Latest news with #NadeemHussain
The National
07-05-2025
- Business
- The National
Tax-free Maldives financial centre ‘will not compete' with Dubai and Abu Dhabi hubs
The Maldives International Financial Centre will not compete with the Dubai International Financial Centre, Abu Dhabi's ADGM or other financial hubs, according to the chief executive of the company developing it. The $8.8 billion project announced this week is being developed by Dubai-based MBS Global Investments, the family office of Qatar's Sheikh Nayef bin Eid Al Thani, along with the Maldives government. The project, which will be located in Male, aims to attract global financial institutions, FinTech companies and entrepreneurs. Expected to be completed in 2030, it will feature three residential and office towers along with hotels, retail outlets and a school. 'In terms of financial centres … it's never really a competition,' chief executive Nadeem Hussain told The National in an interview this week. 'I think financial centres can create an ecosystem where many of the people that operate out of them have multiple geographical locations in terms of their operations. Obviously, with Asia, GCC and Africa, the Maldives is ideally located for maybe some of the emerging economy people who are involved in the types of businesses that we would support. 'So we're offering just another location for them, which is complementing the existing financial centres. We don't see that we would be competing with them. I'm sure when we start to operate, we will be working with the other financial centres to see what type of collaborations we can enter into.' The MIFC will seek to attract traditional financial institutions as well as those operating in virtual assets. Centres such as ADGM have a robust regulatory framework for crypto and digital asset activities. The Dubai Financial Services Authority also has a crypto token regime that provides a clear framework for businesses operating in the DIFC to ensure financial stability and consumer protection. 'Financial centres are now starting to mature in terms of how they are able to accommodate those asset classes,' Mr Hussain said. 'Digitalisation is where everything's going, so you have to cater to that new virtual asset kind of class. So yes, tokenisation, cryptocurrencies, these will be, obviously, heavily monitored and regulated, but that's the way forward in financial centres. A big part of our framework and who we're attracting will be involved in that.' The MIFC will have no residency requirements and will offer no corporate tax, tax-free inheritance and ownership. Residents will also have access to multi-currency banking and offshore private banking. Such incentives are key to attracting more businesses and entrepreneurs, but the centre will focus on regulations, Mr Hussain stressed. 'I think people appreciate that you can have a very strong, robust regulatory framework and still offer this ease of doing business,' he said. 'We've been very clear on looking at how to create that strong regulatory framework, we have to do that, particularly in new asset classes.' MBS Global expects work on the project to start by the end of this year or early next year, with the first hotels and residences scheduled to be commissioned and delivered by the fourth quarter of 2027 or the first quarter of 2028. While the land and infrastructure support is being provided by the government, the company is working with a large consortium of investors to fund the project, Mr Hussain said. The islands of the Maldives, spread over 90,000 square kilometres, face severe risks due to climate change. The World Bank has warned of significant threats to the country's natural capital and cautioned that the impact on coral reefs and fisheries, already visible, will worsen sharply by the middle of the century under both high and moderate emission scenarios. 'This degradation could have devastating effects on the Maldives' economy and environment,' it said in a September report, which assessed the impacts of sea-level rise and projected an increase of up to 90cm by 2100. 'Without effective adaptation strategies, coastal flooding could severely damage up to 3.3 per cent of the Maldives' total assets by 2050 during typical 10-year floods, resulting in damages of $0.7–1.1 billion of GDP.' However, strategic investments in adaptation could cut almost in half of the projected GDP impact, it added. Mr Hussain said the MIFC, being designed by architect Gianni Ranaulo, is focused on sustainability and that it will use 3D printing with organic and recyclable materials. Once ready, the plan is also not to use fossil fuels and instead rely on smart transport within the development. 'The Maldives is a beautiful place, it's fragile,' he said. 'We built a very resilient design through the architects and developers, we're mindful of what's happening in terms of the Maldives and sea levels and so, we've built in a very conscious way around that.' The project aims to employ about 16,000 people, with a push towards creating local jobs. 'I think people realise that we're not here just to throw up some large buildings and sell some real estate,' Mr Hussain said. 'That's not our intention. This is part of a very long thought-through process with the government about how we help them achieve their vision in terms of digitalisation and increasing the diversified revenue channels for them.' There has already been a lot of interest from companies, he added, although he did not disclose any names. 'It's such a beautiful place. It's not a hard job convincing someone to come and work in the Maldives. But to do that, they have to have that confidence that the infrastructure is there to genuinely support their business,' Mr Hussain said.
