The government has revealed that the contractor behind the USD 8.8 billion (approximately MVR 135 billion) project to develop an international financial centre in Hulhumale' has proposed changes to the project's scope.
During a press conference held at the President's Office yesterday, a journalist questioned about the reasons for the lack of progress on the project. In response, government spokesperson Mohamed Hussain Shareef (Mundhu) clarified that the work has not come to a halt.
"They have introduced changes to the scope of their work. This means that the relevant authorities are currently reviewing the feasibility and approvals for a revised scope, which was submitted at the contractor's own request," Shareef said.
Shareef noted that the company is making adjustments to the project's scope and stated that further details, along with a timeline for the project's progression, would be disclosed soon.
"I believe the scope is expanding, but a change is certainly being made," the spokesperson added.
Behind the Shine: The Red Flags and Risks of the Maldives’ $8.8 Billion Financial Centre Deal
While the headline figure of this project is staggering, the underlying details reveal serious red flags, economic risks, and deep concerns about national interest and fiscal responsibility.
The project was to be developed in Hulhumale'. It has been over a year since the project was awarded to 'MBS Global Investments,' a company reportedly belonging to Sheikh Nayef bin Eid al-Thani of the Qatari royal family. To date, no physical work has commenced on the site.
The government previously claimed that the financial centre would be completed by 2030, at which point it is expected to double the Maldives' GDP and end the nation's heavy economic reliance on tourism.
