The Maldives has signed a multibillion-dollar agreement with Dubai-based MBS Global to create a major blockchain and digital asset hub in its capital.
Author: Sahil Thakur
Malé, May 5, 2025 — The Maldives has signed a multibillion-dollar agreement with Dubai-based MBS Global to create a major blockchain and digital asset hub in its capital. The deal marks one of the island nation’s most ambitious financial initiatives to date.
The joint venture will develop the Maldives International Financial Centre, an $8.8 billion project focused on crypto and fintech. The center will span 830,000 square meters and be built in phases over the next five years.
Officials say the project could create 16,000 jobs and house over 6,000 residents. By year five, the center is projected to generate over $1 billion annually in revenue.
MBS Global, led by Qatari royal Sheikh Nayef bin Eid Al Thani, plans to fund the development through a mix of equity and debt. The firm claims to have already secured commitments exceeding $4–$5 billion via its network of family offices and wealthy investors.
The Maldives government hopes this venture will provide much-needed economic relief. The nation currently faces over $1.6 billion in external debt repayments by 2026.
In December 2024, India extended a $760 million bailout to help the Maldives avoid default. Finance Minister Moosa Zameer believes the financial center could be key to navigating the country’s fiscal challenges.
Turning Malé into a global fintech hub won’t be easy. The project will compete with major players like Dubai, Singapore, and Hong Kong, all of which have established themselves as crypto-friendly jurisdictions.
Dubai continues to lead with government-backed blockchain strategies. Singapore attracts steady global investment through its open regulatory stance and strong tech ecosystem. Hong Kong, too, has welcomed hundreds of Web3 firms by marketing itself as a bridge between East and West.
All three cities ranked in the top five of Multipolitan’s 2025 Crypto Cities Index, which assesses cities on crypto adoption, policy, and infrastructure.
The Maldives’ move could reshape its economy, while giving Web3 startups another emerging location to watch. If successful, the project may open new investment and expansion opportunities in South Asia.
Still, challenges remain—from regulatory hurdles to competition with more mature crypto hubs. As always, do your own research. Not financial advice.
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