The government has signed a memorandum of understanding (MoU) with the Abu Dhabi Global Market (ADGM) Registration Authority to gain technical assistance to the development of the International Financial Centre in Maldives. The MoU was signed by Minister of Economic Development and Trade, Mohamed Saeed, and CEO of the ADGM Registration Authority Hamad Sayah Al Mazrouei.
Minister Saeed highlighted that this MoU marks an important step in Maldives' efforts to become a regional leader in investment and finance, further strengthening the country's economic landscape. He also noted that the establishment of the International Financial Centre aligns with President Dr. Mohamed Muizzu's vision and will play a crucial role in attracting significant foreign investments to Maldives.
Under the terms of the MoU, the ADGM Registration Authority will provide support in four key areas: developing legal and procedural frameworks for bank registration, offering training programs for the financial sector, enhancing the management systems of the financial centre, and providing technical assistance for the registration process of the centre itself.
In addition to this collaboration, the Ministry of Economic Development and Trade has also signed an MoU with the Qatar Financial Centre to provide further assistance in various aspects of the financial sector, including those related to the International Monetary Fund.
The government’s broader development plan includes the creation of a Special Economic Zone (SEZ) in Funadhoo, which will house the International Financial Centre. This initiative is part of the third phase of the Velana International Airport (VIA) expansion project, which will also involve the construction of new bridges to enhance connectivity. The establishment of the International Financial Centre in Maldives is expected to significantly transform the country's financial industry and open new opportunities for investment.