The Maldives is the next coastline for UAE real estate developer Mohamed Alabbar, who signed an agreement with the archipelago’s government for a $12 billion waterfront and marina development near the capital Malé. The project will be run through his Abu Dhabi-based firm Eagle Hills, which has close ties to the emirate’s ruling family; Dubai-based Emaar, also headed by Alabbar, may invest too, he told Reuters.
Alabbar, who made his name with Downtown Dubai, was expanding abroad even before the US-Iran war as the UAE market became saturated. Eagle Hills’ portfolio spans at least 18 countries; for the Maldives, the project marks its largest-ever investment. Earlier this year, Eagle Hills said it would move forward with a multibillion-dollar plan for housing and tourism developments along Syria’s Mediterranean coast.