Ground-breaking held for $8.8bn Maldives financial centre

The foundation stone-laying ceremony for the Maldives International Financial Center (MIFC) was held Monday at a site in the second phase of Hulhumalé development, formerly designated for tourism use under the name Urban Isle.

The MIFC is a joint venture between MBS Global Investments—owned by Sheikh Nayef bin Eid Al Thani, a member of the royal family of Qatar—and the government of Maldives.

The ceremonial event took place in the northernmost section of Hulhumalé’s second phase. It was attended by President Dr Mohamed Muizzu, Finance Minister Moosa Zameer and Sheikh Nayef, President of MBS Global Investments.

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.

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.