Maldives Partners with MBS Global for $8.8 Billion Crypto Hub
The Maldives has teamed up with MBS Global to create a massive blockchain and digital assets hub. On May 4, both parties signed a joint venture agreement for the Maldives International Financial Center in Malé.
This project will cover 830,000 square meters. it could employ 16,000 people and host 6,000 residents. The development will happen in phases over five years. it aims to generate over $1 billion in annual revenue by year five. Officials hope it will triple the country’s GDP.
MBS Global, lead by Sheikh Nayef bin Eid Al Thani, will fund the project with equity and debt. They have already secured over $4–$5 billion from family offices and wealthy individuals.
This deal is crucial for the Maldives, which faces financial pressure. The country owes over $1.6 billion in external debt by 2026.India recently provided a $760 million bailout to help the Maldives avoid default.
Finance Minister Moosa Zameer sees this as a way to ease it’s fiscal crunch.
However, the Maldives will face tough competition from established hubs like Dubai, Hong Kong, and Singapore. These cities are already attracting global investment with their supportive regulations and tech ecosystems.
Despite the challenges, the Maldives International Financial Centre could be a game-changer for the country’s economy.
