Abu Dhabi's Eagle Hills Signs $12 Billion Maldives Waterfront and Marina Development, Largest Foreign Investment in Island Nation's History as UAE Developers Deploy Capital Abroad

Abu Dhabi-based developer Eagle Hills signed a commercial terms agreement with the Maldives government on September 21, 2026 for a $12 billion waterfront and marina development in Ras Male, approximately 17 minutes by speedboat from the capital Male. The Maldives Waterfront and Marina project spans 5.2 million square meters of reclaimed land and represents the largest foreign direct investment in Maldives history, according to statements from Eagle Hills founder Mohamed Alabbar and Maldives Infrastructure Minister Abdulla Muththalib reported by The National, Gulf News, and Bloomberg on September 21-22. The development will include international hotels and resorts, premium and branded residences, a marina, retail, dining, entertainment and wellness facilities, alongside education, healthcare and community infrastructure across five districts. Eagle Hills estimates the project could attract more than $30 billion in gross foreign investment over its lifetime and create over 54,000 jobs, with plans to attract over one million visitors annually at full maturity. Properties will be offered through long-term leasehold frameworks of up to 99 years under Maldivian law. Muththalib described it as the foundation of a new real estate sector alongside tourism, calling it a decisive step toward becoming a high-income country by 2040, with direct revenue to the state from every sale achieved without tax giveaways or government borrowing. The project underscores UAE developers' international expansion as regional headwinds affect domestic markets. Alabbar, who also heads Dubai's Emaar Properties, told Bloomberg that Emaar may join the venture, and acknowledged that Dubai property sales have declined though existing backlogs, margins and collections remain strong. Eagle Hills has committed $6 billion to a Georgian development and operates projects in Egypt and India. The Maldives separately announced an $8.8 billion international financial centre backed by Dubai-based MBS Global I