Eagle Hills announces $20 billion Maldives Waterfront and Marina project

Eagle Hills has announced the ‘Maldives Waterfront and Marina’ project in Ras Malé, a development described by Ibrahim Abdurrazzaq Haleem, CEO of Malé City Group of Hospitals, as a potential economic revolution for the Maldives.

The project involves an investment exceeding $20 billion and is expected to create over 54,000 jobs. It includes the construction of 5,000 three-bedroom housing units at the developer's expense. Haleem noted that the project could generate over $11 billion for the state during its development period and could potentially surpass the current total revenue of the entire tourism sector.

Following the announcement, discussions have emerged regarding the legality of foreign property rights in the Maldives. Eagle Hills stated that residential properties would be available to foreigners via 99-year leases starting September 21, 2026. While the Maldivian constitution prohibits foreigners from owning land, it allows for leasehold rights for up to 99 years. Developers often use terms like ‘ownership’ or ‘strata title’ in marketing, though these do not grant permanent land ownership under national law.