In a landmark move to diversify its economy, the Maldives has partnered with MBS Global Investments, a firm linked to Qatar’s royal family, to establish the Maldives International Financial Centre (MIFC). The $8.8 billion project aims to transform Malé into a premier global financial hub.
The agreement was formalized at a ceremony in Kurumba Maldives, attended by President Dr. Mohamed Muizzu and Sheikh Nayef bin Eid Al Thani of MBS Global Investments. Finance Minister Moosa Zameer emphasized that the MIFC represents a strategic shift towards economic diversification, moving beyond the nation’s traditional reliance on tourism and fisheries.
Set to span 780,000 square meters in Malé, the MIFC will feature tax-free operations, full foreign ownership rights, and no residency requirements for businesses. The center is designed to accommodate over 6,500 residents and expects a daily footfall of 35,000 visitors. Key features include a state-of-the-art conference center, residential and office towers, luxury hotels, retail spaces, an oceanographic museum, and educational institutions.
Architect Gianni Ranaulo, known for his environmentally conscious designs, will lead the project’s development, ensuring that the infrastructure is powered exclusively by renewable energy and maintains a pedestrian-friendly environment.
The MIFC is projected to triple the Maldives’ GDP within four years and generate over $1 billion in annual revenue by its fifth year. This initiative follows a $760 million bailout from India, highlighting the Maldives’ efforts to address its debt challenges through innovative partnerships.
President Muizzu stated, “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 project is slated for completion by 2030 and aims to position the Maldives as a leading destination for global investors.
