Handing over the USD 20 billion project, which includes a world-class waterfront marina and real estate buildings in Rasmalé, to "Eagle Hills" was done after making numerous trips, conducting studies, and holding discussions, and it was not a casual undertaking, Housing Minister Dr. Mohamed Muththalib stated today.

In a post on X, the Minister stated that prior to signing the project agreement, many exploratory trips were made, countless hours of study were conducted, and lengthy discussions were held with colleagues and experts working alongside him.

He stated that in order to align this with President Dr. Mohamed Muizzu's policies and vision, lengthy discussions were also held with the President himself.

"What will result from this, what will happen to Maldivians from this, what will be the direct results of this was thought thoroughly. What was confidently believed is that from our [Maldives'] natural beauty, an economic value unlike anything Maldivians have ever received before can be generated," Minister Muththalib stated in his post on X.

He also stated that this project aligns with the President's vision to transform the Maldives into a high-income country by the year 2040.

The government signed the project agreement with Eagle Hills, headquartered in Abu Dhabi, the capital of the United Arab Emirates (UAE), at a ceremony held in Abu Dhabi today.

Housing Minister Dr. Mohamed Muththalib signed the agreement on behalf of the Maldives. Mohamed Alabbar, the head of the company, signed on behalf of Eagle Hills.

Minister Muththalib told "Mihaaru News" that Eagle Hills will construct the housing units in Rasmalé at the company's own expense, and the government will not be required to make any expenditure for it. The government will only need to pay for those units from the revenue generated once the housing units are handed over to the government.

Eagle Hills is a private real estate investment and development company that has invested in more than 18 countries and possesses a portfolio of 45 hotels.

The company develops various mixed-use and lifestyle destinations in the UAE and international markets while prioritizing the highest standards.

While the Maldives' total GDP stands at USD 8 billion, the total investment value of the project being implemented by the company in the Maldives is more than double that amount.

Emaar Properties, which executes mega and world-class projects such as the Burj Khalifa and the Dubai Mall, will participate in this project.