Latest news with #MoosaZameer
Yahoo
05-05-2025
- Business
- Yahoo
Maldives Could Soon Become a Crypto Hub Thanks to Dubai Family Office's $9B Commitment
Honeymoons and luxury vacations could soon be outpaced by crypto as the main draw for the island nation of Maldives. A Dubai-based family office plans to invest up to $8.8 billion in a blockchain-focused financial hub in the Maldives, part of an effort by the island nation to expand beyond its reliance on tourism and fisheries and address mounting debt obligations. The investment, led by MBS Global Investments, will be deployed over five years and is structured around a new joint venture with the Maldives government. The planned capital outlay exceeds the country's GDP of around $7 billion. It will be funded through equity and debt, with preliminary commitments already exceeding $4 billion. Finance Minister Moosa Zameer described the initiative as a step toward economic diversification in an FT interview. Zameer said the Maldives faces 'the biggest challenge' in repaying external debt maturing over the next two years and that the project 'could help ease some of the financial pressures we are facing.' Under the proposed masterplan, the Maldives International Financial Centre will span 830,000 square meters, accommodate 6,500 residents, and generate employment for up to 16,000 people. It is being pitched as a global financial free zone centered on blockchain and digital asset services. MBS Global Investments manages $14 billion in assets and is the family office of Qatari royal Sheikh Nayef bin Eid Al Thani. The hub is one of the first major forays of the island-nation into the crypto and blockchain ecosystem. Sign in to access your portfolio
Yahoo
05-05-2025
- Business
- Yahoo
Maldives Could Soon Become a Crypto Hub Thanks to Dubai Family Office's $9B Commitment
Honeymoons and luxury vacations could soon be outpaced by crypto as the main draw for the island nation of Maldives. A Dubai-based family office plans to invest up to $8.8 billion in a blockchain-focused financial hub in the Maldives, part of an effort by the island nation to expand beyond its reliance on tourism and fisheries and address mounting debt obligations. The investment, led by MBS Global Investments, will be deployed over five years and is structured around a new joint venture with the Maldives government. The planned capital outlay exceeds the country's GDP of around $7 billion. It will be funded through equity and debt, with preliminary commitments already exceeding $4 billion. Finance Minister Moosa Zameer described the initiative as a step toward economic diversification in an FT interview. Zameer said the Maldives faces 'the biggest challenge' in repaying external debt maturing over the next two years and that the project 'could help ease some of the financial pressures we are facing.' Under the proposed masterplan, the Maldives International Financial Centre will span 830,000 square meters, accommodate 6,500 residents, and generate employment for up to 16,000 people. It is being pitched as a global financial free zone centered on blockchain and digital asset services. MBS Global Investments manages $14 billion in assets and is the family office of Qatari royal Sheikh Nayef bin Eid Al Thani. The hub is one of the first major forays of the island-nation into the crypto and blockchain ecosystem. Sign in to access your portfolio
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First Post
05-05-2025
- Business
- First Post
Maldives facing cash crunch, sets eyes on $9 bn blockchain to lure investors
As the Maldives battles with a major debt crunch, the island nation is eying to build a $9bn blockchain hub to attract investors and diversify its source of revenue read more While navigating through its economic woes, the Maldives is all set to build a whopping $9 billion blockchain hub to revive its economy. According to a report by The Financial Times, a Dubai-based family office has announced plans to invest a whopping $8.8 billion to build a 'blockchain and digital assets' financial hub in the Maldives. With this investment, the island nation on the Indian ocean is hoping to navigate through a looming debt crunch. As per the report, the blockchain investment is led by family office MBS Global Investments over the next five years. On paper, the investment would exceed the Maldives' annual GDP of around $7bn. STORY CONTINUES BELOW THIS AD While talking about the deal, Moosa Zameer, finance minister, said the country needed to 'leap' to diversify away from just tourism and fisheries. 'Debt coming due in the next two years was the biggest challenge that we have', Zameer told The Financial Times, adding that the deal was 'something we see as a potential contributor to bring us out of certain difficulties that we are in'. More from Business How Indian fintech startups are driving Malaysia's UPI-like digital payments revolution Why the Maldives On Sunday, MBS Global Investments and the government of Maldives signed a joint venture agreement on the project. When asked about the deal, the company said that it manages assets worth approximately $14 billion in the family office of a wealthy Qatari, Sheikh Nayef bin Eid Al Thani. The company stated that it plans to finance the Maldives investment by tapping its network of family offices along with high net worth individuals to form a consortium. While speaking to The Financial Times, MBS's chief executive Nadeem Hussain said the phased project could be funded through equity and debt and that firm commitments 'north of' $4bn-$5bn had already been secured. 'We appreciated right from the offset what was involved in terms of funding and we've made the necessary alliances and brought in the necessary partners to ensure we have that,' said Hussain. 'It is a large sum of money,' he added. What's in store According to the project's masterplan obtained by The Financial Times, the Maldives International Financial Centre will be a 830,000 sq m hub and would be able to host 6,500 people and provide employment for 16,000 in the country's capital Malé. The master plan noted that the project aims to triple the Maldives' GDP within four years and generate revenue of 'well over $1bn by the fifth year". It is pertinent to note that the deal announcement came just days after India unveiled a $760mn bailout for the Maldives to help the nation deal with its sovereign default. STORY CONTINUES BELOW THIS AD While speaking to The Financial Times, Zameer called both India and China 'development patterns' and acknowledged that both nations played a crucial role in helping the country's economy. 'With MBS we are getting into business, it's going to be a business which is different from the traditional models of borrowings that we do,' the finance minister said.
Arabian Business
05-05-2025
- Business
- Arabian Business
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. — 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.'
