The Maldives has announced a groundbreaking partnership with MBS Global Investments, a Dubai-based family office led by Qatari royal Sheikh Nayef bin Eid Al Thani, to develop an $8.8 billion blockchain and digital assets financial hub in Malé. This ambitious project, known as the Maldives International Financial Centre (MIFC), aims to diversify the country’s economy beyond tourism and fisheries and address its mounting debt challenges.
The Maldives faces significant financial hurdles, with external debt obligations of $600–$700 million due in 2025 and approximately $1 billion in 2026. The MIFC project is envisioned as a catalyst for economic transformation, with projections to triple the nation’s GDP within four years and generate over $1 billion in annual revenue by its fifth year.
Finance Minister Moosa Zameer emphasized the project’s importance, stating that the country needed to “take the leap” to diversify away from traditional sectors.
Spanning 830,000 square meters in the capital city of Malé, the MIFC is designed to accommodate over 6,500 residents and create approximately 16,000 jobs. The center will offer a range of incentives to attract global investors, including zero corporate tax, tax-free inheritance, privacy protections, and no residency requirements.
MBS Global Investments, managing assets worth approximately $14 billion, has already secured commitments exceeding $4–$5 billion for the project’s initial phases. The investment will be financed through a combination of equity and debt, utilizing a network of high-net-worth individuals and family offices.
Sheikh Nayef bin Eid Al Thani’s backing of the project underscores the growing interest of Gulf investors in blockchain and fintech ventures, particularly in emerging markets with supportive regulatory environments.
The MIFC positions the Maldives as a potential new player in the global fintech and crypto ecosystem, aiming to attract digital nomads, entrepreneurs, and high-net-worth individuals seeking favorable investment conditions. However, the nation will face competition from established financial hubs like Dubai, Singapore, and Hong Kong, which already have robust regulatory frameworks and significant capital investment in place.
