Financial free zone to be established with Qatar's MBS Global Investments

Maldives Government has signed an agreement with MBS Global Investments - a company owned by Qatar's royal family - to establish Maldives International Financial Centre (MIFC), a financial freezone of USD 8.8 billion.

A joint venture agreement was signed last night at a ceremony held at Kurumba Maldives, attended by President Dr Mohamed Muizzu and MBS Founder Sheikh Nayef bin Eid Al Thani.

The agreement was signed by Maldives' Minister of Finance Moosa Zameer and MBS' Marwan Alhajeri.

Speaking after the signing, Minister Zameer said that this project marks the beginning of expansion of the Maldives' economy, asserting that this would create interest amongst leading global businesses.

At last night's ceremony, a number of major businesses from the UAE, Saudi Arabia and India also presented letters of commitment to join the venture to President Muizzu.

President Muizzu reiterated that it is a presidential pledge to expand Maldives economy beyond the industries it currently depends on. He said that establishment of this centre lays the foundation for achieving Maldives' ambition to become a developed nation by 2040.

In a statement issued by MIFC, they said that this centre, which will be established in Male' area, will be of 780,000 sqft. It is estimated that over 6,500 persons can reside in the area, with 35,000 visitors per day expected.

In MIFC, companies will not have to pay taxes while businesses can be owned as outlined in the Constitution. However, it does not include residency conditions. The centre said that residents will received various options for financial transactions, as well as offshore private banking services.

Further, the regulations planned for the future will facilitate digital assets and green finance, the statement said.

The centre is projected to be completed by 2030. The aim of the project is to increase Maldives' national productivity, with revenues of USD 1 billion estimated to be earned within the first five years.

The main centre of MIFC is a convention centre with the capacity to accommodate 3500 persons. International conferences, cultural events, as well as hackathons promoting innovation are among events planned to be held at this centre.

The plan also includes three residential and office towers designed for international main and regional offices. Also included are high end branded residences, popular hotel chains, a comprehensive retail experience, an oceanographic museum, a mosque and educational facilities including an international school.

The project was designed by renowned architect Gianni Ranaulo.