The government of Maldives has today signed a USD 20 billion agreement with a renowned company from the United Arab Emirates (UAE) to develop and operate a marina at Rasmale'.
The total investment value of this project is more than double the Maldives' nominal GDP, which is at USD 8 billion.
A joint statement issued by the Housing Ministry and UAE's Eagle Hills states that the agreement between the Maldives government and Eagle Hills, based in Abu Dhabi, UAE, was signed today.
The agreement was signed by Minister of Infrastructure, Housing and Urban Development Dr Abdulla Muththalib and Eagles Hills Chairman Mohamed Alabbar.
"The Maldives is a truly special place, with unmatched beauty and global appeal. Our ambition is to build responsibly on that strength and create something truly world-class," Mohamed Alabbar, Chairman of Eagle Hills said.
Meanwhile, Housing Minister Dr Muththalib added, "In Eagle Hills and its Chairman, Mr Mohamed Alabbar, the Maldives has a partner whose record speaks for itself - from the making of Downtown Dubai to Belgrade Waterfront and destinations across three continents, few names in global real estate carry the same authority in building city-scale destinations from the ground up. That is the calibre of partnership we have secured for Rasmale'".
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, the statement details.
The development is designed to bring together education, healthcare, community infrastructure and high-quality public spaces, building an integrated environment combining tourism, residential life and year-around economic activity, it states.
Properties at the Maldives Waterfront and Marina are offered through a long-term leasehold framework in line with Maldivian law, with terms of up to 99 years. With each transfer, either through sale or inheritance, a new leasehold term of up to 99 years will commence, assuring lasting continuity and legal and financial security for owners across generations, the government explains.
The project will be located at the 500 hectares of currently reclaimed land on Rasmale'. The Housing Ministry assured that this project will in no way affect the pledged flats and land plots from Rasmale' to Maldivians.
