Abu Dhabi company contracted to develop $20 billion project in Ras Male'

The Maldivian government has signed an agreement with renowned Abu Dhabi-based developer Eagle Hills to execute a massive $20 billion project in Ras Male'.

Under this agreement, an international-standard waterfront and marina project is set to be developed in Rasmalé. The government has stated that this represents one of the largest foreign investment projects in Maldivian history.

According to a report by Abu Dhabi-based news outlet "The National," the signing ceremony for this agreement took place in the presence of senior Maldivian government officials. The agreement was signed by Mohamed Alabbar, the founder and chairman of Eagle Hills, on behalf of the company. Minister of Construction and Infrastructure Dr. Abdulla Muththalib signed the agreement on behalf of the Maldivian government.

According to "The National," this ambitious project plans to establish a wide range of international-standard facilities in Ras Male'. These include hotels and resorts from world-renowned brands, as well as high-end branded residences. Furthermore, "The National" reported that the project will feature a world-class marina, scenic waterfront promenades, and a selection of premium restaurants and retail outlets.

According to reports citing Eagle Hills, the multi-phase project is expected to involve a total investment of $20 billion. The government describes this as a transformative development for the future of the Maldivian economy.