Agreed or preliminary · Maldives
Maldives Waterfront and Marina
Commercial terms agreement signed 21 September 2026 in Dubai. 500 ha of Ras Malé.
Partner / structure Government of Maldives (Ministry of Infrastructure, Housing and Urban Development)
Entity dossier · Company
Private real-estate developer, Abu Dhabi
eaglehills.com (opens in a new window)
The Abu Dhabi developer that signed a commercial terms agreement with the Government of Maldives on 21 September 2026 for the Maldives Waterfront and Marina project in Ras Malé. What is documented about the company, its partners, its projects abroad and the Maldives deal — and what is not.

Reviewed · Every claim carries an evidence grade and numbered sources Created for the Eagle Hills dossier page (/entities/eagle-hills), which carries the graded, sourced research. Founding month per company materials; day not published.
01Snapshot
A founder-led private developer from Abu Dhabi, separate from Emaar, building large waterfront districts in partnership with governments.
A private real-estate developer headquartered in Abu Dhabi, founded in January 2014 and chaired by its founder, Mohamed Ali Alabbar. On 21 September 2026 it signed a commercial terms agreement with the Government of Maldives for the Maldives Waterfront and Marina project on 500 ha of Ras Malé.
What it is
A privately held real estate investment and development company building large mixed-use, waterfront and urban-regeneration districts.
Headquarters
Abu Dhabi, United Arab Emirates.
Founded
January 2014, when Mohamed Alabbar presented the Belgrade Waterfront plan on its behalf.
Founder and chairman
Mohamed Ali Alabbar, born 8 November 1956 in Dubai.
Relationship to Emaar
A separate company. Alabbar founded Emaar Properties in 1997 and is its managing director. Emaar may join the Maldives project; the current agreement is with Eagle Hills alone.
Listing
Not listed. Alabbar said in September 2026 that an IPO “was not on the table”.
Footprint
Varies by source: company press releases list 10 countries; its website lists 16; Semafor says at least 18; Alabbar says close to 30 projects outside the UAE.
Hotels
Between 35 and 45 depending on the source: “more than 35” (Arabian Business), 38 across six countries (company), 45 (Maldives ministry release).
In the Maldives
500ha of Ras Malé
The Maldives Waterfront and Marina project: 500 ha of Ras Malé under a commercial terms agreement signed on 21 September 2026.
Also known as Eagle Hills Properties LLC · Eagle Hills Properties
Related entities
02The Maldives deal
Signed 21 September 2026, Dubai. A commercial terms agreement for 500 ha of Ras Malé; the detailed agreements are still to come.
Signatories
A commercial terms agreement setting out a shared vision and the principal commercial terms. Detailed agreements, financing, master planning and the technical, planning and environmental processes are to follow. It is closer to a term sheet than a final contract. The agreement has not been published.
What is it worth? Two figures, attributed
Government of Maldives (infrastructure ministry release) · Overall development scale
Reuters, Bloomberg, The National · Reported project value
Alabbar, to Khaleej Times · “Could reach” this figure
Eagle Hills’ own release leaves the figure blank in the published text. Eagle Hills’ direct equity commitment has not been disclosed.
Ras Malé, about 1,100 ha
~70% reclaimed (25 Sept)
Ras Malé is being reclaimed in the Fushi Dhiggaru lagoon, about 17 minutes by speedboat from Malé. 500 ha of roughly 1,000–1,100 ha are allocated to the project; Bloomberg reported a 5.2 million m² site. His Excellency Dr Mohamed Muizzu, President of the Republic of Maldives, said on 25 September that reclamation is about 70% complete, will finish by the end of the year, and that the remaining ~600 ha stays allocated to public housing.
Hotels and resorts (three resorts, according to Finance Minister Hassan Zareer), premium and branded residences, a marina, waterfront promenades, retail, dining, entertainment, wellness, a water park, schools, healthcare and community facilities, across five districts developed in line with demand.
What the state receives, according to the minister
As set out by Minister Muththalib. Unclear: the base for the 10% (gross sales, operating income or profit), its duration, and who controls the escrow account.
Properties are sold as long-term leaseholds under Maldivian law, for up to 99 years. According to Eagle Hills’ release, each transfer — a sale or an inheritance — starts a new lease of up to 99 years. That sentence appears in the company’s version of the release, not in the government’s. The terms of Eagle Hills’ own master lease over the 500 ha have not been disclosed.
2030 First sale
One fixed lease of up to 99 years
A new lease of up to 99 years on each sale or inheritance (Eagle Hills’ release)
After the first sale in 2030, the fixed lease still ends in 2129; the restarting lease now ends in 2129.
