Dubai Firm to Build $8.8 Billion Tax-Free Financial Hub in Maldives

MBS Global Investments from Dubai together with the Maldives government announced their plans to develop a $8.8 billion breakthrough project called Maldives International Financial Centre (MIFC). The development plan aims to construct the Maldives International Financial Centre in Male as a tax-free financial and lifestyle hub which targets global financial institutions together with digital nomads and entrepreneurs and fintech firms.

The developers plan to finish MIFC by 2030 on a 780,000 sqm site that will include:

The development includes three different structures that combine office spaces with residential properties located on the seaside.

A conference centre accommodating 3,500 people

Retail outlets, luxury hotels, an Oceanographic Museum, mosque, and international school

The design includes sports facilities as well as longevity and wellness centers built above underground transport systems that operate without vehicles.

MIFC will provide tax advantages including zero corporate tax, tax-free inheritance and no residency requirements which also tie into multi-currency banking services and digital assets support along with green finance programs. The hub contains an estimated visitor capacity of 35,000 individuals per day while supporting 6,500 residents and aims to produce more than $1 billion in earnings by its fifth year and increase Maldives’ GDP through four consecutive years.

President Dr. Mohamed Muizzu predicted that this center will function as an economic strength symbol that will establish new worldwide benchmarks to benefit generations to come. The national economic transformation initiative aims to expand the economy past tourism which began when the International Monetary Fund commented on rising economic pressures.

The Maldivian government is using MIFC to showcase its commitment for attracting elite international business operators and skilled professionals as per Moosa Zameer’s assessment. The infrastructure development project will include full climate resilience alongside complete reliance on renewable power and an emphasis on sustainability along with innovation.