The Maldives government has announced a joint venture of $ 8.8 billion with MBS Global Investments, based in Dubai. The partnership seeks to create the Maldives International Financial Center (MIFC), a Blockchain and Digital Factage-Focage in the capital, Malé, by 2030.
The initiative is a strategic axis of the nation full of debt, with the aim of diversifying its tourism -based economy and reducing dependence on traditional loans.
The Maldives is scheduled to become a global position Blockchain
The official nature of the joint project agreement and the accompanying memorandum of understanding (Mou) was added on May 4 under the supervision of President Mohamed Mouizo.
According to Financial timesThe MIFC initiative will be implemented over five years. It will be funded by stocks and debts. Moreover, the MBS has already received $ 4-5 billion of obligations.
“The financial center will determine a new global standard, which is progressing with financial innovation for at least two decades. It is the next development of what happened in other financial centers around the world.” He said In the official press statement.
The press statement explains that MIFC will provide strong tax incentives. This includes the absence of corporate tax requirements and residence requirements, tax -exempt inheritance, and constitutional property rights.
The center will also support banking services for multiple and external currency, along with the frameworks of digital assets and green financing, and building a ready -made financial ecosystem in the future.
“With MIFC, we form the tomorrow islands of the islands, the beacon of innovation and national pride that will flourish in harmony with nature. The financial position will be a symbol of economic flexibility and will place a new global advisory that benefits the residents of the Maldives on a large scale for future generations.”
It should be noted that the Maldives faces major financial challenges. The country has debt obligations of $ 600 to $ 700 million in 2025 and about one billion dollars in 2026. In addition, the country’s economy, which is highly dependent on tourism, has struggled to generate sufficient revenues to serve its debts.
Thus, MIFC represents a transformative strategy. It seeks to attract foreign investments, generate high -value job opportunities, and create a new revenue flow through financial services. Moreover, the project aims to enhance the national GDP within four years.
Revenue is expected to generate more than a billion dollars by the fifth year. This would represent a big step in the economic diversification of the Maldives and long -term financial flexibility.
“This is a very important project. It provides a great opportunity to diversify our economy beyond tourism in line with our ambitions and will attract the best companies and owners of insight into the world,” the Minister of Finance in the Maldives.
The center will cover 780,000 square meters. It will accommodate more than 6500 residents and attract 35,000 visitors a day. The development will create 16,000 jobs in Malé, which greatly enhances local workers.
The main features include three prominent homes for housing and offices, internationally recognized hotels, a retail area, an international school, an ocean science museum, a mosque, and a newer conference center.
Meanwhile, the project is compatible with the growing global interest in Blockchain and digital assets. Previously, Beincrypto stated that the sovereign wealth management fund in Abu Dhabi invested MGX $ 2 billion in the exchange of cryptocurrencies. This indicates an increasing institutional appetite for the sector.
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