Abu Dhabi Firm to Develop $20 Billion Tourism and Residential Project in Maldives
What happened
Eagle Hills, an Abu Dhabi-based developer known for projects like Downtown Dubai, announced plans to undertake a major tourism and residential development in the Rasmalé area of the Maldives. The project, dubbed 'Maldives Waterfront and Marina,' is valued at US$20 billion and involves reclaiming land from the Fushi Dhiggaru lagoon. The agreement outlines the principal commercial terms for the development, which includes hotels, premium and branded residences, a marina, and various supporting facilities.
Why it matters
The project is projected to attract over US$30 billion in gross foreign investment over its lifetime and generate US$2 billion in annual tourism revenue. The infrastructure ministry stated the development aims to establish real estate as a new pillar of the Maldivian economy alongside tourism.
Who's involved
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- MaldivesSpeculative
The Maldivian economy could see increased foreign investment and annual tourism revenue from the project.