Article 251 of the Constitution bars foreign ownership of Maldivian territory and caps leases to foreign parties at 99 years. A 2015 amendment allowing foreign freeholds for projects of USD 1bn or more on land at least 70% reclaimed was repealed unanimously in April 2019.
Preliminary projections by the company and the ministry
Housing in Hulhumalé
Eagle Hills is to build 5,000 three-bedroom homes in Hulhumalé (not Ras Malé), costed at USD 400–500m, funded upfront by the company and recovered from the government’s 10% revenue share.
Residency
Minister Muththalib says property ownership gives no pathway to permanent residency or citizenship, and that the government keeps the power to approve buyers and visas. The Eagle Hills sales site markets the Maldives Corporate Resident Visa (five years, renewable, from USD 250,000).
Environment
No further dredging by Eagle Hills; independent marine monitoring during construction.
Co-investors
The project sales site invites qualified investors to co-invest through “The Office of Mr. Mohamed Ali Alabbar”, with stated priority to Maldivian investors.
The reclamation so far
Reclamation was launched on 18 December 2023. The original contract with Sri Lanka’s CMCC was cancelled in May 2024 after 29 ha; the Anti-Corruption Commission opened an investigation in March 2024 on a complaint. The work has since been split among several contractors.
Positions in the Maldives, as reported
Supporting
Critical
Accuracy notes on Maldives-facing marketing
03Footprint
Keystone and listed projects by status. Choose a pin, a status or a region; the list below holds the same projects.
Headquarters, Abu Dhabi · larger pins are keystone projects · locations are approximate
Agreed or preliminary · Maldives
Commercial terms agreement signed 21 September 2026 in Dubai. 500 ha of Ras Malé.
Partner / structure Government of Maldives (Ministry of Infrastructure, Housing and Urban Development)
Not an Eagle Hills project: Trump Tower Belgrade, on the former Yugoslav Army General Staff site, is a venture of Jared Kushner’s Affinity Partners. No evidence of Eagle Hills involvement was found.
04Timeline
Scroll sideways, or jump to a year.
2007
A joint venture set up under the direction of the Abu Dhabi Government by Aldar, Sorouh, Mubadala Development, Al Qudra, Reem International and Al Reem Investments, to develop large schemes abroad.
January 2014
Alabbar and Aleksandar Vučić, then deputy prime minister of Serbia, unveil the Belgrade Waterfront master plan.
2014–2015
The National reports that Eagle Hills merged with and absorbed Al Maabar as a subsidiary.
April 2015
Signed under a lex specialis; Eagle Hills holds 68%, the Republic of Serbia 32%.
April 2016
Overnight demolitions on election night by masked men lead to mass protests. President Vučić later said top city officials were responsible. No finding was made against Eagle Hills.
2018
Maryam Island and Kalba Waterfront launched with Shurooq (50:50); La Gare launched in Addis Ababa.
December 2020
He steps down as Emaar chairman to comply with UAE governance rules.
November 2022
Approved by Albania’s Parliament through an accelerated procedure.
September 2023
Sheikh Khaled bin Mohamed bin Zayed tours Belgrade Waterfront with President Vučić and Prime Minister Orbán.
December 2023
Reclamation in the Fushi Dhiggaru lagoon is launched on 18 December 2023.
June 2024
A joint development in Oman.
January 2025
Purchase agreement for Rákosrendező in Budapest; Tbilisi Waterfront and Gonio announced; a major Belgrade expansion reported at $12.4bn.
February 2025
Budapest city exercises a pre-emption right and the project is cancelled. Albania’s Constitutional Court rejects a challenge to the Durrës law.
June 2025
After a presidential veto and a second parliamentary vote.
Sept–Oct 2025
UAE President Sheikh Mohamed bin Zayed leads a delegation to Georgia; the Tbilisi showroom opens in October.
May 2026
Damascus (Dummar) and Latakia; reported at $20bn+ (Bloomberg) to $50bn+ (Arabian Business). Preliminary.
21 September 2026
Commercial terms agreement for the Maldives Waterfront and Marina, signed in Dubai.
Q1 2027
Construction start targeted for the first quarter of 2027, according to Zawya citing the Maldives Independent.
05Behind the money
What the record shows
Alabbar is the public face, founder and chairman. No published shareholder register, audited accounts or bond prospectus was found.
Eagle Hills absorbed Al Maabar, an Abu Dhabi government-designed vehicle for overseas development. Aldar confirmed it sold its Al Maabar stake in 2013, and the other Abu Dhabi partners were understood to have done the same. This shows inherited lineage; it does not establish who owns Eagle Hills today.
