A Dubai-based family office of a Qatari royal is taking the lead in the creation of an $8.8 billion crypto and blockchain hub in Malé, Maldives. This ambitious project is set to surpass the Maldives’ annual GDP of approximately $7 billion, as reported by the Financial Times.
The investment deal, which was officially signed on May 4, is being spearheaded by MBS Global Investments, a firm managing assets worth around $14 billion. The goal is to finance this significant investment by forming a consortium of high-net-worth individuals and leveraging the firm’s family office network.
The projected completion date for the blockchain hub is set for 2030, with plans to attract global financial institutions, fintech innovators, and digital nomads from around the world.
Financial Freezone Aims to Triple Maldives’ GDP in 4 Years
The masterplan for the financial hub aims to triple the Maldives’ GDP within four years, generating over $1 billion in revenue by the fifth year, according to reports. Maldives Finance Minister Moosa Zameer emphasized the importance of diversifying the nation’s economy beyond tourism and fisheries to address debt challenges in the coming years.
“What Does MIFC Offer?
The Maldives International Financial Centre (MIFC) will serve as a corporate tax-free zone in the capital city, with no residency requirements for entrepreneurs, making it an appealing destination for global digital nomads. The state-of-the-art conference venue within the MIFC will accommodate up to 3,500 people, hosting global conferences, cultural events, and innovative hackathons.
President Dr. Mohamed Muizzu highlighted the MIFC as a symbol of economic resilience that will benefit the Maldivian people for generations to come. The project will feature climate-resilient infrastructure powered by renewable energy, including residential and office towers.
Nadeem Hussain, CEO of MBS Global Investments, mentioned that the project would be funded through a combination of equity and debt, with commitments already secured between $4 billion and $5 billion.
In conclusion, the development of the blockchain financial hub in the Maldives signifies a significant investment in the country’s economic future, with the potential to transform its financial landscape and attract global talent and innovation.