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5mo ago

Dubai Family Office Commits $8.8 Billion to Maldives Blockchain Free Zone

The joint venture with the Maldives government aims to diversify the economy, tackle debt, and create 16,000 jobs in a new financial hub.

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The Maldives declined an International Monetary Fund bailout loan late last year, with the government instead announcing severe spending cuts
Crypto trading and holding is legal in Maldives
investments family offices dubai The Maldives Blockchain Hub

Overview

  • MBS Global Investments, managing assets for Qatari royal Sheikh Nayef bin Eid Al Thani, will invest $8.8 billion over five years in the Maldives International Financial Centre.
  • The project, a partnership with the Maldives government, aims to reduce reliance on tourism and fisheries while addressing the nation's mounting external debt.
  • The planned financial free zone will span 830,000 square meters, accommodate 6,500 people, and generate up to 16,000 jobs.
  • Preliminary funding commitments have already surpassed $4 billion, with capital deployment and master planning now underway.
  • The initiative marks a significant pivot for the Maldives, which currently has minimal involvement in blockchain and digital assets.