The Maldivian government has signed a landmark $20 billion agreement with Eagle Hills, one of the UAE’s most prominent real estate firms, to develop a world-class marina destination in Rasmale.

The agreement was signed at a ceremony in Abu Dhabi, with Housing Minister Dr. Abdulla Muthalib representing the Maldivian government and Eagle Hills Chairman Mohamed Alabbar signing on behalf of the company. Notably, the total investment value of the project is more than twice the size of the Maldives’ entire GDP, which currently stands at $8 billion.

Eagle Hills, headquartered in Abu Dhabi, is a private real estate investment and development firm with investments in over 18 countries and a portfolio of 45 hotels. The company is known for developing high-end mixed-use and lifestyle destinations across the UAE and international markets. Emaar, the developer behind iconic projects such as the Burj Khalifa and Dubai Mall, will also participate in the Rasmale project.

To be built on 500 hectares of reclaimed land in Rasmale, the development is designed as a world-class tourism, waterfront, and marina destination. According to a joint statement from the Housing Ministry and Eagle Hills, the project will feature premium branded residences, a modern marina, waterfront entertainment facilities, and integrated amenities spanning retail, dining, wellness, education, healthcare, and community services.

Land and properties within the development will be sold under a 99-year leasehold arrangement in line with Maldivian law. Each time ownership changes hands through sale or inheritance, a fresh 99-year leasehold period will begin, offering long-term legal and financial security for investors and owners across generations. The Housing Ministry has also confirmed that the project will not affect the number of plots and flats previously earmarked for Maldivian citizens.