Abu Dhabi developer that signed USD 20bn Rasmale’ project to also develop 5,000 housing units in Hulhumale’

The Abu Dhabi-based developer Eagle Hills, which signed a USD 20 billion waterfront and marina project in Rasmale’ on Monday, will also be developing 5,000 housing units in Hulhumale’, according to Maldives’ housing minister Dr. Abdulla Muthalib.

Muthalib told online news outlet Mihaaru that the 5,000 units would be developed under a contractor financing model.

He stressed that the government would not need to bear any financial burden, and will not be offering any incentives such as a sovereign guarantee to Eagle Hills.

Muthalib said that the cost will be covered by the government through the sale of the units.

Muthalib was not immediately available for comment regarding details of the project.

The commercial terms agreement for the Maldives Waterfront and Marina Project – described by the Maldives government as one of the most ambitious development initiatives in the country’s history – was signed by Muthalib and Mohamed Alabbar, founder and chairman of Eagle Hills, in Dubai earlier on Monday.

The new integrated island destination is being developed in Rasmale’, an urban area being reclaimed at Fushi Dhiggaru Falhu, about 17 minutes away from Male’ via speedboat.

The integrated development will include international hotels and resorts, premium and branded residences, a world-class marina, waterfront promenades, restaurants, shops, leisure and wellness centers.

According to the Maldives government, preliminary economic impact estimates indicate the project could attract more than USD 30 billion in gross foreign investment over its lifetime, including about USD 18 billion in net foreign investment in the Maldives.

It is also expected to create more than 54,000 direct and indirect jobs. At full maturity, the destination is expected to attract more than one million visitors annually and generate more than USD 2 billion in annual tourism revenue.