Alabbar’s assurance: Maldivian businesses will have the opportunity to benefit from Eagle Hills’ project

Mohamed Alabbar, founder and chairman of Abu Dhabi-based real estate giant Eagle Hills, has given assurances that Maldivian businesses and local investors will have full opportunity to participate in and benefit from the profits of the mega project planned for Rasmale’.

Alabbar made these remarks on Thursday, during a special meeting held with Maldivian business leaders during his current visit to the Maldives, where he shared details of the envisioned development at Rasmale’.

Addressing the gathering, Alabbar stated that his company did not come to the Maldives merely as a foreign investor looking to take away all the profits.

He emphasized that as a Muslim, he firmly believes that when operating in another Muslim community, it is a duty to ensure that real value and tangible benefits are delivered to the local people and businesses.

"We don't want to come here as outsiders and just take all the profit for ourselves. Our doors are open to Maldivian business community. Maldivians have the opportunity to invest in this project and share in its success," Alabbar said.

Alabbar noted that across their developments in 20 countries, the company’s core principle has been to prioritize local contractors, suppliers, and architects.

Similarly, the Rasmale’ project will create major avenues for Maldivian small and medium-sized enterprises (SMEs), allowing local businesses to scale up and grow alongside the project.

Furthermore, he affirmed that the project will fully comply with Maldivian laws, regulations, and environmental standards, adhering to international best practices to ensure that state taxes and the government's share of profits are honored transparently.

He also stressed his strong commitment to safeguarding the Maldives' natural environment.

Drawing from over 28 years of experience in the real estate sector, Alabbar added that the Rasmale’ development is set to attract high spending luxury tourists. He noted that this influx will boost demand across other sectors, including the local fisheries industry and general trade, creating a positive ripple effect throughout the entire economy.

He also shared plans to empower Maldivian youth through specialized entrepreneurship programs and exposure to cutting-edge technologies, including Artificial Intelligence (AI).

On September 21, Eagle Hills signed a commercial terms agreement or letter of intent for a mega project to develop a new integrated island destination in Rasmale’, including international hotels and resorts, premium and branded residences, a world-class marina, waterfront promenades, restaurants, shops, leisure and wellness centers.

The project is described by the Maldives government as one of the most ambitious development initiatives in the country’s history.

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.