Yahoo
04-05-2025
- Business
- Yahoo
THE GOVERNMENT OF THE MALDIVES AND MBS GLOBAL INVESTMENTS PLEDGE $8.8 BILLION TO CREATE THE MALDIVES INTERNATIONAL FINANCIAL CENTRE
MALÉ, Maldives, May 4, 2025 /CNW/ -- The Maldives Government and MBS Global Investments are to create an US$8.8bn Maldives International Financial Centre (MIFC) - a wholly sustainable, Financial Freezone in Malé, Maldives, designed for and created to attract global financial institutions, fintech pioneers, and global digital Nomads. Allowing the Maldives to diversify beyond tourism, it will attract the future of finance and position Malé as the premier global business and financial hub in the Indian Ocean through an integrated, mixed-use urban district. MIFC will offer no corporate tax, tax-free inheritance, ownership as per the constitution of the Maldives, and privacy. Combined with no residency requirements, it's set to attract digital nomads, entrepreneurs, and wealth creators seeking freedom without borders. Residents will benefit from multi-currency banking and access to offshore private banking. Future-ready regulations will support digital assets, and green finance - making MIFC not just a financial hub, but a destination for those investing in the legacy of future generations. Due to be completed by 2030, it will be easily accessible from any part of the world and the aim is to notably increase the country's GDP within four years with projected revenue to be well over US $1bn by the fifth year. The centrepiece of MIFC is a state-of-the-art conference centre with capacity for 3,500 people. The multi-purpose convention venue will host leading global conferences, cultural events and innovation-driven hackathons establishing Male as leading assembly hub, driving all year round engagement in the Maldives and further supporting the wider, already established hospitality industry The plan includes three iconic residential and office towers designed for international HQs and regional offices, high-end, sea front branded residences, world-renowned hotel brands, vibrant and one-of-a-kind retail experience, Oceanographic Museum, Mosque, and leading education facilities including an International School. President Dr Mohamed Muizzu said, "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." 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." 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. It will offer a holistic lifestyle rooted in wellness and longevity - designed to be one of the most desirable places to live and work. It will feature world-class sports facilities, cutting-edge longevity and wellness centres, and shaded running and cycling tracks woven through expansive green spaces. Complementing its state-of-the-art office spaces, MIFC will also be home to premium retail, celebrated F&B destinations, and dynamic cultural venues - creating a truly integrated live-work-play environment. This dynamic mixed-use development has been designed by master planner Architect Gianni Ranaulo, every structure from the overarching master plan to the individual buildings are inspired by the local fauna and marine eco-system. Ranaulo incorporates environmentally conscious practices in all projects. 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. Photo - - View original content to download multimedia: SOURCE MBS Global Investments View original content to download multimedia:
Malaysian Reserve
04-05-2025
- Business
- Malaysian Reserve
THE GOVERNMENT OF THE MALDIVES AND MBS GLOBAL INVESTMENTS PLEDGE $8.8 BILLION TO CREATE THE MALDIVES INTERNATIONAL FINANCIAL CENTRE
MALÉ, Maldives, May 4, 2025 /PRNewswire/ — The Maldives Government and MBS Global Investments are to create an US$8.8bn Maldives International Financial Centre (MIFC) – a wholly sustainable, Financial Freezone in Malé, Maldives, designed for and created to attract global financial institutions, fintech pioneers, and global digital Nomads. Allowing the Maldives to diversify beyond tourism, it will attract the future of finance and position Malé as the premier global business and financial hub in the Indian Ocean through an integrated, mixed-use urban district. MIFC will offer no corporate tax, tax-free inheritance, ownership as per the constitution of the Maldives, and privacy. Combined with no residency requirements, it's set to attract digital nomads, entrepreneurs, and wealth creators seeking freedom without borders. Residents will benefit from multi-currency banking and access to offshore private banking. Future-ready regulations will support digital assets, and green finance – making MIFC not just a financial hub, but a destination for those investing in the legacy of future generations. Due to be completed by 2030, it will be easily accessible from any part of the world and the aim is to notably increase the country's GDP within four years with projected revenue to be well over US $1bn by the fifth year. The centrepiece of MIFC is a state-of-the-art conference centre with capacity for 3,500 people. The multi-purpose convention venue will host leading global conferences, cultural events and innovation-driven hackathons establishing Male as leading assembly hub, driving all year round engagement in the Maldives and further supporting the wider, already established hospitality industry The plan includes three iconic residential and office towers designed for international HQs and regional offices, high-end, sea front branded residences, world-renowned hotel brands, vibrant and one-of-a-kind retail experience, Oceanographic Museum, Mosque, and leading education facilities including an International School. President Dr Mohamed Muizzu said, '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.' 