In a landmark move poised to redefine the nation’s economic landscape, President Dr. Mohamed Muizzu announced the establishment of the Maldives International Financial Centre (MIFC), a visionary $8.8 billion project aimed at transforming the Maldives into a premier global financial hub.
The announcement was made during a high-profile signing ceremony at Kurumba Maldives Resort, where President Muizzu emphasized the MIFC as a testament to the nation’s commitment to innovation, resilience, and sustainable growth. “With the MIFC, we are shaping the Maldives of tomorrow—a beacon of innovation and national pride that will thrive in harmony with nature,” he stated.
The MIFC, a joint venture between the Maldivian government and Dubai-based MBS Global Investments, is set to be a state-of-the-art financial free zone in Malé. Designed to attract global financial institutions, fintech companies, and digital nomads, the center will offer a range of incentives, including zero corporate tax, tax-free inheritance, and no residency requirements.
Spanning 780,000 square meters, the MIFC will feature three iconic towers housing residential and office spaces, a 3,500-capacity convention center, international schools, luxury hotels, retail outlets, and green spaces. The development aims to be fully powered by renewable energy, with a car-free upper level to promote a pedestrian-friendly environment.
Finance Minister Moosa Zameer highlighted the project’s potential to diversify the Maldivian economy beyond its traditional reliance on tourism and fisheries. “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,” he remarked.
The MIFC is projected to create approximately 16,000 jobs and accommodate over 6,500 residents, with an anticipated daily footfall of 35,000 visitors. The center aims to triple the Maldives’ GDP within four years and generate over $1 billion in revenue by its fifth year of operation.
MBS Global Investments, led by CEO Nadeem Hussain, has already secured commitments exceeding $4 billion to $5 billion for the project’s initial phases. “The financial centre will set a new global benchmark, advancing financial innovation by at least two decades,” Hussain stated.
As the Maldives embarks on this transformative journey, the MIFC stands as a symbol of the nation’s bold vision and strategic foresight, positioning itself at the forefront of global financial innovation.
