Alabbar Outlines Vision for $20 Billion Rasmalé Project

A New Vision for the Greater Malé Region

The proposed Rasmalé project has emerged as one of the most significant real estate and infrastructure developments under consideration in the Maldives. Led by Abu Dhabi-based Eagle Hills, the development is envisioned as an integrated waterfront destination combining residential communities, hotels, a marina, retail outlets, leisure facilities and public spaces.

In an exclusive interview with Sun Online in October 2026, Eagle Hills founder and chairman Mohamed Ali Alabbar discussed the project's ambitions, its anticipated economic contribution and the opportunities it could create for Maldivians. His remarks addressed several questions surrounding the scale of the investment, the proposed development timeline, employment prospects and the company's approach to financing.

Rather than describing Rasmalé as a conventional property development, Alabbar presented the concept as a complete destination requiring coordinated investment in buildings, transport infrastructure, hospitality, commercial activity and community facilities.

The proposed development is expected to cover approximately 500 hectares under a long-term land lease arrangement. Its location in the Greater Malé Region places it close to the country's principal population centre, international airport and established tourism and business networks.

On 21 September 2026, the Maldivian government and Eagle Hills signed a commercial terms agreement for the proposed Maldives Waterfront and Marina project. The announcement marked an important step in the development process, although the final contractual arrangements and subsequent implementation stages remain important milestones.

What Is Planned for Rasmalé?

The proposed USD 20 billion development is intended to establish a mixed-use destination rather than a residential island consisting only of apartments and hotels. The vision includes international hotels and resorts, premium and branded residences, a marina, waterfront promenades, restaurants, retail outlets and leisure and wellness facilities.

These components are intended to support a combination of residential living, tourism, recreation and commercial activity. A development of this scale would require roads, utilities, public spaces and supporting infrastructure to connect its different districts and make the destination functional throughout the year.

Alabbar has drawn on Eagle Hills' experience with large waterfront and mixed-use developments in other countries to explain the company's approach. Projects associated with the developer include Belgrade Waterfront in Serbia and Durrës Yachts & Marina in Albania, alongside developments in other international markets.

Such projects generally require more than the construction of individual properties. Their long-term success depends on creating an environment in which residents, visitors, businesses and investors can operate within a coordinated urban setting.

For the Maldives, the proposed Rasmalé development could expand the range of tourism and real estate products available in the Greater Malé Region. However, its eventual contribution will depend on the final master plan, infrastructure delivery, environmental safeguards, commercial performance and the terms agreed between the developer and the government.

5,000 Housing Units Planned for Hulhumalé

One of the most significant elements discussed by Alabbar is a proposed investment in 5,000 housing units in Hulhumalé. The housing component is estimated to require approximately USD 500 million in initial investment and is intended to address an important national priority: expanding access to housing.

According to Alabbar's remarks reported by Sun Online, Eagle Hills intends to finance this initial housing component upfront rather than wait for the wider Rasmalé development to generate sufficient revenue.

Under the financing approach he described, the company would initially deploy its own capital and seek to recover the investment progressively as the broader development advances. This arrangement is presented as a way to bring forward a housing component that could otherwise be delayed while other parts of the project are developed.

Housing affordability remains a major concern in the Maldives, particularly in the Greater Malé Region, where demand for residential accommodation places pressure on households, land availability and existing infrastructure.

The proposed 5,000 units could therefore represent a substantial addition to the housing supply if they are delivered according to the announced objectives. Their actual benefit to residents, however, will depend on factors including apartment sizes, selling prices, financing eligibility, payment terms and the intended categories of buyers.

It is also important to distinguish a commitment to develop housing from the delivery of completed homes. Further details about the housing programme, including its implementation schedule and allocation arrangements, will be necessary for prospective buyers and the wider public to assess its accessibility.

How Will the USD 20 Billion Project Be Financed?

