$20 billion agreement was reached following extensive research and deliberations: Muththalib

Minister of Infrastructure, Housing and Urban Development Dr. Abdulla Muththalib has stated that the $20 billion agreement signed with UAE-based Eagle Hills to develop and operate a marina in Ras Male' was finalized following extensive research and deliberations.

In a post shared in English on X, Minister Muththalib stated that the decision was made with the utmost seriousness and priority. He further noted that this approach would serve as the established principle for handling similar matters in the future.

The Minister stated that the decision finalized with this signing is the culmination of countless hours of research and extensive fact-finding missions. He further noted that prolonged discussions were held with President Dr. Mohamed Muizzu to ensure the project was meticulously aligned with the President's policies and strategic vision. Additionally, the Minister emphasized that the decision followed thorough consultations with industry experts and stakeholders, with careful consideration given to the project's tangible impact and the long-term advancements it would bring to the Maldives.

Behind the decision finalized with today’s signing lies countless hours of research, extensive study tours, and prolonged consultations with the President to ensure this initiative aligns with his policies and vision. Furthermore, this outcome is the result of comprehensive discussions with industry experts and stakeholders, coupled with a profound analysis of the tangible impact and advancements this will bring to the Maldives.

Dr. Abdulla Muththalib

Muththalib stated that his greatest conviction is that the economic benefits derived from the Maldives' natural beauty must reach the Maldivian people to a far greater extent than has been seen in the past.

Furthermore, Minister Muththalib highlighted that this project is a vital initiative designed to realize President Muizzu's vision of transforming the Maldives into a high-income nation by 2040.

The Maldivian government signed an agreement on Monday with the 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 development project is set to be established in Rasmalé. According to the government, this represents one of the largest foreign investment projects in Maldivian history.

Reports citing Eagle Hills indicate that the total investment for this mega-project, which is scheduled to be carried out in multiple phases, will reach $20 billion. The government views this as a landmark project that will bring a revolutionary transformation to the future of the Maldivian economy.