President Dr Mohamed Muizzu has taken a decisive step toward transforming the country into a global financial centre with the creation of Greater Malé Financial District Limited, a wholly state-owned enterprise designed to advance financial sector development. Established by presidential decree under Article 15 of the Companies Act, the company signals a strengthened governmental focus on expanding financial services and investment opportunities.
The new entity is backed by an authorised capital of USD 64.85 million, divided into 100 million shares, each valued at USD 0.65. It is mandated to foster growth in digital financial services, digital real estate, financial tourism, and banking operations, aligning with the administration's broader economic strategy. Government officials view its creation as a pivotal step toward increasing the Maldives’ standing in the global financial landscape.
As a legally distinct entity, Greater Malé Financial District Ltd. has the authority to engage in litigation under its own name and operates with an official seal, reinforcing its structural autonomy, the President's Office said in a statement. The company's formation comes amid ongoing efforts by the President Muizzu administration to establish policy frameworks that support long-term financial expansion and international investment.
This latest initiative builds on a series of measures introduced by the government to modernise the country's financial infrastructure. Alongside the Development Bank of Maldives and plans for a finance centre, a financial district has been integrated into the new Hulhumalé master plan, underscoring the government's commitment to fostering a robust economic environment.