The Maldives government has approved a $20 billion investment from Abu Dhabi-based company Eagle Hills to develop a major new project near the capital, Male.
The project, planned across 500 hectares of reclaimed land in Ras Male, will include a marina, residential properties and hotels. The Maldivian government described it as one of the largest development projects in the country’s history.
According to the government, the project could create more than 54,000 direct and indirect jobs over its lifetime. However, officials have not yet announced when construction will begin.
The announcement comes a year after the Maldives signed an $8.8 billion investment agreement with another UAE-based company to create a new 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, is highly vulnerable to rising sea levels caused by climate change. President Mohamed Muizzu has backed the development of large structures on reclaimed land at higher elevations as part of efforts to address the threat of rising seas.
