For decades the Maldives has been the classic overwater villas, turquoise lagoons and secluded resorts. Every day, access to the world’s most iconic fashion and lifestyle brands has been limited. This is about to change. Abu Dhabi-based developer Eagle Hills, chaired by Mohamed Alabbar, is working with the Government of the Maldives on the Maldives Waterfront and Marina at Rasmale’ – a new urban island emerging from Fushi Dhiggaru Lagoon, around 17-20 minutes by speedboat from Malé.

The project, announced in September 2026 under a commercial-terms pact, is being billed as one of the biggest foreign investments in the Maldives’ history. The first phase of development is estimated to be worth around $12 billion, with the total program worth up to $20 billion across phases. Eagle Hills will construct an integrated city on some 500-550 hectares of reclaimed land (part of a larger Rasmale' expansion planned to be about 1,100 hectares), not another isolated resort.

The master plan includes international hotels and resorts, premium and branded residences offered on leasehold terms of up to 99 years, a world class yacht marina, waterfront promenades, restaurants, leisure and wellness facilities, schools, healthcare, playgrounds and theme parks. Retail and food-and-beverage districts are among the explicit features. The commercial streets and arcades are to be designed to accommodate the sort of international retail mix that Dubai, Singapore or European capitals have long been known for – exactly the sort of environment in which brands such as H&M and Louis Vuitton operate globally – in a destination expected to attract more than one million additional visitors a year at maturity and generate more than $2 billion in annual tourism revenue.

Eagle Hills has an established record. Alabbar is also the founder of Emaar Properties, the company behind Downtown Dubai, the Burj Khalifa and The Dubai Mall. The group already has a hospitality portfolio of 45 hotels across more than 18 countries. Officials say the Rasmale’ development is expected to generate over 54,000 direct and indirect jobs, and to channel significant foreign investment—preliminary estimates suggest it will be more than $30 billion in gross foreign investment over the life of the project—through the Maldivian banking system.

The commercial structure is designed to provide sustained public revenue without tax holidays and sovereign guaranties. Tourism goods-and-services tax at standard rates on accommodation, food and retail. Ten percent share of the master developer’s revenue from commercial sales. Four percent fee on property transactions in the early phases. The government projects that the state’s revenue will be more than $11 billion during the development period. As part of the deal, Eagle Hills will also build 5,000 three-bedroom homes for Maldivian families in Hulhumale, funded by the developer up front and repaid from the government’s revenue share rather than new public debt.

Maldivians still own land and it is leased, not sold. By the end of September 2026 reclamation was well underway and construction could begin at the Eagle Hills site in the first quarter of 2027. Half of the development area is reserved in a way that supports local housing and community needs and the tourism and residential product.

'Rasmale' is therefore not just another luxury address. It is marketed as a full-service waterfront city where residents and longer-term visitors can combine lagoon living with the retail, dining and leisure options previously available only by flying somewhere else. Global brands – from accessible fashion houses to luxury maisons – find a physical platform in the promenades, marina and retail arcades to establish a permanent Maldives presence. The brands the headline imagines are the natural next act, Eagle Hills is building the stage.