President Dr Mohamed Muizzu announced the formation of a new state-owned enterprise, Greater Malé Financial District Limited, under Article 15 of the Companies Act today.
According to the President’s Office, the company is fully owned by the Government of the Maldives and was created to spearhead the Administration’s economic agenda, focusing on innovation, modernisation, and expansion of the nation’s financial ecosystem. Its wide-ranging mandate includes the development and promotion of digital financial services, digital real estate, financial tourism, and banking infrastructure.
The President’s Office said a key objective of Greater Malé Financial District Limited is to strategically position the Maldives as a prominent international financial hub. The company will lead policy implementation efforts necessary to achieve this vision and enhance the Maldives’ competitiveness in the global financial sector.
The company has been established with an authorised capital of MVR 1 billion, divided into 100 million shares with a nominal value of MVR 10 each. It will operate as a separate legal entity, equipped with the autonomy to enter into agreements, manage assets, and undertake strategic initiatives aligned with its mandate.
On Friday, President Muizzu established a similar company, Infrastructure Development Solution Company Limited, as well. The state-owned enterprise was formed to accelerate infrastructure development nationwide, delivering construction services to both urban centres and rural areas using modern technologies.
Last month, the Maldives government partnered with MBS Global Investments to launch the Maldives International Financial Centre (MIFC), an ambitious USD 8.8 billion financial free zone in Malé. Designed as a sustainable, master-planned city powered by renewable energy, MIFC aims to transform the capital into a regional hub for finance, innovation, and global business.
