Rasmalé Waterfront and Marina Project Can Attract More High-End Tourists to Maldives: Alabbar

Eagle Hills Chairman Mohamed Alabbar has expressed confidence that the Rasmalé Waterfront and Marina project can bring high-end tourists to the Maldives. In an interview with PSM News, he shared why he became interested in the project. He said the Rasmalé Waterfront and Marina project is the largest investment project undertaken in the Maldives so far. Alabbar, whose Eagle Hills company is carrying out the project, said that when he was given the opportunity to run a project in the Maldives, there was no obligation for him to take on such a project. He also shared that when he first discussed doing a project in the Maldives, he said he did not want to run a hotel project. However, he said he became interested in running the project when he understood that it was a project that needed to be carried out in a way that benefits the people and opens the way for major economic activity. Alabbar said: 'I know how to do this. Even if we look only at the tourists who will come from this, we are talking about over 900,000 people. It is certain that even more people will come. Then, seeing the proximity to other resorts, I said to do it, to carry out this work.' Eagle Hills estimates that the project will bring good revenue to the Maldives. Neither during the project period nor after the project is completed are duty and tax exemptions included in the commercial terms agreement that has now been signed. Therefore, the state will receive substantial revenue from the project. Alabbar believes that tourists coming to the Maldives because of this project will be tourists who spend at the most appropriate level. He said each tourist will spend USD 2,000 per trip. He also said the company has the capability to build facilities that will attract that level of tourists. He said: 'When we talk about expanding tourism, if we want good-quality tourism, we have the experience of developing such good, large areas. Tourists interested in such places will on average spend about USD 2,000 per trip. Then the government's revenue will also increase because of taxes.' Eagle Hills currently estimates that when the project is completed, total revenue will reach USD 20 billion. With investments during the construction phase, total revenue is estimated to exceed USD 31 billion. The government notes that this is a larger total investment than the current investment in the Maldives' currently operating tourism industry. Before practical work on the project begins, the government and Eagle Hills are consulting on the project agreement. Eagle Hills has said the company is ready to begin practical work after the consultations.