The Maldives government has revealed an $8. 8 billion joint venture with Dubai-based MBS Global Investments to create the Maldives International Financial Centre (MIFC), a blockchain and digital asset-focused financial hub in the capital, Malé, targeted for completion by 2030. This initiative represents a strategic shift for the debt-burdened island nation, aiming to diversify its tourism-reliant economy and lessen dependence on conventional loans. Maldives Poised to Become a Leading Global Blockchain Finance Hub The joint venture agreement and the accompanying Memorandum of Understanding (MOU) were officially signed on May 4 under President Mohamed Muizzu’s supervision. According to the Financial Times, the MIFC project will roll out over five years, financed through a mix of equity and debt, with MBS having already secured $4–5 billion in funding commitments. “The financial centre will establish a new global standard, propelling financial innovation forward by at least two decades. It represents the next step in the evolution witnessed at financial hubs worldwide, ” said Nadeem Hussain, CEO of MBS Global Investments, in the official press release. The release highlights that MIFC will feature attractive tax incentives, including zero corporate tax, no residency requirements, tax-free inheritance, and constitutional ownership rights. The centre will foster multi-currency and offshore private banking and develop frameworks for digital assets and green finance, creating a future-ready financial ecosystem. “With MIFC, we are crafting the Maldives of tomorrow—a beacon of innovation and national pride thriving in harmony with nature. This financial centre will embody economic resilience and set a new global benchmark, delivering immense benefits to Maldivian citizens for generations, ” President Muizzu remarked. It is important to note that the Maldives faces serious financial challenges, with debt payments of $600–700 million due in 2025 and about $1 billion in 2026.

Additionally, the country’s tourism-dependent economy has struggled to generate sufficient revenue to meet its debt obligations. Consequently, MIFC represents a transformative approach, aiming to attract foreign investment, create high-value jobs, and generate a new revenue source via financial services. The project also targets boosting national GDP within four years. Projected revenues are expected to surpass $1 billion by year five, marking a significant milestone in the Maldives’ economic diversification and long-term fiscal stability. “This is a landmark project offering a vital opportunity to diversify beyond tourism, aligned with our ambitions to attract top businesses and visionary entrepreneurs worldwide, ” stated the Maldives’ Finance Minister. Spanning 780, 000 square meters, the centre will house over 6, 500 residents and welcome 35, 000 daily visitors. The development is set to create 16, 000 jobs in Malé, substantially enhancing local employment. Key aspects include three iconic towers for residential and office use, globally recognized hotel brands, a retail district, an international school, an Oceanographic Museum, a mosque, and a cutting-edge convention center.