Semafor, drawing on Bloomberg and Reuters interviews, describes Eagle Hills as having close ties to the ruling family of Abu Dhabi. This is a characterisation by reputable outlets, not a documented ownership link.
The largest projects repeatedly follow government-to-government agreements with the UAE, often after visits by UAE leaders — in Georgia, Serbia, Hungary and Montenegro. In Albania, Prime Minister Edi Rama described three years of negotiations with “the prince of the UAE” and Alabbar (reported).
Joint ventures give host states a minority share: Serbia 32% in Belgrade, the Georgian state 33% (claimed), Shurooq 50% in Sharjah, and a partnership with Diyar Al Muharraq in Bahrain.
The Carnegie Endowment reports that the Durrës marina’s roughly €2bn valuation rests on €160m of initial capital, half guaranteed by the Albanian state, with the rest financed by off-plan sales.
For example, a Dh300m facility from National Bank of Fujairah for The Address Fujairah Resort.
The amount Eagle Hills will invest directly has not been disclosed. Investors are invited to co-invest through “The Office of Mr. Mohamed Ali Alabbar”.
Not established by any source reviewed
These remain open questions; nothing on this page should be read as an answer to them.
Host-state stakes in joint ventures
Belgrade Waterfront
Eagle Hills 68%Republic of Serbia 32% Confirmed
Eagle Hills committed €150m in cash, a €150m shareholder loan and a €130m loan to the Serbian state for land purchase and clearance.
Tbilisi Waterfront & Gonio
Eagle Hills 67%Georgian state 33% Claimed
Maryam Island & Kalba (Sharjah)
Eagle Hills 50%Shurooq 50% Confirmed
06The deal pattern
A recurring model, documented across several countries.
Projects typically arrive through UAE-to-host-state agreements or direct negotiation with heads of government, rather than open tenders.
SerbiaAlbaniaMontenegroHungaryGeorgia
Serbia passed a lex specialis in April 2015 bypassing ordinary rules on expropriation, permits and land use. Albania used an accelerated procedure and exempted the investor from infrastructure impact tax and social-housing contributions. Montenegro’s agreement allows land allocation without public bidding.
SerbiaAlbaniaMontenegro
Public land goes into a joint venture in exchange for development and a state minority share: Serbia 32%, Georgia 33%; in Albania, 812,600 m² transferred free of charge under the port law.
SerbiaGeorgiaAlbania
Georgia classified its agreement; Albania withheld a beneficial owner’s identity; the Maldives agreement is unpublished.
GeorgiaAlbaniaMaldives
Reporting by the Carnegie Endowment, OC Media and Balkan Insight documents a recurring model of state-led, negotiated partnerships that has drawn transparency questions in several jurisdictions. No court or anti-corruption body has made an adverse finding against Eagle Hills in any source reviewed.
07Track record
Issue
Selection without a competitive tender; contract published months after signing; overnight demolitions in Savamala in April 2016; mass protests (Ne da(vi)mo Beograd).
Outcome
The project proceeded and expanded. President Vučić acknowledged city officials’ responsibility for the demolitions. No finding against Eagle Hills.
Issue
No open tender; the European Commission sought clarification; the EU withdrew a €28m port-modernisation grant; an opposition criminal complaint.
Outcome
The Constitutional Court upheld the law in February 2025.
Issue
The land sale was opposed as undervalued; the city favoured affordable housing.
Outcome
Cancelled in February 2025.
Issue
The agreement allows land to be leased without a tender; a presidential veto; local opposition in Ulcinj.
Outcome
Ratified in June 2025; the Carnegie Endowment reports Alabbar later withdrew.
Issue
The agreement is classified; economists have questioned its scale.
Outcome
Proceeding; a showroom opened in October 2025.
Issue
Unpublished agreement; 99-year leases that restart on each transfer; questions over the land’s valuation.
Outcome
Terms agreed; detailed agreements pending.
Delivered projects
08People
Heads of state and government, ministers and mayors whose roles are documented in the reporting. The lines show documented contact, not ownership.
Principal
Founder and Chairman, Eagle Hills · Founder and Managing Director, Emaar Properties
Born 8 November 1956 in Dubai, the eldest of 12 children; his father was a dhow captain. Seattle University graduate (1981). Founded Emaar Properties in 1997 (Burj Khalifa, Dubai Mall, Downtown Dubai — Emaar projects, not Eagle Hills ones); Emaar chairman 1997–2020 and managing director since December 2020. Founded Noon.com and chairs Americana Group. Earlier led Emaar’s 2005 Syria ventures (Damascus Hills, Eighth Gate), halted in 2011.
Maldives
United Arab Emirates
Serbia
Albania
Montenegro
Hungary
Georgia
Syria
Drag a name to move it; choose one to read their link.
