The Maldives officially broke ground on the Maldives International Financial Centre (MIFC), a USD 8.8 billion project aimed at reshaping the nation’s economy and expanding its role in the global financial landscape.
The agreement for the joint venture between the Maldivian government and Dubai-based MBS Global Investments was signed on Sunday evening, followed by a foundation stone-laying ceremony yesterday at Hulhumalé Phase III. President Dr Mohamed Muizzu, Finance Minister Moosa Zameer, and Sheikh Nayef bin Eid Al Thani, President of MBS, attended the event alongside senior government officials and representatives of the investment group.
The development is positioned to transform Malé into a regional financial and business hub, with expectations that the MIFC will contribute significantly to the country’s GDP. Government estimates project revenue of over USD 1 billion within five years of operation. The project is due for completion by 2030.
Spanning 780,000 square metres, the centre will integrate residential, commercial, and cultural spaces into a mixed-use urban district. It will include three high-rise towers intended to house regional and global headquarters, branded residences, luxury hotels, a retail district, a mosque, an international school, and an oceanographic museum.
A 3,500-capacity convention centre sits at the heart of the plan, designed to host global summits, cultural events, and tech-driven forums, further reinforcing the Maldives’ appeal as a destination beyond leisure tourism. The development aims to attract international financial institutions, fintech companies, and digital nomads by offering benefits such as tax-free status, privacy protections, and no residency requirements.
Architect Gianni Ranaulo, who is overseeing the master plan, has emphasised sustainable design, drawing inspiration from the local marine environment. The entire development will be powered by renewable energy, with underground logistical infrastructure to support a car-free, pedestrian-friendly layout. Features such as green spaces, cycling paths, and wellness facilities are also incorporated into the plan.
Deputy Minister of Finance and Planning Ahmed Saaid Musthafa described the project as a step toward fulfilling President Muizzu’s vision of achieving developed country status by 2040. He noted that the financial centre is expected to elevate investor confidence and create new economic pathways beyond tourism.
Sheikh Nayef and MBS Global’s CEO Nadeem Hussain both remarked on the significance of the partnership, citing the project as a modern financial and technological undertaking that would drive long-term economic progress for the Maldives.
