Eagle Hills Signs Commercial Terms for Ras Malé Waterfront

The Maldives government and the Abu Dhabi developer Eagle Hills signed a commercial terms agreement on 21 September 2026 for a waterfront and marina development in Ras Malé. Gulf News described it as the country's largest investment programme. The agreement covers the main commercial terms only. A final agreement is still to be negotiated.

What was agreed

Eagle Hills is to act as master developer of the Maldives Waterfront and Marina, on about 500 hectares of land reclaimed from Fushidhiggaru lagoon. According to Eagle Hills and the government, the plans include:

• hotels and resorts, branded and premium homes, and a marina
• shops, restaurants and offices
• schools, healthcare and community facilities

Reuters, Bloomberg and The National reported the value at about US$12 billion across its phases. The government and Eagle Hills' chairman, Mohamed Alabbar, have spoken of up to US$20 billion. No construction timetable or phasing was announced. Eagle Hills said it would do no further dredging, building only on land already reclaimed, and that independent marine monitoring would accompany construction.

Who is Eagle Hills?

Eagle Hills is a private real estate developer based in Abu Dhabi, chaired by Mohamed Alabbar, the founder of Dubai's Emaar. It has built large waterfront and city projects abroad, including in Serbia, Georgia and Albania. The Ras Malé project didn't come from an open tender. According to the Housing Minister, it began as a proposal from Eagle Hills under the government's framework for private sector initiated proposals.

How the money works

Homes will be sold on leases of up to 99 years under Maldivian law. There is no freehold, because the constitution bars foreign ownership of land. Every sale or inheritance needs government approval and starts a new lease, with a fee of 4% of the property's value.

In a statement after the signing, the government listed three income streams: 10% of the developer's revenue from first sales and leases, the 4% transfer fee, and tourism GST. It said it was giving no loans, sovereign guarantees or tax concessions. It projected more than US$11 billion in state revenue over the development period, more than 54,000 jobs and over a million visitors a year, and described these figures as projections.

As part of the deal, Eagle Hills is to build 5,000 three-bedroom homes in Hulhumalé first. The government puts their cost at about US$500 million, counted as an advance on the state's 10% share.

The deal in numbers

• About 500 hectares of Ras Malé for the waterfront and marina district.
• More than 8,800 properties planned, according to reporting on Eagle Hills' plans.
• US$12 billion to US$20 billion of development across all phases, as reported.
• 10% of first-sale revenue to the state, estimated by the Housing Minister at about US$3.1 billion over 10 years.
• 4% of the property's value paid to the state on every sale and transfer.
• 5,000 homes in Hulhumalé, worth about US$500 million, to be built first as an advance on the state's share.
• More than 54,000 jobs and over a million visitors a year at maturity, according to government projections.

Who can buy, and residency

The government says it will approve every buyer, and that buying a property gives no automatic right to live in the Maldives. The Housing Minister has said buyers could qualify for the existing corporate resident visa, which requires an investment of at least US$250,000 and lasts five years, renewable. He said there is no pathway to permanent residency or citizenship. A separate residency-by-investment scheme, the Pearl Residence programme, is being developed with Henley & Partners. In June 2026, the President denied that any part of Ras Malé would be included in it.

Why the government chose this model

The project began as a proposal from Eagle Hills, under the government's procedure for private sector initiated proposals, rather than an open tender. Ministers have argued that taking a share of every sale over the years will earn the state more than a one-off land payment. They also say the state isn't borrowing or giving guarantees. Critics reply that the state is giving up an upfront fee, rent or an equity stake, and question why there was no tender.

The reaction

The deal quickly became the biggest political story in the country:

• 26 September: In a television interview, President Mohamed Muizzu rejected claims that the land was being sold. He said it was only being leased, and that housing commitments to Maldivians wouldn't be affected. He said about 600 hectares of Ras Malé would remain for public housing plots.
• Critics who spoke out against the deal included former President Abdulla Yameen and Malé Mayor Adam Azim. Former President Mohamed Nasheed said he supported the idea of residency-by-investment, but objected that the deal had no public tender and no upfront payment.
• 28 September: Lawyer and former MP Ali Hussain asked the Supreme Court to declare the agreement unconstitutional. The court's registrar later declined to register the case, and he has said he will appeal.
• 5 October: An emergency motion from the opposition MDP, demanding that the full terms be published, was accepted for debate with the support of 53 MPs, including some from the ruling party.

Attorney General Ahmed Usham has said the signed document sets out commercial terms only. He said further agreements and legislation will be needed before the project can go ahead.

What it means for housing

Ras Malé was launched as a housing project, so the first question many people asked was whether the deal leaves enough land for Maldivian families. The government's statement said the land not given to Eagle Hills, about 500 hectares, would stay zoned for local housing, with room for more than 150,000 residents. The President later put the land for public housing plots at about 600 hectares. The first round of the Housing for All scheme received 22,575 applications for land plots, and many of those plots are to come from Ras Malé. The President has said no housing plot was cancelled because of the deal. Our housing guide explains the plot scheme.

What happens next

The government and Eagle Hills now have to negotiate a final agreement, including the investment schedule and what happens if the project isn't completed. Parliament is debating the disclosure motion, and the legal challenge may continue. No sales have opened.

The Housing Minister has said the investment schedule, and what happens if the project isn't completed, will be set out in the main agreement. He said buyers' payments for off-plan homes will be held in escrow at Maldivian banks licensed by the Maldives Monetary Authority, and released to the developer as construction progresses.

For a full breakdown of the terms and the arguments on both sides, read our Eagle Hills deal explainer. If you're thinking of buying, see buying property in Ras Malé.