The massive project that UAE's most prominent company, Eagle Hills, is preparing to start in Rasmalé, the newest area being prepared for habitation in the Maldives, will be carried out in a manner that most benefits the Maldivian economy and its people, world-renowned Emirati businessman and Eagle Hills Chairman Mohamed Alabbar assured today.
An agreement worth USD 20 billion was signed in Abu Dhabi today between the Maldivian government and Eagle Hills to develop and operate a marina in Rasmalé.
Sharing his vision regarding the project, Alabbar, the founder of Emaar Properties, which executes mega and world-class projects such as the Burj Khalifa and the Dubai Mall, stated that the opportunity to become a partner in the Maldives' development is both a tremendous honor and an important responsibility.
He noted that due to the Maldives' natural beauty and its high standing internationally, any project undertaken on Maldivian soil is an endeavor that requires extraordinary attention.
"The reality is, as everyone knows, the Maldives is a country like a breathtaking dream to the entire world. As soon as I received the invitation to discuss such a project, I accepted it with immense joy, because there is only one Maldives in the entire world," he said.
Highlighting the trust placed in his company by the Maldivian government, Alabbar pledged to deliver work of the highest caliber throughout all phases of this project.
"I assure you that we will carry out that work to the highest standard. Having the opportunity to participate in this historic endeavor is a great joy for us," he said.
"Furthermore, bringing about positive and impactful changes that benefit the Maldivian economy and society is an important goal deeply connected to my heart."
Drawing on his 28 years of rich experience in the regional and international real estate sector, he also assured that the highest environmental, social, and economic standards will be upheld in the Maldives.
"In light of past experiences, we will utilize methods to carry out the work to perfection, work for the welfare of the community, and principles to protect the environment,"Alabbar said.
"At the same time, we will facilitate employment opportunities, open new doors for business, fully secure community participation, and build a living environment as perfect as no other place provides."
Designed as a world-class tourism, waterfront, and marina project, the government has stated that the development will include international-standard amenities, high-end and branded residences, a modern marina, and waterfront entertainment facilities, alongside business, dining, wellness, education, healthcare, and all social amenities under one roof.
The plots and buildings issued from this destination will be sold on a long-term leasehold basis of up to 99 years in accordance with Maldivian laws.
Every time ownership is transferred through a sales transaction or inheritance, a fresh 99-year leasehold period will commence. The government stated that this is a project that will guarantee generational legal and financial security for investors and owners.
