Mohamed Alabbar, chairman of Eagle Hills and Emmar Properties, is set to visit the Maldives tomorrow as the developer prepares to undertake what has been described as the largest investment project in the country’s history.
Alabbar is scheduled to arrive in the Maldives tomorrow morning. During his visit, he is expected to meet local media for interviews and hold discussions with leading Maldivian business figures. A special media and business session is also scheduled for tomorrow afternoon.
He is expected to depart the Maldives on Friday after completing his visit.
Alabbar is the chairman of Eagle Hills and Emmar Properties, the companies behind several major developments in the UAE and internationally, including Dubai’s Burj Khalifa and Dubai Mall. Eagle Hills is a real estate investment and development company with investments in more than 18 countries and a portfolio of 45 hotels.
$20 billion Rasmalé project
The Maldivian government signed a $20 billion commercial terms agreement with Eagle Hills last month to develop a major waterfront, tourism and marina project in Rasmalé.
The project is planned across 500 hectares of land reclaimed by the government and is envisioned as a large-scale mixed-use development featuring international-standard tourism facilities, luxury and branded residences, a modern marina and waterfront leisure areas.
It is also expected to include commercial establishments, restaurants and food and beverage facilities, wellness services, educational and healthcare facilities and other supporting amenities.
The remaining 600 hectares of Rasmalé are planned for housing, apartments and essential infrastructure.
In an AI-generated video message visualising the future of Rasmalé, Alabbar described being selected for the project as an honour for his company and said the development would work towards the aspirations of the Maldivian people.
“Trust us with the biggest investment in history. This is an honour for us. May Allah grant us success in this endeavour. God willing, we will work in line with their aspirations,” Alabbar said.
Alabbar studied Maldives before investment
According to people familiar with the matter, Alabbar conducted extensive studies before deciding to invest in the Maldives.
He visited the country several times this year to assess potential locations and determine where the investment would be most suitable.
During a visit to the Maldives, Alabbar toured different parts of the country by seaplane before identifying Rasmalé as the preferred location, according to a source familiar with the discussions.
The project is expected to be carried out with a focus on ensuring benefits for the Maldivian economy and the public, the source said.
5,000 Hulhumalé flats also planned
Housing Minister Dr Abdulla Muththalib said the Rasmalé project would be accompanied by what he described as a major benefit for Maldivian citizens.
He said Eagle Hills will begin work on 5,000 flats in Hulhumalé before starting the Rasmalé development.
Eagle Hills is also developing more than 8,800 properties in Rasmalé. Under the arrangement, the developer will sell lease rights to the properties, with 10 per cent of the resulting business revenue to be paid to the Maldivian government.
