UAE developer Eagle Hills launches $12 billion Maldives project
UAE real estate company Eagle Hills announced plans for a $12 billion mixed-use development in the Maldives, its first project in the Indian Ocean archipelago. The Maldives Waterfront and Marina development in the Ras Malé area will include international hotels, residences, retail and leisure facilities. Construction could begin in the first quarter of next year on the 550-hectare site, its chairman said. The Maldives government will receive 10% of commercial sales revenue and a 4% fee on property transactions, and 5,000 homes will be built for local families.
By Federico Maccioni DUBAI, Sept 21 (Reuters) — UAE real estate company Eagle Hills on Monday announced it will invest around $12 billion in a mixed-use project in the Maldives, marking its official entry into the Indian Ocean archipelago. Located in the Ras Malé area, the Maldives Waterfront and Marina development will host facilities including international hotels, premium residences as well as retail and leisure, the company said in a statement.
"We continue searching for large-size projects," Mohamed Alabbar, the founder and chairman of Eagle Hills, told Reuters in an interview, adding that construction on the 550-hectare (1,359 acres) site could start in the first quarter of next year. Alabbar is also the founder and chairman of property company Emaar, which developed the Burj Khalifa in Dubai, the world's tallest building. "Most probably Emaar will get involved as well... but I will open the door for local Maldivian companies and individuals to invest with us because...
this is their country. We should open the door for them to invest with us," Alabbar said. The Maldives government will receive 10% of the sales revenue of commercial development and a 4% fee on every property transaction, its Minister of Infrastructure, Housing and Urban Development Abdulla Muththalib said during a press conference in Dubai on Monday. He said that 5,000 homes will be built for Maldivian families as part of the development.
Eagle Hills has a global footprint extending across more than 18 countries and a hospitality portfolio of 45 hotels. com, +971 527370852)