Maldives government on Monday broke ground on the landmark Maldives International Financial Center (MIFC).
The joint venture between the government and Dubai-based MBS Global Investment to develop the international financial hub, an USD 8.8 billion initiative aimed at reshaping the nation's economy was signed the evening before.
The center will be developed in Phase III of the reclaimed suburb Hulhumale’ and the groundbreaking ceremony held on Monday was officiated by President Dr Mohamed Muizzu, cabinet ministers and senior officials of MBS.
The commemorative plaque for the centre was unveiled by Moosa Zameer, the Minister of Finance and Planning and Sheikh Nayef bin Eid Al Thani, President of MBS Global Investment.
Speaking during the ceremony, the Deputy Minister of Finance and Planning, Ahmed Saaid Musthafa said the project will completely transform the economy of Maldives and elevate the country’s globally renowned tourism sector to the next level.
As the country’s economy is expected to grow by 6.4 percent this year, this project will also open new avenues in the government’s efforts to diversify the economy, he explained.
Saaid also said this project will also play an important role in making the vision of President Dr Muizzu to make Maldives a developed country by the year 2040 a reality while increasing the confidence of foreign investors in the Maldives.
Sheikh Nayef, speaking during the ceremony, said the project will take Maldives’ economic direction to new heights and provide modern innovative advances. It will also open up a path to expand financial tourism in Maldives and attract foreign investors to the country’s tourism and other sectors, he added.
MBS Global Investment Group’s CEO Nadeem Hussain said at the ceremony that this is not only an infrastructure development but also a significant project that symbolises modern technology and economic growth. He also mentioned that MBS Global Investment will provide full support to make this project a reality and bring its benefits to the Maldives.
Due to be completed by 2030, it will be easily accessible from any part of the world and the aim is to notably increase the country’s GDP within four years with projected revenue to be well over USD 1 billion by the fifth year.
Designed by architect Gianni Ranaulo, the MIFC's master plan spans approximately 780,000 square metres, integrating environmental sustainability into its concept. The development draws inspiration from the Maldives' biodiversity and marine ecosystem, ensuring that its infrastructure harmonises with the surrounding landscape.
A key feature of the financial centre is a conference venue capable of hosting 3,500 attendees. Planned as a hub for international summits, cultural exchanges, and technology-driven events, the facility is expected to bolster the Maldives' reputation as a global meeting destination while complementing its established tourism sector.
Further supporting this vision, the financial district will incorporate three high-rise residential and office towers designed to house multinational corporate headquarters. The broader development plan includes branded residences, luxury hotels, a retail district, an oceanographic museum, a mosque, and a premier international school. Designed to accommodate more than 6,500 residents, the district is expected to draw 35,000 daily visitors, creating a dynamic commercial and residential ecosystem.
Sustainability remains a cornerstone of the project. All buildings and public spaces will be powered by renewable energy, while transport and logistical networks will be integrated underground, ensuring seamless accessibility without disrupting pedestrian pathways.