Maldives Signs $20 Billion Waterfront Project to Transform National Economy

The Maldivian government has signed a landmark Commercial Terms Agreement with Abu Dhabi-based developer Eagle Hills to launch the "Maldives Waterfront and Marina" project. Located in the Ras Male’ area, the multi-phased integrated destination represents a projected USD 20 billion investment, marking the most ambitious development initiative in the nation's history. Minister of Finance and Public Enterprises Hassan Zareer described the agreement as historic, noting that the scale of the investment is nearly three times the Maldives' current GDP of USD 7.7 billion. According to the Minister, the project is designed to be more than just a luxury waterfront and marina; it is envisioned as a catalyst for broad economic transformation that will provide tangible benefits to the general population. A primary focus of the initial phase is the development of 5,000 housing units, a component estimated to cost approximately USD 500 million. Minister Zareer indicated that the government intends to center this residential development within Hulhumalé, aiming to address the critical need for urban housing. Construction for the housing segment is expected to commence early next year. By integrating high-end tourism infrastructure with essential residential development, the government aims to diversify the economic landscape and create sustainable growth opportunities through this unprecedented private sector partnership.