The Maldives is set to redefine its economic future by partnering with Dubai-based MBS Global Investments to create the Maldives International Financial Centre (MIFC), an $8.8 billion mega-project that aims to transform its capital, Malé, into a global financial hub. This ambitious initiative, slated for completion by 2030, will offer world-class facilities designed to attract international financial institutions, fintech companies, entrepreneurs, and digital nomads.
A Game-Changing Financial Hub
The Maldives International Financial Centre is poised to become a landmark development, featuring no residency requirements and offering significant tax advantages. The MIFC will operate in line with the Maldives’ Constitution, ensuring no corporate tax, tax-free inheritance, and the possibility of full ownership. These features aim to make it an attractive destination for businesses and individuals seeking financial freedom and flexibility.
In a statement released on Sunday, MBS Global, the family office of Qatar’s Sheikh Nayef bin Eid Al Thani, revealed that the centre will provide multi-currency banking services, offshore private banking, and regulatory support for digital assets and green finance. The development is expected to catalyze the growth of the digital economy, positioning the Maldives as a leader in emerging financial technologies.
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The Master Plan: Mixed-Use Development with Global Appeal
The MIFC’s mixed-use design will cover an expansive 780,000 square meters, offering space for 6,500 residents and an expected daily footfall of 35,000 people. It will feature three residential and office towers, along with seafront branded residences, hotels, retail outlets, and a range of recreational and educational facilities. One of the centre’s key attractions will be an Oceanographic Museum, which will add cultural value to the financial district.
The centre will also house a mosque, an international school, and a conference centre capable of hosting up to 3,500 people for global conferences, cultural events, and hackathons. This modern, fully integrated complex aims to support a thriving global community of professionals and entrepreneurs, fostering an environment conducive to innovation and economic growth.
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Boosting Economic Growth and Stability
The Maldives government is optimistic that the MIFC will significantly boost the nation’s economy. The project is expected to increase the country’s GDP within four years, with revenue projections surpassing $1 billion by its fifth year of operation. President Dr. Mohamed Muizzu emphasized that the MIFC will not only serve as a symbol of economic resilience but will also set a new global benchmark for financial infrastructure.
“We are shaping the Maldives of tomorrow,” said President Muizzu, highlighting the project’s potential to create long-term benefits for the people of the Maldives.
Climate-Resilient and Sustainable Infrastructure
The Maldives is acutely aware of its vulnerability to climate change, particularly due to rising sea levels and environmental degradation. In response, MIFC will be built with climate resilience at its core. The entire development will feature sustainable, renewable energy-powered infrastructure, ensuring minimal environmental impact. Moreover, the upper levels of the complex will be car-free, with all transport and logistics infrastructure housed underground, making it both eco-friendly and modern.
Minister of Finance and Planning, Moosa Zameer, underscored that the MIFC will be a key step towards diversifying the Maldives’ economy beyond tourism, aligning with the country’s vision to attract global businesses and visionary entrepreneurs. “This is a great opportunity to ensure that we are not solely dependent on tourism, and will attract the best talent and businesses from around the world,” he said.
A Thriving Future for the Maldives
The Maldives’ economy has faced challenges in recent years, with widening macroeconomic imbalances and external vulnerabilities. The International Monetary Fund (IMF) recently warned of ongoing fiscal deficits, rising inflation, and the need for urgent policy adjustments to stabilize the economy. However, the Maldives remains optimistic, with economic growth projected at 5% in 2025, largely driven by strong tourism activity.
While the country faces pressing macroeconomic risks, including a large current account deficit and pressures on foreign exchange reserves, the MIFC offers a promising avenue for economic diversification. The project is seen as a critical step towards restoring macroeconomic stability and ensuring long-term economic sustainability.
A Visionary Blueprint for the Future
The MIFC is not only about financial growth but also focuses on creating a lifestyle destination with wellness centres, sports facilities, and cycling tracks. By combining cutting-edge technology with climate-resilient infrastructure, the MIFC aims to offer a new model of urban development, where work, living, and recreation come together seamlessly.
With the project’s expected completion by 2030, the Maldives is positioning itself as an exciting and innovative destination for global investors and entrepreneurs, shaping the financial landscape for years to come.
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