Chief Government Spokesperson at the President's Office Mohamed Hussain Shareef (Mundhu) has stated that there is a major scope change being brought about to the Maldives International Financial Center (MIFC) project.

Qatar's House of Al Thani's MBS Global Investment and the Maldivian government agreed to establish a financial free zone by the name of the MIFC in May 2025.

When a journalist raised a question about the project during the "Presser with the Spox" held today at the President's Office, Shareef said that the company handling the project has brought about a scope change to the project.

"They have brought about a scope change to their work. This means that they want to bring about a change to the scope that was in their initial project submission, with them looking into feasibility and approvals under a revised scope after consulting with the relevant parties," said Shareef.

Shareef went on to say that the project has not stopped and that the government will come to a decision once they look over the feasibility of the change to the scope and other matters that need to be looked into as well.

Regarding the financial free zone that is being established in Hulhumale' Phase 3, the government has previously stated that it is an important project for the progress of the Maldivian economy for the next 50 years. At the time, the government also said that with said project, Maldives will see major economic changes with additional investors.

The center is being developed in an area spanning 780,000 square meters. The government estimates that more than 6,500 people will be able to live in the area, with 35,000 people making their way to the area daily.

The government has previously stated that while the project states that work on the center will be finished by 2030, the purpose of the project is to increase Maldives' national productivity ratio to a significant amount in the first four years, along with generating revenue beyond USD 1 billion by the fifth year.

The government has also previously stated that its main center is a modern conference center with a capacity to host 3,500 people. Plans have also been made to hold conferences at an international standard at the convention center meant for various activities, cultural activities and hackathons that will facilitate new inventions.

The plan that was publicized at the time includes main international offices, three residential and office towers specifically designed for regional offices, high quality branded residences, world-famous hotel brands, a complete and different retail experience, an oceanographic museum, a mosque and an international school which includes quality educational resources.