Maldives and Dubai join forces to build $8.8 billion blockchain financial center

Updated

May 6, 2025

Gambar Maldives and Dubai join forces to build $8.8 billion blockchain financial center

Jakarta, Pintu News – The Maldives government, in collaboration with Dubai-based MBS Global Investments, has announced the establishment of the Maldives International Financial Center (MIFC). The financial center will focus on blockchain and digital assets, with the aim of making the Maldives a global blockchain finance hub.

With an investment of $8.8 billion, the project is expected to reduce the Maldives’ dependence on the tourism sector and strengthen the country’s economy.

Funding Details and Structure

The construction of MIFC will be carried out over five years, with funding coming from equity and debt. MBS Global Investments has secured funding commitments of $4-5 billion. The financial center is planned to occupy an area of 780,000 square meters in the capital city of Malé and is expected to complete construction by 2030.

The center will not only be a new landmark in the Maldives but will also create around 16,000 new jobs. This will provide a significant boost to the local economy and reduce the unemployment rate in the region.

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Tax Facilities and Incentives

The MIFC will offer a range of attractive tax incentives to investors and companies operating within it. No corporate tax, residency requirements, inheritance tax, and constitutional property rights will be imposed. These incentives are expected to attract more foreign investment and accelerate the growth of the digital economy in the Maldives.

In addition, MIFC will also feature three iconic towers for residences and offices, globally recognized hotel brands, a retail district, international schools, an Oceanographic Museum, a mosque, and a high-tech convention center. These facilities are designed to support the daily lives of more than 6,500 residents and 35,000 daily visitors.

Global Influences and Future Investments

This initiative demonstrates the Maldives’ commitment to becoming a key player in the global financial industry, particularly in the blockchain and digital asset sectors. The investment also reflects a global trend where more financial institutions and governments are beginning to adopt blockchain technology.

Previously, it was reported that Abu Dhabi-based sovereign wealth fund MGX had invested $2 billion in cryptocurrency exchange Binance. With the MIFC, Maldives has the potential to become a new financial center capable of competing with other financial centers in the world. This will not only change the face of the Maldives economy but also put the country on the global map as a center of financial innovation.

Conclusion

This ambitious project is expected to bring significant economic transformation to the Maldives, reduce dependence on the tourism sector, and strengthen the country’s position in the global digital economy. With the support of MBS Global Investments and the Maldives government, MIFC is poised to become a symbol of progress and innovation in the global financial industry.

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