Dubai-based MBS Global to help create $8.8bn financial hub in Maldives
Dubai-based MBS Global Investments will play a critical role in transforming Maldives from a tourism-based economy to a vibrant financial hub after it joined hands with the Maldives Government to create a US$8.8 billion Maldives International Financial Centre (MIFC).
MIFC will be a wholly sustainable, financial freezone in Malé, the capital of Maldives. Allowing the island nation to diversify beyond tourism, it will attract the future of finance and position Malé as the premier global business hub in the Indian Ocean through the creation of an integrated, mixed-use urban district.
MIFC will offer zero corporate tax, tax-free inheritance, ownership as per the country's constitution, and privacy. With no residency requirements, it is expected to attract digital nomads, entrepreneurs, and wealth creators seeking freedom without borders.
According to the World Bank, Maldives' GDP in 2023 was US$6.6 billion, with tourism, fishing and agriculture as its main industries.
MIFC is scheduled to be completed by 2030 and aims to increase the country's GDP within four years with projected revenue of well over US$1 billion by the fifth year.
The total size of the development is 780,000 sqm, where more than 6,500 people can reside, and an expected daily footfall of 35,000. The centrepiece will be a state-of-the-art conference centre with a capacity of 3,500 people.
The mixed-use development has been designed by Italian master planner architect Gianni Ranaulo, and his team based in Dubai. The local fauna and marine ecosystem inspire every structure in the project and incorporates environmentally conscious practices.
The plan includes three residential and office towers designed for international HQs and regional offices; high-end sea-front branded residences, leading hotel brands, retail spaces, and oceanographic museum, mosque, and leading education facilities.
Proud to announce the launch of the Maldives International Financial Centre (MIFC) — a transformative $8.8bn investment with MBS Global Investments. MIFC will diversify our economy, position Malé as a global financial hub, and unlock new opportunities for generations. pic.twitter.com/xSmEtmyheF
— Moosa Zameer (@MoosaZameer) May 4, 2025
Dr Mohamed Muizzu, the President of Maldives, commented: 'With the MIFC, we are shaping the Maldives of tomorrow, a beacon of innovation and national pride that will thrive in harmony with nature. The financial centre will be a symbol of economic resilience and will set a new global benchmark that will massively benefit the people of the Maldives for generations to come.'
Nadeem Hussain, CEO of MBS Global Investments, said: 'The financial centre will set a new global benchmark, advancing financial innovation by at least two decades. It is the next evolution of what has been happening in other financial centres around the globe.'
MIFC will have a fully climate-resilient infrastructure, and the architecture and public spaces will be powered exclusively by renewable energy. The upper level of the development will be entirely car-free, with all transport and logistics infrastructure located underground to preserve a pedestrian-friendly, open-air environment.
Designed to be one of the most desirable places to live and work, it will feature world-class sports facilities, longevity and wellness centres, and shaded running and cycling tracks woven through expansive green spaces.
Residents will benefit from multi-currency banking and access to offshore private banking. Future-ready regulations will support digital assets, and green finance.
Moosa Zameer, the Minister of Finance for the Maldives, said: 'This is a momentous project. It offers a great opportunity to diversify our economy beyond tourism in line with our ambitions and will attract the best businesses and visionary entrepreneurs in the world.'
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