Maldives establishes company to promote financial sector
The company was formed by presidential decree and will operate under the Ministry of Finance and Planning.
President Mohamed Muizzu has established a government-owned company named Greater Malé Financial District Limited to promote the development of the financial sector in the Maldives.
The company was formed by presidential decree and will operate under the Ministry of Finance and Planning.
According to the official announcement, the primary objectives of the company include increasing national productivity, promoting digital financial services, digital real estate, financial tourism, and the advancement of banking and financial services.
One of the stated goals is to position the Maldives as an international financial services hub. The government has identified Hulhumalé as the intended location for developing the financial capital of the region.
The authorised capital of Greater Malé Financial District Limited is set at MVR 1 billion, divided into 100 million shares with a nominal value of MVR 10 each. The company is fully owned by the government and is entitled to sue and be sued under its registered name, in line with its bylaws and articles of association.
The government has declared liability for the company’s debts and legal obligations, unless otherwise indicated in cases where capital contributions have not been made.
In a related development, MBS Global Investments—owned by Sheikh Nayef bin Eid Al Thani of Qatar—and the government of Maldives have signed an agreement to establish a financial centre known as the Maldives International Financial Center (MIFC).
