The Maldives government has approved a $20 billion investment from Abu Dhabi-based company Eagle Hills to develop a large-scale project on reclaimed land near the capital, Male.
The development will cover around 500 hectares in Ras Male and include a marina, residential properties and hotels. The government described it as one of the most ambitious development projects in the country’s history.
According to a government statement, the project could create more than 54,000 direct and indirect employment opportunities over its lifetime.
The government has not yet announced when construction of the project will begin.
The investment comes after the Maldives entered into an agreement last year with another UAE-based company for an $8.8 billion investment zone aimed at diversifying the country’s tourism-driven economy. That project has yet to begin.
The Maldives, made up of 1,192 small coral islands spread across the equator, faces significant risks from rising sea levels linked to global warming.
President Mohamed Muizzu has previously said the country plans to develop large structures on reclaimed high ground as part of efforts to address the threat posed by rising sea levels.
The new Ras Male project is therefore being positioned as a major development initiative combining tourism, housing and infrastructure on reclaimed land near the capital.
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