Abu Dhabi-based developer Eagle Hills announced a $12 billion investment deal on September 22, 2026, to develop a luxury island tourism hub. The company, known for projects across Egypt, Ethiopia, and Morocco, plans to expand its portfolio with this large-scale initiative.
Planned for the Ras Malé area in the Maldives, the Maldives Waterfront and Marina project is set to be an integrated tourism, residential, and commercial destination. It will include hotels, resorts, branded residences, a marina, retail outlets, restaurants, entertainment venues, wellness, education, and healthcare facilities. The development will be constructed on reclaimed land, with no dredging by Eagle Hills,
and will undergo independent marine environmental monitoring throughout construction.
The Maldives recorded a tourism milestone in 2025 with 2.25 million visitors, representing a 9.8% increase from 2024 and a 32% rise compared to pre-pandemic 2019. Tourism receipts reached over $5.4 billion that year, a 15.8% year-on-year growth, underscoring the sector’s rapid expansion.
Eagle Hills currently manages significant projects in Africa, including Marassi Red Sea, a 2,426-acre coastal development near Hurghada, Egypt; La Gare, a mixed-use complex of residential, commercial, hospitality, retail, and leisure facilities in Addis Ababa, Ethiopia; and Tanja Waterfront, a major residential and hospitality development in Tangier, Morocco.
Its Moroccan hospitality portfolio includes the St. Regis La Bahia Blanca and Fairmont La Marina Rabat properties.
The Maldivian government described the project as the largest investment programme in the country’s history. Officials stated the development is expected to attract billions of dollars in foreign investment without necessitating government borrowing.
The project aims to diversify the Maldives’ tourism-dependent economy by combining hospitality with residential, commercial, and other year-round economic activities, supporting sustainable growth beyond seasonal tourism.
