The USD 20 billion Ras Male’ waterfront and marina development is expected to play a major role in strengthening local expertise, creating employment opportunities and expanding economic benefits for Maldivians, Mohamed Alabbar, Chairman of Abu Dhabi-based real estate developer Eagle Hills, has said.
Describing the initiative as the largest investment project ever undertaken in the Maldives, Alabbar stressed that its success would be measured not only by the scale of its infrastructure but also by the positive impact it delivers to the local population.
In an exclusive interview with PSM News, Alabbar outlined his vision for the landmark development, drawing on four decades of experience in Dubai’s transformation. He said large-scale projects must be guided by a clear vision and an inclusive approach that places people at the centre of development.
According to Alabbar, major investments should enhance national prestige while improving service standards and creating tangible benefits for the public. He emphasised that local communities must have opportunities to participate in the economic activities generated by such developments.
“An investment without public participation cannot yield meaningful returns. So, it is tied to showcasing national prestige alongside elevating the standard of services provided. The work must generate employment opportunities. Customers must be attracted in a way that benefits the local population, and the government must genuinely profit through taxes and revenue,” he said.
Alabbar noted that involving local professionals and businesses is a key component of Eagle Hills’ approach to development across the 20 countries in which the company operates. He confirmed that the same strategy would be adopted for the Ras Male’ project, with local architects, contractors and other professionals expected to play an important role.
“We use local architects everywhere we go, that is truly how our process works. We engage local contractors in all our activities. As a result, it becomes something quite different—it is no longer just about a project, but about training people and developing human capacity, alongside us,” he added.
The government and Eagle Hills have already signed an agreement on the commercial terms of the proposed waterfront and marina development. Work is now underway to finalise the formal agreement, with the project expected to represent a total investment of USD 20 billion upon completion.
Beyond its physical transformation of the waterfront, the development is intended to support long-term economic growth by expanding employment prospects, strengthening professional skills and increasing opportunities for Maldivian businesses to participate in major development projects.
