The foundation has been laid today at the location of the Maldives International Financial Centre (MIFC) being established by the Maldives government with Qatar's MBS Global Investments.
An agreement was signed for this USD 8.8 billion joint venture at a ceremony held at Kurumba Maldives last night, attended by President Dr Mohamed Muizzu and MBS Founder Sheikh Nayef Bin Eid Al Thani.
The financial free zone is to be located in Hulhumale' Phase 3. At the ceremony to lay the foundation, Finance Ministry's Deputy Minister Ahmed Saaidh Mustafa said that this project is key to advance Maldives' economy in the next 50 years, and that this project would attract more investors, hence bringing major advancement to the economy.
MBS Global Investments Group CEO Nadeem Hussain said that with the financial centre, the area would become the origin of new financial changes. He, too, reiterated that it would pave the way for more global investments.
The centre spans over 780,000 square metres. The area is designed to accommodate 6,500 residents, and 35,000 daily visitors.
The centre is planned for completion by 2030. 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.
