The Government and Abu Dhabi-based Eagle Hills have agreed commercial terms for a USD 20 billion waterfront and marina development in Ras Malé, featuring tourism, residential and commercial facilities.

• At full maturity the project is projected to draw over one million annual visitors, generate more than USD 2 billion in yearly tourism revenue, and create over 54,000 jobs.
• Planned without government borrowing or tax concessions, the development could attract over USD 30 billion in gross foreign investment, though no construction timetable or financing structure was disclosed.

A proposed USD 20 billion waterfront and marina development in Ras Malé is expected to introduce a large-scale mix of tourism, residential and commercial facilities, under an agreement reached between the Government and Abu Dhabi-based developer Eagle Hills.

The commercial terms agreement establishes the shared vision and principal commercial terms for Maldives Waterfront and Marina. Detailed terms will be developed as the project progresses, meaning the current agreement represents an early stage in the development process.

Plans for the integrated island destination include hotels and resorts, premium and branded residences, a marina, waterfront promenades, retail outlets, restaurants, entertainment venues and wellness facilities. Education, healthcare, community infrastructure and public spaces are also included in the proposed development.

The project is intended to complement the Maldives’ existing resort industry by expanding the country’s tourism and property offerings. Its combination of hospitality, residential communities and commercial activity is expected to create opportunities for visitors, investors and businesses throughout the year.

At full maturity, the destination is projected to receive more than one million visitors annually and generate over USD 2 billion in yearly tourism revenue.

Preliminary economic estimates cited in the announcement indicate that the project could attract more than USD 30 billion in gross foreign investment over its lifetime. Approximately USD 18 billion of this amount is projected to represent net foreign investment entering the Maldives.

The development could also create more than 54,000 direct and indirect employment opportunities across its lifetime. Its wider economic impact is expected to extend to construction, hospitality, retail, marine services, technology, professional services and local supply chains.

Infrastructure Minister Dr Abdulla Muththalib said the project would bring thousands of homes for Maldivian families and generate direct state revenue from property sales. According to the announcement, the development is planned without government borrowing or tax concessions.

Environmental considerations are expected to form part of the master-planning and delivery process. The developers said the plans would incorporate resilient infrastructure, responsible land development and measures intended to protect the surrounding natural environment.

The announcement did not provide a construction start date, completion timetable, financing structure or schedule for the project’s individual phases.

Eagle Hills is a private real estate investment and development company founded in Abu Dhabi. According to the company, its operations extend across more than 18 countries and its hospitality portfolio includes 45 hotels.

(source)