The Anti-Corruption Commission (ACC) has refused to clarify whether they were looking into the financial centre planned in Hulhumalé by MBS Global Investments connected to Qatari royal Sheikh Nayef bin Eid al-Thani.
Adhadhu repeatedly phoned and texted the ACC regarding the development of the Maldives International Financial Centre in Hulhumale' Phade 3. But the anti-corruption watchdog has not responded.
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 sources told Adhadhu that no work has taken place.
The government claims that MBS Global Investments is planning to invest USD 8.8 billion in the financial centre. However, there are concerns that the project could be a scam.
Sources within the government told Adhadhu that the company had initially pledged USD 250 million in budgetary support, which was later revised to USD 50 million following delays. That amount has yet to materialise.
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 USD 1 billion revenue generation by the fifth year of operation.
An individual familiar with the investment deal 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.
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.
