Eagle Hills Chairman Mohamed Alabbar says the Ras Male' Waterfront and Marina project will attract high-end tourists to the Maldives, sharing the reasons behind his interest in undertaking the development in an interview with PSM.
Ras Male' Waterfront and Marina is the largest investment project currently being undertaken in the Maldives. Alabbar said he was not initially compelled to pursue a project in the country and had not intended to develop a hotel when the opportunity to invest in the Maldives was first discussed.
However, he said he became interested after recognising the project's potential to facilitate major economic activity and deliver benefits to the Maldivian people.
“I know how to do this. Just looking at the tourists this project will bring, we are talking about around 900,000 people. I am confident even more will come. After seeing the scale of the surrounding resorts, I said, let us go ahead with this,” Alabbar said.
Eagle Hills expects the project to generate substantial revenue for the Maldives. According to the company, the commercial terms agreement signed so far does not include duty or tax exemptions during the construction period or after the project is completed. This is expected to ensure that the Government receives a significant share of revenue from the development.
Alabbar also expressed confidence that the project would attract tourists who spend considerably more than the average visitor to the Maldives. He estimated that each tourist visiting developments of this standard would spend around USD 2,000 per trip, adding that Eagle Hills has the expertise to develop facilities capable of attracting this market.
“When we talk about expanding tourism, if we want high-quality tourism, we have experience in developing large, high-quality destinations like this. Tourists interested in such places spend around USD 2,000 per trip on average. The Government's revenue will also increase through taxes,” Alabbar said.
Eagle Hills estimates that the project will generate a total of USD 20 billion in revenue by the time it is completed. Including investments made during the construction phase, the overall figure is projected to exceed USD 31 billion.
The Government has highlighted that the project represents a larger investment than the total investment currently operating in the Maldives' tourism industry.
Discussions between the Government and Eagle Hills are ongoing regarding the project's agreement before construction begins. Eagle Hills has stated that it is ready to commence the physical works following the conclusion of the discussions.