The Maldives, an archipelago state in South Asia, is in the process of establishing a $ 8.8 billion Blockchain Center that can help them diversify away from tourism, according to Sunday. a report By financial times.
The ambitious project will be funded by MBS Global Investments, a 14 billion dollar family office based in the United Arab Emirates. A joint project agreement was signed between the Dubai family office and the Maldives earlier today.
The Blockchain initiative is expected to be a blessing for the Maldives, determining its excessive dependence on tourism. It is likely to lead to a 200 % increase in the country’s gross domestic product in just four years, creating thousands of jobs.
The economy of the Maldives is primarily dependent on tourism, which represents about 30 % of the entire GDP. The Maldives is famous for their luxurious resorts that attract tourists from all over the world.
The archipelago also has a prominent fishing industry, and is responsible for about 10 % of the country’s gross domestic product. The Maldives is primarily famous for bile tuna and skipjack, with the European Union, Japan and Thailand being its main markets.
However, the country faces major economic challenges, as its general debt exceeds the gross domestic product, which is currently $ 7 billion. Moreover, it faces a financial deficit due to excessive spending.
The recently announced Blockchain axis will help relieve pressure. Finance Minister Moussa Zamir told the Financial Times that the center of 9 billion dollars could be a way out of the current difficulties. It is worth noting that the ambitious project can help it avoid potential virtual.
