Dubai firm, Maldives govt. partner to build $8.8 billion tax-free financial hub in Malé

Dubai: The government of Maldives and Dubai-based family office, MBS Global Investments, have partnered to build a $8.8 billion ‘blockchain and digital assets’ financial hub in Malé, Maldives.

The Maldives International Financial Centre (MIFC) - a wholly sustainable Financial Freezone in Malé- has been designed to attract global financial institutions, fintech pioneers, and global digital Nomads to diversify away from tourism and fisheries. It is due to be completed in 2030 and aims to increase the country’s GDP within four years, with projected revenue to be well over US $1bn by the fifth year.

According to a joint statement from MBS Global Investment and the Maldivian government, the MIFC will offer no corporate tax, tax-free inheritance, ownership as per the constitution of the Maldives, and privacy. Combined with no residency requirements, the investors are hopeful MIFC will attract digital nomads, entrepreneurs, and wealth creators seeking freedom without borders.

“Residents will benefit from multi-currency banking and access to offshore private banking. Future-ready regulations will support digital assets and green finance - making MIFC not just a financial hub but a destination for those investing in the legacy of future generations,” the statement explained.

Residents will have access to multi-currency banking and offshore private banking, while regulations will support digital assets and green finance, MBS Global, the family office of Qatar's Sheikh Nayef bin Eid Al Thani.

The extensive master plan for the MIFC details a dynamic mixed-use urban district. It includes the development of three iconic residential and office towers designed to host international and regional corporate headquarters.

The investors said that these structures will complement high-end, beachfront branded residences, world-renowned hotel brands, and a vibrant retail experience, alongside cultural and community facilities such as an Oceanographic Museum and a Mosque. Leading education facilities, including an international school, are also part of the plan.

A central feature of the MIFC will be a state-of-the-art conference centre with a capacity of 3,500 people. This multi-purpose venue will host leading global conferences, cultural events, and innovation-driven hackathons, aiming to establish Malé’ as a significant international assembly hub.

President of Maldives, Dr Mohamed Muizzu, said, “With the MIFC, we are shaping the Maldives of tomorrow, a beacon of innovation and national pride that will thrive in harmony with nature.” He added, “The financial centre will be a symbol of economic resilience and will set a new global benchmark that will massively benefit the people of the Maldives for generations to come.”

The Maldives Minister of Finance, Moosa Zameer, called the project “momentous”. “It offers a great opportunity to diversify our economy beyond tourism in line with our ambitions and will attract the best businesses and visionary entrepreneurs in the world.”

The MIFC is designed with a strong emphasis on sustainability and is planned to incorporate fully climate-resilient infrastructure. The architecture and public spaces are intended to be powered exclusively by renewable energy. A unique feature is the entirely car-free upper level, facilitated by locating all transport and logistics infrastructure underground to create a pedestrian-friendly environment.

Nadeem Hussain, CEO of MBS Global Investments, emphasized the project’s forward-looking nature from the investor’s perspective. “The financial centre will set a new global benchmark, advancing financial innovation by at least two decades. It is the next evolution of what has been happening in other financial centres around the globe,” Hussain said.

The development is also designed to offer a holistic lifestyle focused on wellness and longevity. Plans include world-class sports facilities, wellness centres, and shaded running and cycling tracks woven through expansive green spaces. These amenities, coupled with premium retail, celebrated F&B destinations, and dynamic cultural venues, aim to create a truly integrated live-work-play environment.

Designed by master planner Architect Gianni Ranaulo, the project’s structures and overall layout are inspired by the local fauna and marine ecosystem, reflecting environmentally conscious practices. The total development spans 780,000 sqm, designed to accommodate over 6,500 residents and anticipate a daily footfall 35,000.