A commercial terms agreement has been signed between the Maldives government and Abu Dhabi’s Eagle Hills for a $20 billion waterfront and marina project on Rasmalé.
The deal covers major development on the reclaimed island and is expected to generate substantial tourism revenue once completed. Officials have described the land as remaining under Maldivian ownership while being leased for the project.
Former President Mohamed Nasheed has welcomed the waterfront and marina elements. Parallel discussions have also touched on related housing and tourism investments in the area.
The project forms part of a wider set of large-scale foreign investments that authorities say will expand capacity beyond traditional resort islands.