The Maldives government has announced a $8.8 billion joint venture with Dubai-based MBS Global Investments. The partnership seeks to establish the Maldives International Financial Centre (MIFC), a blockchain and digital asset-focused financial hub in the capital, Malé, by 2030.
The initiative marks a strategic pivot for the debt-laden island nation, aiming to diversify its tourism-dependent economy and reduce reliance on traditional loans.
Maldives Set to Become a Global Blockchain Finance Hub
The joint venture agreement and accompanying Memorandum of Understanding (MOU) were formalized on May 4 under President Mohamed Muizzu’s oversight.
According to the Financial Times, the MIFC initiative will be implemented over five years. It will be funded through equity and debt. Furthermore, MBS has already secured $4–5 billion in commitments.
“The financial centre will set a new global benchmark, advancing financial innovation by at least two decades. It is the next evolution of what has been happening in other financial centres around the globe,” CEO of MBS Global Investments Nadeem Hussain said in the official press release.
The press release outlines that MIFC will offer strong tax incentives. These include no corporate tax and residency requirements, tax-free inheritance, and constitutional ownership rights.
The centre will also support multi-currency and offshore private banking alongside frameworks for digital assets and green finance, building a future-ready financial ecosystem.
“With the MIFC, we are shaping the Maldives of tomorrow, a beacon of innovation and national pride that will thrive in harmony with nature. The financial centre will be a symbol of economic resilience and will set a new global benchmark that will massively benefit the people of the Maldives for generations to come,” President Muizzu stated.
It is worth noting that the Maldives faces significant financial challenges. The country has debt obligations of $600–700 million due in 2025 and around $1 billion in 2026. In addition, the nation’s economy, heavily reliant on tourism, has struggled to generate sufficient revenue to service its debt.
Thus, MIFC represents a transformative strategy. It seeks to attract foreign investment, generate high-value employment, and establish a new revenue stream through financial services. Moreover, the project aims to boost the national GDP within four years.
It is expected to generate over $1 billion in revenue by the fifth year. This would mark a major step in the Maldives’ economic diversification and long-term financial resilience.
“This is a momentous project. It offers a great opportunity to diversify our economy beyond tourism in line with our ambitions and will attract the best businesses and visionary entrepreneurs in the world,” the Maldives’ Finance Minister stated.
The center will cover 780,000 square meters. It will accommodate over 6,500 residents and attract 35,000 visitors daily. The development will create 16,000 jobs in Malé, significantly boosting local employment.
Key features include three landmark towers for residences and offices, globally recognized hotel brands, a retail district, an international school, an Oceanographic Museum, a mosque, and a state-of-the-art convention center.
Meanwhile, the project aligns with growing global interest in blockchain and digital assets. Previously, BeInCrypto reported that Abu Dhabi-based sovereign wealth management fund MGX invested $2 billion in cryptocurrency exchange Binance. This signals a rising institutional appetite for the sector.
eToro
eToro
eToro
eToro
YouHodler
Wirex
NEXO
MEXC
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
