Maldivian government has signed an agreement with Qatari royal Sheikh Nayef Bin Eid Al Thani’s MBS Global Investments for the development of a wholly sustainable USD 8.8 million financial free zone in the greater Male’ area, Maldives International Financial Centre (MIFC).
The agreement was signed during a ceremony held at Kurumba Maldives on Sunday night. Finance Minister Moosa Zameer signed the agreement on behalf of the Maldivian government while Chairman Marwan Aljaheri signed the agreement on behalf of the company.
According to information shared during the signing ceremony, MIFC is positioned to attract international financial institutions, fintech companies and global digital nomads.
The project will allow Maldives to diversify beyond tourism, attracting 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.
Maldivian government signs with MBS Global Investments to develop a USD 8.8 million financial free zone in the greater Male’ area on May 4, 2025. (Photo/President's Office)
Speaking at the ceremony, President Muizzu said MIFC 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.
“With the MIFC, we are shaping the Maldives of tomorrow, a beacon of innovation and national pride that will thrive in harmony with nature,” he said.
The project is due to be completed in 2030. t 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 USD 1 billion by the fifth year.
MIFC is set to feature fully climate-resilient infrastructure, with its design and public areas powered entirely by renewable energy sources. The upper levels will be completely free of cars, with all transport and logistical operations situated underground to maintain an open, pedestrian-friendly atmosphere.
The development is centered around a lifestyle of wellness and longevity, aiming to become one of the most attractive places to live and work. It will include top-tier sports amenities, advanced wellness and longevity centers, and shaded paths for running and cycling that weave through vast green spaces. Alongside high-end office areas, MIFC will also host luxury retail outlets, acclaimed dining options, and vibrant cultural venues—fostering a seamless integration of living, working, and leisure.
Designed by master planner Architect Gianni Ranaulo, every element—from the overall layout to individual structures—draws inspiration from the local wildlife and marine ecosystem. Ranaulo consistently applies eco-friendly principles in his work. Spanning 780,000 square meters, MIFC will accommodate over 6,500 residents and is projected to attract around 35,000 visitors daily.
At the heart of MIFC lies a cutting-edge conference center with a seating capacity of 3,500. This versatile venue is designed to host major international conferences, cultural performances, and innovation-focused hackathons, positioning Malé as a premier destination for year-round events and further strengthening the Maldives' established hospitality sector.
The master plan also features three distinctive towers combining residential and office space, tailored for global headquarters and regional offices. It includes upscale, branded seafront residences, prestigious international hotel chains, a lively and unique retail district, an Oceanographic Museum, a mosque, and top-tier educational institutions such as an international school.