The Maldives Government and MBS Global Investments Announce $8.8 Billion International Financial Center
The Maldives is set to transform its economic landscape significantly with the announcement of a monumental project: the Maldives International Financial Centre (MIFC). This initiative, backed by the Maldivian government and MBS Global Investments, promises an investment of $8.8 billion, aimed at creating a fully sustainable financial zone in Malé, the capital city.
The establishment of the MIFC is envisioned as a pivotal move to diversify the Maldivian economy beyond its heavy dependence on tourism. With a focus on attracting global financial institutions, fintech innovators, and the emerging demographic of digital nomads, Malé is poised to become a leading economic and financial hub in the Indian Ocean. A significant aspect of the MIFC is its tax-friendly environment that includes no corporate taxes and provisions for tax-free inheritances. Furthermore, it offers property rights in accordance with the Maldivian Constitution, attracting a diverse group of entrepreneurs and investors seeking a boundaryless lifestyle.
The MIFC aims to establish a multi-currency banking system, providing residents with access to offshore private banking facilities. Regulations have been designed to support digital assets and green financing initiatives, transforming the MIFC into another essential avenue for investments aimed at benefitting future generations. The ambitious timeline anticipates completion by 2030, with expectations of a significant boost to the nation's GDP, projecting revenues to surpass $1 billion by the fifth year of operation.
At the heart of this financial center is a state-of-the-art conference center capable of hosting 3,500 participants. This multifunctional venue is expected to host global conferences, cultural events, and innovation-driven hackathons, thereby establishing Malé as a year-round destination for activities that will further bolster its established tourism sector.
The architectural plans for the MIFC include three iconic towers designed for international headquarters and regional offices, high-end luxury residences with ocean views, renowned hotel brands, a unique shopping experience, an oceanographic museum, and notable educational institutions including an international school.
Dr. Mohamed Muizzu, the President of the Maldives, stated, “With the MIFC, we are shaping the future of the Maldives. This initiative will be a beacon of innovation and national pride, thriving in harmony with nature. The financial center will symbolize economic resilience, setting a new global benchmark from which the people of the Maldives will greatly benefit for generations.”
The Maldivian Finance Minister emphasized the project as groundbreaking, affording a stellar opportunity to expand their economy beyond tourism while attracting the world's best enterprises and visionary entrepreneurs. Nadeem Hussain, CEO of MBS Global Investments, articulated that the MIFC will set a new global standard and accelerate financial innovation by at least two decades.
The infrastructure devised for the MIFC will be fully climate-resilient, powered exclusively by renewable energy sources. The upper levels of the project will be entirely car-free, with all transport and logistics infrastructure located underground. This design aims to foster a pedestrian-friendly and open environment, promoting a holistic lifestyle centered around wellness and longevity.
Planned amenities include premier sports facilities and modern longevity and wellness centers, complemented by shaded running and cycling paths amidst expansive green spaces. In addition to cutting-edge office spaces, the MIFC will house high-end retail stores, prestigious dining options, and vibrant cultural venues, creating an integrated atmosphere for living, working, and relaxation.
This ambitious and multifunctional construction project is spearheaded by chief planner and architect Gianni Ranaulo, known for his commitment to environmentally conscious practices. Every structure, from the overarching master plan to individual buildings, is inspired by local flora and the marine ecosystem. The project will cover an expanse of 780,000 square meters, providing accommodation for over 6,500 residents and attracting daily visits from approximately 35,000 people.
For further information, you can visit the official MIFC website at www.mifc.gov.mv.
The establishment of the MIFC is envisioned as a pivotal move to diversify the Maldivian economy beyond its heavy dependence on tourism. With a focus on attracting global financial institutions, fintech innovators, and the emerging demographic of digital nomads, Malé is poised to become a leading economic and financial hub in the Indian Ocean. A significant aspect of the MIFC is its tax-friendly environment that includes no corporate taxes and provisions for tax-free inheritances. Furthermore, it offers property rights in accordance with the Maldivian Constitution, attracting a diverse group of entrepreneurs and investors seeking a boundaryless lifestyle.
The MIFC aims to establish a multi-currency banking system, providing residents with access to offshore private banking facilities. Regulations have been designed to support digital assets and green financing initiatives, transforming the MIFC into another essential avenue for investments aimed at benefitting future generations. The ambitious timeline anticipates completion by 2030, with expectations of a significant boost to the nation's GDP, projecting revenues to surpass $1 billion by the fifth year of operation.
At the heart of this financial center is a state-of-the-art conference center capable of hosting 3,500 participants. This multifunctional venue is expected to host global conferences, cultural events, and innovation-driven hackathons, thereby establishing Malé as a year-round destination for activities that will further bolster its established tourism sector.
The architectural plans for the MIFC include three iconic towers designed for international headquarters and regional offices, high-end luxury residences with ocean views, renowned hotel brands, a unique shopping experience, an oceanographic museum, and notable educational institutions including an international school.
Dr. Mohamed Muizzu, the President of the Maldives, stated, “With the MIFC, we are shaping the future of the Maldives. This initiative will be a beacon of innovation and national pride, thriving in harmony with nature. The financial center will symbolize economic resilience, setting a new global benchmark from which the people of the Maldives will greatly benefit for generations.”
The Maldivian Finance Minister emphasized the project as groundbreaking, affording a stellar opportunity to expand their economy beyond tourism while attracting the world's best enterprises and visionary entrepreneurs. Nadeem Hussain, CEO of MBS Global Investments, articulated that the MIFC will set a new global standard and accelerate financial innovation by at least two decades.
The infrastructure devised for the MIFC will be fully climate-resilient, powered exclusively by renewable energy sources. The upper levels of the project will be entirely car-free, with all transport and logistics infrastructure located underground. This design aims to foster a pedestrian-friendly and open environment, promoting a holistic lifestyle centered around wellness and longevity.
Planned amenities include premier sports facilities and modern longevity and wellness centers, complemented by shaded running and cycling paths amidst expansive green spaces. In addition to cutting-edge office spaces, the MIFC will house high-end retail stores, prestigious dining options, and vibrant cultural venues, creating an integrated atmosphere for living, working, and relaxation.
This ambitious and multifunctional construction project is spearheaded by chief planner and architect Gianni Ranaulo, known for his commitment to environmentally conscious practices. Every structure, from the overarching master plan to individual buildings, is inspired by local flora and the marine ecosystem. The project will cover an expanse of 780,000 square meters, providing accommodation for over 6,500 residents and attracting daily visits from approximately 35,000 people.
For further information, you can visit the official MIFC website at www.mifc.gov.mv.
Topics Financial Services & Investing）
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