The government has formalised agreements with Dubai-based MBS Global Investment to develop the Maldives International Financial Center (MIFC), an USD 8.8 billion initiative aimed at reshaping the nation's economy. Conceived as a sustainable financial hub, the project is designed to attract global investment while positioning the Maldives as a leading financial centre in the Indian Ocean.
The signing ceremony, held at Kurumba Maldives, brought together key stakeholders, including President Dr Mohamed Muizzu. Finance Minister Moosa Zameer represented the government, while MBS Global Investment Chairman Marwan Alhajeri signed on behalf of his firm. The agreements set the foundation for two major components: the development of a financial business district in Malé and the management and operations of the Development Bank of Maldives (DBM).
Government officials anticipate that the MIFC will contribute significantly to the Maldives‘ economic growth, with Gross Domestic Product (GDP) expected to increase within four years. By the fifth year, revenue projections exceed USD 1 billion, reinforcing the initiative's role in broadening the country's economic base beyond tourism.
Designed by architect Gianni Ranaulo, the MIFC's master plan spans approximately 780,000 square metres, integrating environmental sustainability into its concept. The development draws inspiration from the Maldives' biodiversity and marine ecosystem, ensuring that its infrastructure harmonises with the surrounding landscape.
A key feature of the financial centre is a conference venue capable of hosting 3,500 attendees. Planned as a hub for international summits, cultural exchanges, and technology-driven events, the facility is expected to bolster the Maldives' reputation as a global meeting destination while complementing its established tourism sector.
Further supporting this vision, the financial district will incorporate three high-rise residential and office towers designed to house multinational corporate headquarters. The broader development plan includes branded residences, luxury hotels, a retail district, an oceanographic museum, a mosque, and a premier international school. Designed to accommodate more than 6,500 residents, the district is expected to draw 35,000 daily visitors, creating a dynamic commercial and residential ecosystem.
Sustainability remains a cornerstone of the project. All buildings and public spaces will be powered by renewable energy, while transport and logistical networks will be integrated underground, ensuring seamless accessibility without disrupting pedestrian pathways.
Investor confidence in the project was underscored during the signing ceremony, with 11 financial backers formally submitting commitment letters to the government. President Muizzu received these pledges, reaffirming the initiative's viability. The event also featured the unveiling of the official MIFC model and website, introduced by the president.