United Arab Emirates' Eagle Hills Chairman Mohamed Alabbar has stated today that all work around the Maldives Waterfront and Marina project in Rasmale' will be awarded to Maldivian companies. Further, Maldivian businesses will have the opportunity to invest in the project, he added.
Alabbar arrived in the Maldives last night. He met with Maldivian business leaders and the media in Dusit Thani today.
At a luncheon with Maldivian business leaders today, Alabbar asserted that he has no interest in carrying out a project which does not benefit the Maldivian community. A project run in the Maldives which does not benefit its people is a failure in itself, he said.
Alabbar shared that Eagle Hills, in its projects in countries around the world, has always prioritized maximizing participation from the country's own people.
"All our contractors are local to that country, as are all our suppliers and architects," he said.
The reason why Eagle Hills operates like this is clear, he said, explaining that the locals would hold the deepest understanding of the country's realities, environmental challenges and other issues.
Alabbar listed several countries in which Eagle Hills operates properties, and said that at each location, the properties are staffed entirely with locals.
In the Rasmale' project, Maldivians involvement will not be limited to just employment, contracts and supply, he noted. Instead, local companies would have available avenues of investing in the project, he stated.
Alabbar stressed that he is encouraging Maldivians to invest not for the purpose of increasing Eagle Hills' finances, but rather to engage Maldivian businesses to reap benefits directly from the project.
"We welcome all those who seek to join us. We do not want to build a treasury. But once we start implementing this project, businessmen will think these people are earning a huge revenue, what is there for us. Maldivians should also come and join us. The option is open even now on our website," Alabbar said.
This, he said, is how it can be ensured that this is a project which involves participation from everyone.
The Maldives' government signed an agreement with Eagle Hills on September 21 to develop and operate a waterfront and marina in Rasmale'.
Eagle Hills is a private real estate investment and development company with investments across over 18 countries, and holds a portfolio of 45 hotels.
Eagle Hills has developed high-end, luxury mixed-use and lifestyle destinations in UAE and international markets.
Emaar Properties, also headed by Alabbar and renowned as the developer of Burj Khalifa and Dubai Mall, will also be a part of the Rasmale' project.
The proposed Maldives Waterfront and Marina will come with hotels, resorts, premium residences, branded residences, marina experiences, waterfront promenades, dining, retail, wellness and entertainment features, a joint statement from the Maldives government and Eagle Hills previously stated.
The government announced that Eagle Hills will be developing 5000 housing units in Hulhumale' ahead of the Rasmale' project. They further assured that the project would not in any way affect the number of land plots and flats pledged to the public from Rasmale'.
"This historical commercial terms agreement with Eagle Hills concerns the largest foreign investment program in Maldives' history. This project is being done without the State taking any loans, without making any tax concessions, bringing in over USD 20 billion in foreign investment to the Maldives' economy, along with over USD 11 billion in State revenue, and creating over 54,000 jobs," Housing Minister Dr Abdulla Muththalib previously stated.
