Maldives, MBS Global Investments to establish $8.8 billion financial centre
The financial centre is projected to be completed by 2030.
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Maldives and MBS Global Investments on Sunday announced plans to develop the Maldives International Financial Centre (MIFC), a US$8.8 billion financial free zone in Malé.
The development is positioned to attract international financial institutions, fintech companies, and digital nomads.
According to the official announcement, MIFC is intended to support the country’s efforts to diversify its economy beyond tourism and establish Malé as a financial and business hub in the Indian Ocean. The financial centre is projected to be completed by 2030.
The statement noted that MIFC “will offer no corporate tax, tax-free inheritance, ownership as per the constitution of the Maldives, and privacy.” It will also have “no residency requirements,” which the partners believe will appeal to digital nomads, entrepreneurs, and wealth creators.
Residents of the MIFC are expected to have access to multi-currency banking and offshore private banking. The development will also include regulations supporting digital assets and green finance.
President Dr Mohamed Muizzu described the project as an initiative to position the Maldives for long-term economic sustainability.
“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 said. “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.”
The government expects the project to have a notable impact on the country’s GDP within four years and forecasts revenue to exceed $1 billion by the fifth year of operation.
Minister of Finance and Planning Moosa Zameer said the development marks a step towards economic diversification.
“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 stated.
The central element of the development will be a 3,500-capacity convention centre designed to host global conferences, cultural events, and innovation-focused hackathons. The wider development will include residential and office towers, international schools, hotels, retail outlets, an oceanographic museum, mosque, and green spaces.
Nadeem Hussain, CEO of MBS Global Investments, said the centre is intended to advance financial innovation globally.
“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,” he said.
The MIFC will be powered entirely by renewable energy, with transport and logistics infrastructure located underground to maintain a pedestrian-focused environment. The upper level of the development will be car-free.
The development will be master-planned by architect Gianni Ranaulo. According to the statement, all structures are inspired by the local marine ecosystem and designed with environmentally conscious principles. The entire site spans 780,000 square metres, with capacity for more than 6,500 residents and an anticipated daily footfall of 35,000.
