A major international finance hub is on its way to reshaping the Maldivian economic landscape, following the official signing of a joint venture and Memorandum of Understanding between the Ministry of Finance and Planning and Dubai-based MBS Global Investment. Valued at USD 8.8 billion, the Maldives International Financial Centre (MIFC) is set to become the country’s largest non-tourism investment project, reflecting the government’s growing emphasis on economic diversification and long-term resilience.
Held on May 4, 2025, at Kurumba Maldives, the high-level signing ceremony brought together key figures from both the Maldivian government and MBS Global Investment. Minister of Finance and Planning Mr. Moosa Zameer signed on behalf of the Government of Maldives, while H.E. Marwan Alhajeri, Chairman represented MBS Global Investment. The event was also attended by President Dr Mohamed Muizzu and His Highness Sheikh Nayef bin Eid Al Thani, President of MBS Global Investment further underscoring the strong bilateral collaboration behind the project.
The MIFC is envisioned as a sustainable financial district and global investment magnet, strategically positioned in the Indian Ocean. Designed by Italian architect Gianni Ranaulo, the centre’s master plan spans 780,000 square metres and reflects Maldivian natural heritage by incorporating elements of the nation’s biodiversity and marine ecosystem. All structures will be powered by renewable energy, with logistical infrastructure located underground to ensure smooth mobility and preserve walkable, green urban spaces.
President Muizzu, addressing attendees at the ceremony, described the MIFC as a crucial step towards achieving the Maldives’ goal of becoming a developed nation by 2040. He stated that the project represents a forward-thinking economic shift, moving beyond a tourism-reliant model and embracing a digital-first, inclusive, and sustainable financial ecosystem that can provide lasting opportunities for Maldivians.
The development includes a wide range of infrastructure aimed at supporting both financial operations and community life. These include high-rise towers for global corporate headquarters, branded residential apartments, luxury hotels, a retail district, a mosque, an oceanographic museum, and a top-tier international school. A state-of-the-art conference centre, with the capacity to host up to 3,500 participants, is also part of the plan, enhancing the Maldives’ position as a venue for global business events and innovation forums.
Once complete, the district will support more than 6,500 residents and is expected to receive around 35,000 daily visitors. These figures reflect the government’s expectations for the MIFC to become a vibrant economic and social hub with a far-reaching impact.
The project also encompasses the management and operation of the Development Bank of Maldives (DBM), adding a crucial institutional pillar to the MIFC’s financial framework. The centre will serve as a regional base for international financial institutions and digital economy enterprises.
Investor confidence in the MIFC was visibly reinforced during the signing event, as 11 financial backers submitted formal commitment letters to the Maldivian government. President Muizzu received the documents, highlighting the wide-ranging global support behind the initiative. The event also saw the introduction of the official model and website for the MIFC, offering the public and investors a first glimpse into the ambitious vision being set in motion.
With revenue from the MIFC expected to exceed USD 1 billion within five years of operation, the project represents a bold step toward economic diversification. It is projected to contribute significantly to national GDP growth within just four years, opening up new avenues for investment, innovation, and global engagement.
As tourism remains a key pillar of the Maldivian economy, the development of the MIFC does not shift focus away from it but rather enhances it, adding depth, resilience, and new visitor experiences rooted in business travel, cultural exchange, and international collaboration.
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