A company owned by Sheikh Nayef bin Eid al-Thani, a member of the Qatari royal family, has decided to invest USD 8.8 billion in the Maldives International Financial Centre (MIFC).
MBS Global Investments decided to invest in the financial centre to be built in Hulhumale'. In a statement, the government said a financial free zone or a large financial hub aimed at international financial institutions will be built under the investment.
The financial centre is expected to be completed in 2030. The government predicts the country’s GDP will increase in the first four years and generate revenue of USD 1 billion in the fifth year after opening the centre.
The government hopes the financial centre will end the Maldives' dependence on tourism and transform the country into a leading financial hub in the Indian Ocean.
A 3,500-seat conference hall is being developed as the centrepiece of the financial centre. In addition, hotels, residence buildings, a museum, a mosque and a school will also be built under the investment.
Sports facilities, spas, a cycling track and attractive office buildings will also be developed.
The financial centre is planned to be built in an environmentally friendly manner. The energy needed for the facility will be generated using renewable sources. No cars will be used in the financial centre because of an underground transportation system.
The financial centre was designed by architect Gianni Ranaulo. The place is designed to suit the environment of the Maldives. A land area of 780,000 square feet will be developed under the project to accommodate 6,500 people and an estimated daily 35,000 visitors.
