Ground-breaking has been held for the USD 8.8 million financial free zone in the greater Male’ area, Maldives International Financial Centre (MIFC), being developed by the Maldivian government in collaboration with Qatari royal Sheikh Nayef Bin Eid Al Thani’s MBS Global Investments.
MIFC is positioned to attract international financial institutions, fintech companies and global digital nomads.
The groundbreaking ceremony was held at the Urban Isle area in Hulhumale’ Phase III and was graced by President Dr. Mohamed Muizzu alongside other senior government officials.
Ground-breaking ceremony of USD 8.8 million financial free zone in the greater Male’ area, Maldives International Financial Centre (MIFC), held on May 5, 2025. (Photo/President's Office)
During the ceremony, the commemorative plaque for the centre was unveiled by Finance Minister Moosa Zameer and MBS’ president Sheikh Nayef Bin Eid Al Thani.
The agreement pertaining to the USD 8.8 billion financial centre was signed during a ceremony held at Kurumba Maldives on Sunday night.
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.
The project is due to be completed in 2030. It 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.
Ground-breaking ceremony of USD 8.8 million financial free zone in the greater Male’ area, Maldives International Financial Centre (MIFC), held on May 5, 2025. (Photo/President's Office)
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.
A rendering of the USD 8.8 million financial free zone, Maldives International Financial Centre (MIFC), that will be developed in Male'. (Photo/President's Office)
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.