UAE's Eagle Hills announces $12 billion Maldives mega-project

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UAE’s Eagle Hills announces $12 billion Maldives mega-project

September 22, 2026

DUBAI,—Eagle Hills, a real estate developer based in the United Arab Emirates, said Monday it plans to spend close to $12 billion on a mixed-use development in the Maldives, its first project in the island nation.

The development, called Maldives Waterfront and Marina, will be built in the Ras Malé area and will include international hotels, upscale homes, shops and leisure spaces, the company said in a statement.

Mohamed Alabbar, who founded and chairs Eagle Hills, told Reuters the firm is always looking for large projects.

He said building work on the 550-hectare site, which covers about 1,359 acres, may begin in the first quarter of next year.

Alabbar also leads Emaar Properties, the Dubai-based company behind the Burj Khalifa, the tallest building in the world.

He said Emaar would likely take part in the Maldives project too, but added that local Maldivian companies and residents would be invited to invest alongside Eagle Hills, since it is their homeland.

Speaking at a news conference in Dubai on Monday, Maldives Infrastructure, Housing and Urban Development Minister Abdulla Muththalib said the government will collect 10 percent of revenue from commercial property sales and a 4 percent charge on each property sale within the project.

Muththalib added that 5,000 housing units are planned for Maldivian citizens as part of the plan.

Eagle Hills currently operates in more than 18 countries and manages 45 hotels worldwide.

(With files from Reuters)