Maldives
President of the Republic of Maldives
Ras Malé is his flagship project; he has publicly defended the deal.
Maldives
United Arab Emirates
Serbia
Albania
Montenegro
Hungary
Georgia
Syria
Other executives named in business directories are not listed here: no company filing or press release confirms them.
09Fact checks & open questions
A single value for the Maldives project
Two figures, attributed: USD 12 billion (Eagle Hills’ reported figure and the international wires) and up to USD 20 billion (Government of Maldives).
Alabbar is chairman of Emaar
He has been founder and managing director of Emaar since December 2020.
Downtown Dubai and Burj Khalifa are Eagle Hills projects
They are Emaar projects.
Eagle Hills operates in N countries with N hotels
Counts vary by source; attribute any figure used.
Trump Tower Belgrade is an Eagle Hills project
It is a venture of Jared Kushner’s Affinity Partners on the former Yugoslav Army General Staff site; no evidence of Eagle Hills involvement was found.
Eagle Hills is linked to the ruling family
“Close ties to the ruling family” is a media characterisation (Semafor); attribute it.
Eagle Hills is building in Montenegro
Unclear: the Carnegie Endowment reports a withdrawal; the company website still lists Montenegro.
Open questions as of 27 September 2026
10Coverage
Minister of Infrastructure, Housing and Urban Development Dr Abdulla Muththalib answers the Palestine-related concerns raised about Rasmalé: what Zionist settlement has historically required, what the April 2025 Israeli passport ban already does, and the protections proposed for the sale.
By Dr Abdulla Muththalib
11Sources
Numbers match the citations throughout the page.
Last reviewed 27 September 2026. Created for the Eagle Hills dossier page (/entities/eagle-hills), which carries the graded, sourced research. Founding month per company materials; day not published.
Good Morning Maldives, "Eagle Hills", independent record (graded), retrieved 23 October 2026, www.goodmorningmaldives.com/entities/eagle-hills
Add the fact’s own link (#fact-…) to cite one line. Citation guide
AdvertisementGood Morning Maldives

Source 3
Eagle Hills signs commercial terms agreement with the Government of Maldives
Eagle Hills (press release) · 21 Sept 2026
Source 4
Abu Dhabi’s Eagle Hills signs Maldives Waterfront and Marina deal
The National · 21 Sept 2026
Source 10
Bvlgari Hotels & Resorts sign agreement with Eagle Hills (Abu Dhabi, 2030)
Eagle Hills (press release)
Source 13
Emaar boss uses Eagle Hills property firm to revive push into Africa
The National
Source 14
Eagle Hills plans $12bn Maldives waterfront destination
Gulf Business · Sept 2026
Source 17
UAE developer Alabbar to invest $20bn in Syria developments
Semafor · 16 July 2026
Source 18
Dubai property tycoon plans $20 billion development in Syria
Bloomberg · 15 July 2026
Source 20
Crown Prince of Abu Dhabi visits Belgrade Waterfront
WAM / Abu Dhabi Media Office · 29 Sept 2023
Source 22
Montenegro investment deal with UAE raises fears for untouched beach
Balkan Insight · 23 Apr 2025
Source 23
Montenegro president defies government over Emirati development deal
Balkan Insight · 29 Apr 2025
Source 25
Cranes, capital and coercion: Belgrade’s real estate boom
Turning Point · Sept 2026
Source 26
After a series of controversial projects, Eagle Hills sets its sights on Georgia
OC Media · Nov 2025
Source 28
Constitutional Court rejects appeal against Durrës tourist port project
Euronews Albania · Feb 2025
Source 29
Rules or deals: the EU’s challenge in regulating corrosive capital in the Western Balkans
Carnegie Endowment · Dec 2025
Source 32
Belgrade Waterfront protesters renew resignation demands over demolitions
Balkan Insight · July 2016
Source 33
Eagle Hills launches $2.5bn superyacht port project in Albania
bne IntelliNews · Nov 2022
Source 37
Eagle Hills plans major projects in Damascus and Latakia
Syrian Observer · May 2026
Source 38
Eagle Hills expands its European portfolio with development in Rome
Eagle Hills (press release)
Source 40
“Not an inch sold”: the Eagle Hills deal and the foreign ownership question
Maldives Independent (Ahmed Naish) · 23 Sept 2026
Source 48
Dubai, Abu Dhabi property firms eye $12 billion Maldives project
Bloomberg · 21 Sept 2026
Source 49
Eagle Hills signs $12 billion Maldives waterfront deal
Gulf News · Sept 2026
Source 50
Commercial terms, foreign leaseholds and felled figs
Maldives Independent · Sept 2026