Financing is another central question surrounding the proposed Rasmalé development. A project valued at approximately USD 20 billion would require substantial capital deployment over an extended period, particularly when its scope includes major infrastructure, residential buildings, hotels and commercial facilities.

Alabbar explained that the financing model would draw on three principal sources: the developer's own equity, bank financing and revenue generated through property sales.

Equity provides the developer's initial capital, while borrowing can support subsequent construction and development activities. Revenue from selling residential or other real estate assets can then contribute to funding additional phases of the project.

This approach is commonly associated with large-scale real estate development, where construction and investment are delivered in stages rather than through a single payment at the beginning of the project.

The proposed upfront investment in Hulhumalé housing is particularly relevant to this structure. Eagle Hills has indicated that it intends to deploy funds for the housing component before recovering the investment through the wider development.

Nevertheless, the precise financing arrangements will be important to understanding the project's financial risks and obligations. The total announced project value should not automatically be interpreted as money already invested or secured in cash.

Details such as the capital committed by the developer, borrowing arrangements, sales assumptions, development phases and mechanisms for managing financial risks will help establish how the project is expected to progress from an announced investment into completed infrastructure and properties.

Up to 40,000 Construction Jobs Expected

Employment is one of the major economic benefits highlighted by Alabbar. In his interview with Sun Online, he estimated that the development could generate approximately 40,000 jobs during the construction phase.

Large developments typically require a wide range of workers, including engineers, architects, construction supervisors, technicians, skilled tradespeople, equipment operators, logistics personnel and general construction workers.

Additional employment can arise through transportation, building materials, engineering services, catering, security, maintenance and other supporting activities. Local suppliers and contractors may also benefit when they are able to meet project requirements at competitive prices and within the necessary quality standards.

However, the estimated 40,000 construction jobs should not be interpreted as 40,000 permanent positions or as a guaranteed number of individual Maldivian employees. Construction employment is generally temporary and changes as different phases of a development begin and end.

The practical value of the employment opportunity will depend on how recruitment is organised, the skills required, the participation of Maldivian workers and the extent to which local companies can compete for contracts.

Training and skills development could also become important parts of the project's long-term contribution. If local workers gain experience in construction management, engineering, hospitality and facilities operations, some of those skills could remain valuable to the Maldivian economy beyond Rasmalé itself.

15,000 to 18,000 Permanent Jobs After Completion

In addition to construction employment, Alabbar estimated that the completed development could support between 15,000 and 18,000 permanent jobs.

These positions are expected to arise from the destination's operating businesses and facilities, including hotels, restaurants, residential properties, retail establishments, schools, parks and other services.

Unlike construction employment, permanent operational roles could continue after the main building programme has ended. A functioning waterfront destination requires staff to manage accommodation, customer services, food and beverage operations, property maintenance, landscaping, security, administration and other day-to-day activities.

Alabbar also indicated that employment in Eagle Hills' developments could offer competitive pay. The actual salary levels and employment conditions in Rasmalé will need to be established through future employers, recruitment policies and operating agreements.

For Maldivians, the key question will be how many of these opportunities are accessible to local workers and whether suitable training is available for positions requiring specialised qualifications or international experience.

The announced employment estimates are projections rather than confirmed vacancies. They provide an indication of the scale of activity anticipated by the developer, but the eventual number and type of jobs will depend on the final project scope, construction schedule and commercial demand.

Opportunities for Maldivian Businesses

Alabbar has also emphasised the potential for Maldivian businesses and local investors to participate in the development. The project could create demand for goods and services throughout construction and during the operation of its hotels, residences, restaurants and commercial facilities.

During construction, potential business opportunities could include building materials, equipment rental, transport, logistics, engineering services, catering, accommodation for workers and professional consultancy. The operating phase could create further demand for food suppliers, maintenance companies, retail operators, cleaning services, tourism providers and other local businesses.

For small and medium-sized enterprises, a development of this scale could provide access to a larger customer base. However, the extent of this opportunity will depend on procurement requirements, payment terms, contract sizes and the ability of local companies to meet the developer's standards.