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.' 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. It will offer a holistic lifestyle rooted in wellness and longevity – designed to be one of the most desirable places to live and work. It will feature world-class sports facilities, cutting-edge longevity and wellness centres, and shaded running and cycling tracks woven through expansive green spaces. Complementing its state-of-the-art office spaces, MIFC will also be home to premium retail, celebrated F&B destinations, and dynamic cultural venues – creating a truly integrated live-work-play environment. This dynamic mixed-use development has been designed by master planner Architect Gianni Ranaulo, every structure from the overarching master plan to the individual buildings are inspired by the local fauna and marine eco-system. Ranaulo incorporates environmentally conscious practices in all projects. 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. Photo – – View original content:
Cision Canada
04-05-2025
- Business
- Cision Canada
THE GOVERNMENT OF THE MALDIVES AND MBS GLOBAL INVESTMENTS PLEDGE $8.8 BILLION TO CREATE THE MALDIVES INTERNATIONAL FINANCIAL CENTRE
MALÉ, Maldives, May 4, 2025 /CNW/ -- The Maldives Government and MBS Global Investments are to create an US$8.8bn Maldives International Financial Centre (MIFC) - a wholly sustainable, Financial Freezone in Malé, Maldives, designed for and created to attract global financial institutions, fintech pioneers, and global digital Nomads. Allowing the Maldives to diversify beyond tourism, it will attract the future of finance and position Malé as the premier global business and financial hub in the Indian Ocean through an integrated, mixed-use urban district. MIFC will offer no corporate tax, tax-free inheritance, ownership as per the constitution of the Maldives, and privacy. Combined with no residency requirements, it's set to attract digital nomads, entrepreneurs, and wealth creators seeking freedom without borders. Residents will benefit from multi-currency banking and access to offshore private banking. Future-ready regulations will support digital assets, and green finance - making MIFC not just a financial hub, but a destination for those investing in the legacy of future generations. Due to be completed by 2030, it will be easily accessible from any part of the world and the aim is to notably increase the country's GDP within four years with projected revenue to be well over US $1bn by the fifth year. The centrepiece of MIFC is a state-of-the-art conference centre with capacity for 3,500 people. The multi-purpose convention venue will host leading global conferences, cultural events and innovation-driven hackathons establishing Male as leading assembly hub, driving all year round engagement in the Maldives and further supporting the wider, already established hospitality industry The plan includes three iconic residential and office towers designed for international HQs and regional offices, high-end, sea front branded residences, world-renowned hotel brands, vibrant and one-of-a-kind retail experience, Oceanographic Museum, Mosque, and leading education facilities including an International School. President Dr Mohamed Muizzu said, "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." 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." 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. It will offer a holistic lifestyle rooted in wellness and longevity - designed to be one of the most desirable places to live and work. It will feature world-class sports facilities, cutting-edge longevity and wellness centres, and shaded running and cycling tracks woven through expansive green spaces. Complementing its state-of-the-art office spaces, MIFC will also be home to premium retail, celebrated F&B destinations, and dynamic cultural venues - creating a truly integrated live-work-play environment. This dynamic mixed-use development has been designed by master planner Architect Gianni Ranaulo, every structure from the overarching master plan to the individual buildings are inspired by the local fauna and marine eco-system. Ranaulo incorporates environmentally conscious practices in all projects. 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.
