Eagle Hills Chairman Mohamed Alabbar has said the Maldivian government will retain control over property buyers and lease agreements under the proposed Maldives Waterfront and Marina project, stressing that the developer must operate within the country’s laws and regulations.
Speaking in an interview with MMTV, Alabbar said buyers of leasehold properties would have to comply with government requirements, with the relevant legal documentation and transactions handled under government oversight.
“If the government has blacklisted someone, that person cannot buy the property,” Alabbar said, adding that the government would determine who is eligible to purchase property under Maldivian law.
He compared the process to Dubai, where property transactions are handled by the Land Department, which oversees legal requirements and conducts Know Your Customer (KYC) checks to determine buyers’ eligibility.
Alabbar also addressed concerns about Eagle Hills’ financial capacity to undertake a development estimated at between $12 billion and $20 billion. He said the company finances its projects through a combination of equity, loans and property pre-sales, adding that it had not needed to bring in outside private equity investors.
Reflecting on his business career, Alabbar cited the nearly $18 billion Downtown Dubai development, announced in 2004, and said his experience over approximately 28 years had enabled him to undertake major projects in different countries.
Regarding the use of Maldivian banks for project funds, Alabbar said keeping money in the Maldives and working with local businesses reflected the company’s commitment to contributing to the local economy.
He said the project should deliver more than real estate, highlighting job creation, training, better salaries and opportunities for local contractors, architects and suppliers. He also stressed the importance of purchasing goods from local businesses and contributing tax revenue to the government.
Alabbar said his meeting with Maldivian businesspeople had been positive and that he had encouraged them to participate in the project, including through investment opportunities.
“I am a guest here. I need advice from people,” he said, explaining that Eagle Hills was open to recommendations from the local community.
He added that the company would follow the laws of every country in which it operates, even when those laws change.
“If you don’t like the law, don’t invest in the country,” Alabbar said.
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