Abu Dhabi-based Eagle Hills and the Maldives government have agreed commercial terms for Maldives Waterfront and Marina at Ras Malé, setting the stage for a vast new island destination combining homes, hotels, retail, leisure and a megayacht marina.
September 23, 2026 | Palak Kataria | UAE | Developer | 2 Min Read
One of the UAE's biggest real estate developers is taking its waterfront development model into the Indian Ocean; and the scale being discussed could make it one of the Maldives' most consequential property projects.
The Government of Maldives and Abu Dhabi-based Eagle Hills have signed a Commercial Terms Agreement for Maldives Waterfront and Marina, a new integrated island destination planned for the Ras Malé area.
The agreement establishes the shared vision and principal commercial terms, while more detailed terms will be developed as the project progresses.
Plans bring together international hotels and resorts, premium and branded residences, a megayacht marina, waterfront promenades, restaurants, retail, entertainment, leisure and wellness facilities.
The project is significant because it pushes beyond the Maldives' traditional resort development model.
Ras Malé is being developed at Fushi Dhiggaru Lagoon, close to the capital Malé. The proposed Eagle Hills development would combine tourism with residential real estate and year-round commercial and leisure infrastructure, creating a more diversified waterfront district rather than an isolated hospitality destination.
For Eagle Hills, chaired by Mohamed Alabbar, the agreement also extends a development portfolio already spanning multiple international markets.
There is an important discrepancy in current reporting that REM Times should not ignore.
The Maldives government and several local reports describe the development as a US$20 billion project, while another WAM-derived report has cited an overall development scale of around US$12 billion across its phases.
Because detailed project terms are still being developed, I would avoid putting either figure in the headline as a settled project value until Eagle Hills or the Maldives government publishes definitive investment documentation.
What is clear is the scale of the ambition.
The development is expected to unfold across multiple phases and could significantly expand the residential, hospitality and marina offering around the Maldivian capital.
For the UAE property sector, it is also another example of home-grown developers exporting large-scale master-development expertise overseas.
If the plans progress as envisioned, Eagle Hills will not simply be building another Maldivian resort. It will be participating in the creation of an entirely new waterfront district.
Sources: Eagle Hills; Government of Maldives; Maldives Ministry of Infrastructure, Housing and Urban Development; Zawya/Reuters; WAM
