Construction of the ambitious Maldives International Financial Centre in Hulhumalé, a flagship project led by MBS Global Investments, has reportedly come to a halt, according to government sources.
The project, fronted by Sheikh Nayef bin Eid al-Thani, a member of the Qatari royal family, was expected to transform the country into a financial hub in the Indian Ocean.
Despite a formal agreement between the government and MBS Global , there has been no initiation of land transfer procedures, and no visible progress on the ground.
Multiple inquiries made to the Ministry of Finance were met without official comment.
However, sources within the government told Adhadhu that the company had initially pledged $250 million in budgetary support, which was later revised to $50 million following delays. That amount has yet to materialise.
"The government has received no financial benefit from this. All they got was a visual presentation and lofty promises," said a senior government official, who added that authorities are now attempting to attract new investors using promotional material from the stalled project. "The government is aware now that merely hoping for investment is not enough."
An individual familiar with the investment deal also raised concerns about the company’s capacity to deliver.
"MBS Global is too small to manage a project of this scale. They only have a small office in Dubai. There’s no real financial muscle behind it. The government got caught in a scam because they didn’t investigate properly," the source said.
About the Financial Centre
Initially scheduled for completion by 2030, the Maldives International Financial Centre was envisioned as a game-changer for the country’s economy. It aimed to diversify national revenue streams beyond tourism, with projections suggesting a $1 billion revenue generation by the fifth year of operation.
The project includes:
- A 3,500-seat conference hall as its focal point.
- Hotels, residential towers, a museum, mosque, and school.
- Wellness facilities, a cycling track, and modern office spaces.
- An eco-friendly, car-free design powered by renewable energy and connected via underground transport.
Designed by renowned architect Gianni Ranaulo, the development was to cover 780,000 square feet, accommodating up to 6,500 residents and an estimated 35,000 daily visitors.
Despite its grand vision, the project's future is now uncertain, as questions mount over both funding and due diligence.
