The Government of Maldives has officially signed agreements with Dubai-based MBS Global Investment to launch the Maldives International Financial Center (MIFC)—a landmark USD 8.8 billion project poised to reshape the nation’s economy and establish it as a leading financial hub in the Indian Ocean.
According to PSM News, the signing ceremony took place at Kurumba Maldives, attended by high-level dignitaries including President Dr Mohamed Muizzu. Finance Minister Moosa Zameer signed on behalf of the government, while Chairman Marwan Alhajeri represented MBS Global Investment. The agreements cover two major components: the development of a dedicated financial business district in Malé and the operations of the proposed Development Bank of Maldives (DBM).
The MIFC is envisioned as a sustainable financial ecosystem, strategically designed to attract global investors while promoting long-term economic diversification. Government projections indicate that the project could significantly increase GDP within four years, with revenue expected to exceed USD 1 billion annually by the fifth year.
The master plan—crafted by renowned architect Gianni Ranaulo—spans approximately 780,000 square metres and draws inspiration from the Maldives’ vibrant marine life and biodiversity. The design integrates environmental sustainability, aligning with the Maldives’ broader climate-resilient development goals.
A major highlight of the project includes a conference venue capable of hosting 3,500 delegates, positioned to serve as a hub for international summits, cultural events, and technology forums. This facility is expected to complement the country’s thriving tourism industry and elevate the Maldives as a destination for global dialogue.
The financial district will also feature three high-rise towers designated for multinational corporate headquarters, alongside branded residences, luxury hotels, a retail zone, an international school, a mosque, and an oceanographic museum. With capacity for 6,500 residents and an estimated 35,000 daily visitors, the development is expected to foster a dynamic commercial-residential ecosystem.
Sustainability is central to the MIFC vision. All buildings and public areas will be powered by renewable energy, and a fully underground transport and logistics network will be implemented to preserve above-ground walkability and aesthetics.
Investor confidence in the MIFC was affirmed during the ceremony, as 11 financial backers formally submitted commitment letters to President Muizzu. The event also marked the unveiling of the official MIFC model and website, reinforcing the project’s readiness to move into its execution phase.