UAE commits to being a development partner of Maldives

President Dr Mohamed Muizzu has held a series of high-level meetings yesterday as part of efforts to advance the Maldives International Financial Centre (MIFC), a flagship initiative aimed at diversifying the country’s economy.

President Muizzu met Sheikh Abdulla Bin Rashid Al Mualla, Deputy Ruler of Umm Al Quwain, at the President’s Office, where he welcomed the UAE’s continued commitment to invest in Maldives.

Sheikh Abdulla expressed support for initiatives to strengthen food security, reduce fossil fuel dependence, and develop agriculture and critical infrastructure.

He also pledged assistance in improving the country’s credit rating.

In addition, Marwan Al Hajeri, Chairman of Qatar-based MBS Global Investments, also met with President Muizzu and reaffirmed their commitment to MIFC.

Both leaders expressed optimism about the economic opportunities the project presents for Maldives and the broader region.

Prince Fahad Saud Alshalan of Saudi Arabia also paid a courtesy call on the President following the signing of the USD 8.8 billion joint venture agreement between the Maldivian government and MBS Global Investments at a ceremony held at Kurumba Maldives Sunday night.

President Muizzu thanked Prince Fahad for attending the event and emphasized the significance of MIFC in transforming the nation's economic landscape.

Prince Fahad expressed willingness to strengthen bilateral relations across various sectors between the two countries.

The foundation has been laid yesterday at the location of Maldives International Financial Centre (MIFC) being established by Maldives government with Qatar's MBS Global Investments.