The government of the Maldives has partnered with Dubai-based firm MBS Global Investments to fund a $9 billion crypto hub in Malé, the capital of the Maldives. The Islander nation, which exists off the coast of India, wishes to seek direct investment from blockchain and web3 industry workers, as a way to diversify away from the predominant markets of fishing and tourism. MBS Global Investments has produced an impressive vision for the island nation, with a new International Financial Centre, which is 830,000 square feet and will employ 16,000 individuals. Nadeem Hussain, MBS’s chief executive, said that the firm had already secured between $4 billion and $5 billion to make sure the project was off to a good start. Hussain said the necessary partners and family networks had been secured to organise the project. MBS Global Investments is a family-run business and organises itself through a global network of family members and trusted partners. Hussain says that the crypto centre will be financed by a mix of capital and debt, organised by MBS. India recently bailed out Maldives with a $760 million to prevent the country from going into default. Sheikh Nayef bin Eid Al Thani, a Qatari national, will back the project by connecting his network of family members and investors. He will be essential to sourcing the remaining funds to finance the crypto centre. Moody’s Ratings has flagged serious debt problems with the nation of Maldives, indicating a $700 million debt for 2025, and a $1 billion debt for 2026. The crypto project is impressive, with a 3,500 capacity conference centre, three residential buildings, and office space. The residents will have access to various banking facilities and multiple currencies. The Maldives is making an impressive attempt to turn its debt crisis around and revitalise its economy with blockchain innovation. The Maldives Finance Minister, Moosa Zameer, believes the blockchain project could prevent the country from slipping into a financial crisis. The investment could be one of the most prominent crypto projects in Asia. Zameer is optimistic about the investment and is confident that blockchain technology offers many opportunities for future generations. The Maldives government believes that blockchain technology could turn the country’s economy around, bringing in more jobs and tripling the country’s GDP within four years. The Maldives International Financial Centre aims to comply with environmental standards to promote ecology and climate awareness. The architectural design, influencing Dubai-based visionaries, will have the structures necessary to conserve electricity and minimise environmental impact as much as possible. Public transportation will be built underground to make the space above ground pedestrian-friendly. The surrounding grounds of the Financial Centre will be built to offer residents and families a relaxing environment so they can live a holistic lifestyle, with supporting facilities, running tracks, and green areas for fresh, clean air. The Financial Centre will further attempt to build cultural and residential areas so that there are enough activities for people to engage in, making the complex a sustainable living environment.
