President Dr. Mohamed Muizzu has said the USD 20 billion Maldives Waterfront and Marina project with Abu Dhabi-based developer Eagle Hills is expected to significantly expand the Maldivian economy and raise the country’s Gross Domestic Product (GDP) to a much higher level.
Speaking on PSM’s “Nation Chat” programme, President Muizzu said the project is part of the government’s wider effort to attract investment and accelerate economic development.
“We are bringing in various investments to achieve our goals. This recently signed project is one such initiative. God willing, from an economic perspective, this will take the Maldives’ GDP to another level, a much higher level,” he said.
The President’s comments come as concerns remain over the Maldives’ debt burden and wider economic vulnerabilities. In its June 2026 Article IV assessment, the International Monetary Fund (IMF) said public debt remained elevated and that the country continued to face a high risk of overall and external debt distress. The IMF called for measures to address macroeconomic imbalances and put public debt on a downward path.
Responding to criticism from opposition parties over the Eagle Hills agreement, President Muizzu accused opponents of misrepresenting the government’s vision for Rasmalé in an attempt to prevent large-scale projects that could benefit the public.
He described the Eagle Hills development as the largest foreign investment project in Maldivian history and said implementation was progressing as planned.
The President also rejected claims that the agreement contains provisions that could expose the Maldives to significant government liabilities.
According to Muizzu, the agreement does not include sovereign guarantees, government borrowing, tax concessions or duty exemptions. He said the arrangement is based on a lease of land rather than the transfer of land ownership.
He further rejected claims that land ownership would be transferred to a foreign company, stressing that foreign ownership of Maldivian land in violation of the Constitution would not be permitted.
The project’s property arrangements are based on a leasehold framework under Maldivian law, with leases of up to 99 years.
Muizzu also said national interests should take precedence over political differences, arguing that projects should not be opposed simply because they were initiated by a particular administration.
He said the government’s original vision for Rasmalé remains unchanged under the Eagle Hills agreement and that the development is expected to generate economic, infrastructure and social benefits for the country.
The Maldives and Eagle Hills signed the agreement for the Maldives Waterfront and Marina in Dubai on September 21.
The planned development includes hotels and resorts, premium and branded residences, a marina, waterfront promenades, retail and dining areas, entertainment and wellness facilities, as well as education, healthcare and community infrastructure.
The development is planned to be carried out in multiple phases, with the government placing the overall investment programme at USD 20 billion.
The USD 20 billion figure refers to the projected investment across the various phases of the development and does not represent a confirmed upfront capital investment.
