Eagle Hills signs $12 billion deal to develop Maldives waterfront destination
The Government of Maldives and Abu Dhabi-based developer Eagle Hills have signed a commercial terms agreement for a $12 billion integrated waterfront and marina development in the Ras Malé area, in what would be the largest single foreign investment in the country's history.
The agreement, announced on September 21, sets out the shared vision and principal commercial terms for the Maldives Waterfront and Marina project, with detailed terms to be finalised as development progresses across multiple phases.
"For the Maldives, this is the largest investment programme in our history — billions of dollars of foreign investment moving through our banking system, creating jobs, homes for Maldivian families, and direct revenue to the State from every sale, achieved without tax giveaways and without government borrowing," said Dr. Abdulla Muththalib, Minister of Infrastructure, Housing and Urban Development.
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Muhammad Ali Bandial