Fushidhigaru Lagoon is located about a 17-minute speedboat ride away from the capital city, Malé. This is a large area being reclaimed by the government to find a solution to Malé’s overcrowding. When people think of the Maldives, they usually picture resorts scattered across individual islands, but a completely different picture is currently being painted in this lagoon. It is the vision of a major city featuring world-class marinas, branded residences, and high-end hotels.
To turn this vision into a reality, Abu Dhabi's renowned developer "Eagle Hills" has signed an agreement with the Maldivian government to undertake a $20 billion waterfront and marina project. According to The National newspaper, this is one of the largest foreign investments ever proposed in an island nation in the Indian Ocean.
The agreement was signed at a ceremony held in Dubai on Monday, with Eagle Hills founder and chairman Mohamed Alabbar in attendance, alongside high-ranking officials from the Maldivian government.
Project Details and Investment Structure
The "Maldives Waterfront and Marina" project, being developed in Rasmalé, is a multi-faceted initiative. Under this project, international-standard hotels and resorts will be built. In addition, it will feature premium and branded residences, waterfront promenades, restaurants, retail shops, and entertainment and wellness centers.
Citing Eagle Hills, news reports state that the project will be carried out in phases, with a total estimated investment of $20 billion. However, this is not a single lump-sum investment by Eagle Hills, but rather the cumulative total of investments planned across the various phases of the project. Specific details regarding how the project will be funded, the timeline for physical works, and the exact amount of direct investment by Eagle Hills have not yet been disclosed.
Economic Benefits and Job Opportunities
The project is projected to bring massive transformations to the Maldivian economy. Initial estimates indicate that the project will generate over $30 billion in gross foreign investment throughout its lifecycle, including $18 billion in net foreign investment for the Maldives.
Furthermore, reports state that over 54,000 direct and indirect jobs will be created. Once fully completed, it is estimated to attract more than one million tourists annually, generating over $2 billion in tourism revenue each year.
Rasmalé and Economic Diversification
Rasmalé is a major project launched by the government to address Malé's housing shortage and congestion. The new city, being developed by reclaiming Fushidhigaru Lagoon, will encompass residential areas as well as business and tourism zones. Authorities describe this as the largest land reclamation project ever undertaken in the Maldives. The master plan for the project involves reclaiming an area larger than 1,100 hectares and constructing 65,000 housing units.
To diversify the Maldivian economy—which is heavily dependent on tourism—the government has been actively seeking foreign investments. In line with this, the government signed an agreement with Dubai-based MBS Global Investments in May 2025 to develop an $8.8 billion financial center in Malé. MBS Global informed The National that the project is not intended to compete with financial hubs in the UAE.
Eagle Hills' Experience and International Projects
Eagle Hills is a prominent company known for executing waterfront developments around the world. The company's founder, Mohamed Alabbar, is also the founder of Emaar Properties, the developer behind Burj Khalifa, the world's tallest building, and the Dubai Mall.
Last August, Eagle Hills took over the redevelopment of Lulu Island in Abu Dhabi, where it plans to build a community housing 20,000 people. Additionally, the company is undertaking the $2.5 billion "Durres Yachts and Marina" project in Albania, which includes 12,000 homes, hotels, retail outlets, and a superyacht marina. Its projects in the UAE include the $1.2 billion Maryam Island waterfront development in Sharjah.
The Maldives Waterfront and Marina project in Rasmalé will be a major addition to Eagle Hills' portfolio. With the commencement of physical work on this project, which is tied to the Maldives' economic master plan, the landscape of Fushidhigaru Lagoon is set to change completely.
