Minister of Finance and Public Enterprises Hassan Zareer has said the USD 20 billion Rasmale’ Waterfront and Marina project will transform the economy.
The government has officially signed a landmark Commercial Terms Agreement with Abu Dhabi-based private developer Eagle Hills to launch the "Maldives Waterfront and Marina” project. Set for development in the Ras Male’ area, the multi-phased integrated island destination represents an envisioned USD 20 billion investment, making it the most ambitious development initiative in the history of the Maldives.
The minister described the agreement as historic and the largest project in the Maldives’ history. He said the project is not limited to the waterfront and marina but will also include developments intended to benefit the people of Maldives. He said the project will begin with 5,000 housing units, which would cost about USD 500 million.
Construction for this component is expected to start early next year. He said the government wishes to focus the project in Hulhumale’. He highlighted the scale of the investment, stating that USD 20 billion is about three times the Maldives’ GDP of USD 7.7 billion.