Maldives faces controversy over Eagle Hills waterfront lease and land ownership rules

A letter of intent signed in Abu Dhabi on September 21 binds the Maldivian government to a partnership with Eagle Hills, the Abu Dhabi firm founded by Mohamed Alabbar, to develop a waterfront and marina on the reclaimed Ras Malé island. The plan grants Eagle Hills a 99-year lease on 500 of the 1,009 hectares earmarked for reclamation, allowing it to build resorts, commercial facilities and residential units for foreign investors without paying an acquisition fee or rent.

In return, the developer will fund 5,000 housing units in nearby Hulhumalé, with costs to be recouped from the government's share of project revenue. Officials tout potential $20 billion investment, job creation and diversification of the tourism-driven economy, while opponents highlight the opaque terms, conflicting valuation numbers and the risk of circumventing constitutional limits on foreign land ownership. The deal has ignited social-media protests under #EagleHillsOut and drawn criticism over Alabbar’s past projects and his ties to Israel, despite assurances of compliance with the Maldives’ passport ban. Parliament is expected to consider a supporting real-estate bill soon, but the full contract remains unpublished.