Maldives unveils $20 billion UAE investment

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

The project by UAE firm Eagle Hills, which would cover 500 hectares in Ras Male, is one of the most ambitious development initiatives in the country's history, the government said.

"Over its lifetime, the project could create more than 54,000 direct and indirect employment opportunities," a government statement said.

It did not say when construction would begin.

Last year, the Maldivian government entered into an investment agreement with another UAE company to establish an $8.8 billion investment zone aimed at diversifying the tourism hotspot, but the project is yet to start.

The Maldives is on the frontline of the battle against global warming, which could raise sea levels and swamp the nation of 1,192 tiny coral islands scattered across the equator.

President Mohamed Muizzu has said the country wants to build mega-structures on reclaimed high ground to combat rising sea levels.