Meaningful local participation requires more than the presence of a large foreign investor. Businesses need clear information about procurement processes, opportunities to register as suppliers and sufficient time to prepare competitive bids.

The participation of Maldivian investors is another area to watch. Any opportunities to invest alongside the development would need to be supported by clearly defined commercial arrangements, transparent risk disclosures and appropriate regulatory oversight.

If local companies are able to secure contracts and develop lasting commercial relationships, the benefits could extend beyond the immediate project. The important measure will be the actual value of contracts, investment and business activity retained within the Maldivian economy.

Tourism Growth and New Investment Opportunities

Tourism is another important part of the vision for Rasmalé. The proposed hotels, marina, restaurants, waterfront areas and leisure facilities are intended to create a destination that attracts visitors as well as residents.

Alabbar has pointed to the potential for the development to attract additional international visitors to the Maldives. His broader vision is that a well-planned destination can support tourism activity through accommodation, dining, shopping, entertainment and other experiences.

For the Maldives, a new destination in the Greater Malé Region could complement the established resort sector by offering a different combination of urban amenities, waterfront experiences and residential services.

The potential economic effects extend beyond hotel bookings. Visitor spending can support restaurants, transportation operators, retailers, excursion providers and other service businesses. Increased international visibility could also help attract further commercial interest in the country.

Nevertheless, projected visitor numbers should be evaluated carefully. Tourism performance will depend on air connectivity, international demand, hotel capacity, pricing, service quality and competition from other destinations.

The Maldives will also need to consider how additional tourism activity can be supported without placing excessive pressure on utilities, transport networks, coastal environments and other public infrastructure.

Potential Tax Revenue for the Government

Alabbar has identified tax revenue as another potential benefit of the development. Reporting on his interview has cited an estimate of approximately USD 2 billion in government tax revenue over the project's lifetime.

Such revenue could arise from economic activity associated with property transactions, tourism, hospitality, commercial operations and other taxable activities, depending on the final business structure and applicable Maldivian laws.

Tax receipts generated over an extended development period are different from immediate government revenue. Their timing and amount would depend on the pace of construction, sales, business operations, tax rules and the overall commercial performance of the destination.

A transparent assessment would therefore need to clarify the assumptions behind the estimate, the period covered, the categories of tax included and the expected schedule of receipts.

The public interest is not limited to the total amount of investment or projected revenue. It also includes the government's obligations, the infrastructure required to support the development and the protections available if agreed commitments are not fulfilled.

Why the Location Matters

Rasmalé's position in the Greater Malé Region is an important part of the development proposition. Its proximity to the capital's business community, Velana International Airport and established transport connections could help link the destination with existing economic activity.

A waterfront and marina development could also provide opportunities to connect tourism, hospitality, residential property and commercial services in one location.

However, location alone does not determine whether a development succeeds. Transport access, environmental conditions, utilities, public services and the quality of planning will influence its long-term performance.

The development will need to account for the environmental sensitivity of the Maldivian marine environment, including coastal processes and potential effects on surrounding waters. Detailed environmental assessments and appropriate mitigation measures will be essential before construction proceeds.

Effective planning will also be needed to ensure that the destination functions as a coherent community rather than a collection of disconnected buildings. Roads, utilities, public spaces and essential services must be planned alongside the residential and commercial components.

Land Lease, Public Transparency and National Interests

The proposed long-term land lease and the scale of the development have prompted public discussion about sovereignty, regulation, investment protections and the country's long-term interests.

In a separate Sun Online report covering the interview, Alabbar stressed that investors must comply with the laws and regulations of the countries in which they operate. He also said that a project should not proceed if the community does not support it and its concerns cannot be adequately addressed.

These assurances address important principles, but the practical protections will depend on the final legal and contractual framework.

