allocations will strictly conform to Maldivian statutory and constitutional requirements. Economic ministers have stated that revenues derived from Ras Malé land monetization will directly finance housing units in Hulhumalé and regional municipal works.
