Maldives approves $20bn UAE marina and hotel project

The Maldives government said Monday it had approved a $20 billion investment by Abu Dhabi-based Eagle Hills to build a marina, homes and hotels on reclaimed land near the capital Male.

The government said the project would cover 500 hectares in Ras Male and called it one of the most ambitious development initiatives in the country's history.

A government statement said the project could create more than 54,000 direct and indirect employment opportunities over its lifetime. It did not say when construction would begin.

The Maldives last year entered into an investment agreement with another UAE company to set up an $8.8 billion investment zone, but that project has not started.

The island nation is vulnerable to rising sea levels. President Mohamed Muizzu has said the Maldives wants to build mega-structures on reclaimed high ground to counter that threat.