MIFC to create many jobs for Maldivians, Zameer says

The Maldives International Financial Center (MIFC), a joint venture between UAE-based Qatari royal Sheikh Nayef Bin Eid Al Thani's MBS Global Investments and the Maldivian government, will create thousands of jobs, Finance Minister Moosa Zameer said Sunday.

The government of Maldives signed a joint venture agreement with MBS Global Investments to establish the MIFC, a financial free zone project valued at USD 8.8 billion (approximately MVR 135.6 billion).

The agreement was signed during a ceremony held at Kurumba Maldives Resort, attended by President Dr Mohamed Muizzu and Sheikh Nayef bin Eid Al Thani, a member of the Qatari royal family and representative of MBS Global Investments.

On behalf of the Maldivian government, Finance Minister Moosa Zameer signed the agreement, while Marwan Alhajeri signed for MBS Global Investments.

Speaking at the signing event, Minister Zameer stated that the MIFC project is intended to support economic diversification in the Maldives, which has long been reliant on the tourism industry. He said the establishment of the financial free zone is expected to create employment opportunities for Maldivian citizens in various sectors, including finance, law, tourism, and education.

The minister also noted that the project could lead to significant growth in the country’s gross domestic product (GDP) over the coming years and would offer skilled Maldivians, including those currently working overseas, an opportunity to return and contribute to the local economy.

According to Minister Zameer, the MIFC is expected to provide services aimed at attracting international investors and business operators.

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.

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.

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.

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.