Compass Investments

– The family office of the Emirate of Dubai, which oversees the interests of the Qatari king, is initiating a project to build an $8.8 billion crypto and blockchain hub in Male, Maldives.

The planned investment will exceed the annual GDP of the Maldives, which is about $7 billion, according to the Financial Times.

The deal, signed on May 4, comes from MBS Global Investments, which manages about $14 billion in assets. The investment firm will finance projects in the Maldives by attracting high net worth private investors and a network of family offices to form a consortium.

the project is expected to be completed by 2030, according to an official press release. In addition, the blockchain hub is expected to attract global financial institutions, fintech leaders and digital nomads from around the world.

According to the master plan, the future financial center should triple the Maldives’ GDP within four years. It is expected to generate more than $1 billion in revenue by the fifth year, according to the FT report.

Maldives Finance Minister Musa Zamir said the country needs to take a leap forward and expand beyond tourism and fishing. The country’s debt obligations over the next two years are the biggest problem we have, he told the newspaper.

[Investment] is what we see as a potential contribution to getting out of the difficulties we’re in.

What will MIFC offer?

The Maldives International Financial Center (MIFC) will be a tax-free zone for corporations located in the capital.

In addition, entrepreneurs will have no residency requirements, making the center attractive to digital nomads from around the world.

The website states that MIFC will have a state-of-the-art conference center with a capacity of 3,500 people. The multi-functional conference facility will host world-leading conferences, cultural events and innovative hackathons, establishing Male’ as a leading event center, the press release adds.

The financial center will be a symbol of economic stability and will set a new global standard that will greatly benefit the people of the Maldives for generations to come, said President Dr. Mohamed Muizzu, the plan also includes the construction of residential and office towers and fully climate-resilient infrastructure. They will be powered solely by renewable energy, said Nadeem Hussain, CEO of MBS Global Investments.