President Dr Mohamed Muizzu has established a new State-owned company, Greater Malé Financial District Limited, by Presidential Decree, with the objective of transforming the Maldives into an international financial hub.

The company was formed under Article 15 of the Companies Act and is tasked with leading efforts to expand innovation in financial services, digital real estate, banking, and financial tourism. It will also be responsible for implementing initiatives in line with the Government’s broader economic vision to promote the Maldives as a global financial services destination.

Fully owned by the State, the company is incorporated as a separate legal entity with an authorised capital of MVR 1 billion, divided into 100 million shares at a nominal value of MVR 10 each.

The launch of the company comes as the Government intensifies its push to diversify the national economy and increase productivity. As part of this strategy, the Administration has set a target of generating 15 per cent of GDP from the creative economy by 2030 and has declared 2026 as the Year of National Innovation.

President Dr Muizzu has also outlined a long-term vision to establish Hulhumalé as the financial capital of the Maldives. This vision is supported by a recent agreement signed in May with MBS Global Investment to develop the Maldives International Financial Centre (MIFC).

With the country’s economy heavily reliant on tourism, the formation of Greater Malé Financial District Limited is a key step in the Government’s efforts to pursue economic diversification and elevate the Maldives’ presence in the global financial landscape.