The Maldives on Sunday signed a joint venture agreement and memorandum of understanding (MoU) with Dubai-based MBS Global Investments to establish the Maldives International Financial Centre (MIFC), a flagship $8.8 billion initiative aimed at positioning the country as a modern hub for digital finance and economic diversification.
The agreement, signed between the Ministry of Finance and Planning and MBS Global Investments, was witnessed by President Mohamed Muizzu during a ceremony in Malé. According to a statement issued by the President’s Office on social media platform X, the MIFC forms part of a broader effort to transform the country’s economic landscape and advance its role in 21st-century finance.
At the event, Muizzu also launched the MIFC’s official website and unveiled a scale model of the planned development.
Details reported by the Financial Times on Sunday indicate the project is valued at approximately $8.8 billion and is expected to cover over 830,000 square metres. The planned financial free zone will reportedly accommodate 6,500 residents and create up to 16,000 jobs. MBS Global anticipates the MIFC could triple the Maldives’ GDP within four years and generate over $1 billion in annual government revenue by its fifth year.
MBS Global Investments, based in Dubai, is the investment arm of the Private Office of Sheikh Nayef Bin Eid Al Thani. The company backs cross-border projects in financial technology, real estate, renewable energy and infrastructure, and operates through partnerships with governments and corporations in multiple regions, according to its website.
In an interview with the Financial Times, MBS Global CEO Nadeem Hussain said financing for the MIFC would be sourced through a combination of equity and debt, with confirmed commitments already in place totalling between $4 billion and $5 billion.
The MIFC will be overseen by the Maldives International Financial Services Authority, established under the Muizzu administration to lead financial sector reforms.
Finance Minister Moosa Zameer, also quoted by the Financial Times, said the project represented a shift away from conventional borrowing towards long-term investment models. He added that this was a timely move as the Maldives faces large-scale debt repayments in the coming years.