Rasmale’ project expected to generate over $2bn in annual tourism revenue

The mega waterfront and marina project in Rasmale’ is projected to generate over USD 2 billion in annual tourism revenue, according to the Maldives government.

On Monday, Abu Dhabi-based developer Eagle Hills signed a commercial terms agreement for the USD 20 billion project described by the Maldives government as one of the most ambitious development initiatives in the country’s history.

The new integrated island destination is being developed in Rasmale’, an urban area being reclaimed at Fushi Dhiggaru Falhu, a 17-minute speedboat ride away from Male’, and will include international hotels and resorts, premium and branded residences, a world-class marina, waterfront promenades, restaurants, shops, leisure and wellness centers.

In a joint statement on Monday, the Maldives Ministry of Infrastructure, Housing and Urban Develop and Au Dhabi’s Eagle Hills stated that at full maturity, the destination is projected to welcome more than one million tourists annually and generate over USD 2 billion in tourism revenue.

The Maldives government expects the planned development to broaden the country’s tourism offerings, creating “new reasons to visit, stay longer, return and invest, while attracting new international visitor segments and further strengthening the country’s position as one of the most desirable tourism and lifestyle destinations.”

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, added the government.

The project is also expected to create more than 54,000 direct and indirect jobs.