Public transparency will be particularly important for a development involving a large area of land and a proposed 99-year lease. The final agreement should make the parties' rights, responsibilities and obligations understandable to the public, subject to applicable legal requirements.

Important matters include the permitted uses of the land, compliance with Maldivian law, environmental obligations, development deadlines, financial commitments, oversight mechanisms and the consequences of failing to meet contractual requirements.

Alabbar has expressed the view that the public should be informed about the final agreement. The government has also indicated that further details will be disclosed once the agreement is finalised.

Until the relevant documents are published, the announced project vision and the preliminary commercial terms should be distinguished from the final enforceable obligations of the parties.

When Could Construction Begin?

Alabbar has indicated that the project could require approximately a year of preparatory work before physical construction begins. This period would involve detailed design, environmental assessments, tender documentation and the appointment of contractors.

He has also expressed hope that the final agreement could be signed by the Maldives' Republic Day on 11 November 2026. This is a stated target rather than confirmation that the final agreement has already been concluded.

The distinction between signing an agreement and beginning construction is important. Large developments typically pass through several stages, including legal finalisation, design development, regulatory approvals, environmental studies, procurement and construction planning.

The actual start date will depend on the completion of these steps and the readiness of the relevant infrastructure and contractors.

For prospective property buyers, businesses and investors, future announcements about the final agreement, master plan, construction schedule and housing programme will provide a clearer picture of when individual components could become available.

What the Rasmalé Project Could Mean for the Maldives

The proposed Rasmalé development represents a major ambition for the Maldives' real estate, tourism and infrastructure sectors. Its announced scope combines a large waterfront destination with housing, hospitality, commercial activity and supporting urban infrastructure.

The potential benefits identified by Alabbar include 5,000 housing units in Hulhumalé, approximately 40,000 construction jobs, between 15,000 and 18,000 permanent jobs, opportunities for local businesses and additional tourism activity.

These projections are significant, but the project's ultimate value should be judged by what is delivered. Completed housing, accessible employment, genuine opportunities for Maldivian companies, responsible environmental management and transparent contractual arrangements will be more meaningful measures than the headline investment figure alone.

The government's role in protecting the public interest will remain important throughout the process. Clear legal safeguards, effective monitoring and timely disclosure of relevant information can help the public assess the balance between the proposed economic benefits and the obligations associated with a long-term development.

For the real estate sector, Rasmalé is a project to follow closely. Its progress could influence housing supply, tourism infrastructure, commercial demand and investor interest in the Greater Malé Region.

The next major milestones will be the finalisation and publication of the agreement, completion of the required planning and environmental work, confirmation of the financing and development programme, and the transition from proposals to construction.

Frequently Asked Questions About the Rasmalé Project

What is the Rasmalé project?

Rasmalé is a proposed waterfront and marina development in the Maldives led by Eagle Hills. The USD 20 billion vision includes residential properties, hotels, a marina, retail, restaurants, leisure facilities and supporting infrastructure.

Who is behind the Rasmalé development?

The project is being proposed by Eagle Hills, a real estate development company based in Abu Dhabi, chaired by Mohamed Ali Alabbar.

How many housing units are planned?

The announced plan includes 5,000 housing units in Hulhumalé, with an estimated initial investment of approximately USD 500 million.

How many jobs could the project create?

Alabbar has estimated approximately 40,000 construction-phase jobs and between 15,000 and 18,000 permanent jobs. These are projections and should not be treated as confirmed vacancies.

How will Eagle Hills finance the project?

Alabbar has described a financing approach combining the company's equity, bank borrowing and revenue from property sales. Further details will depend on the final arrangements.

When will construction begin?

Alabbar has indicated that preparatory work could take around a year. The actual construction start date will depend on final agreements, environmental assessments, detailed designs, approvals and contractor appointments.

Has the final agreement been signed?

The government and Eagle Hills signed a commercial terms agreement on 21 September 2026. The final agreement and its detailed obligations remain important milestones to monitor.