The Ministry of Economic Development and Commerce has signed a significant memorandum of understanding (MoU) with the Abu Dhabi Global Market (ADGM) Registration Authority, marking a step towards making the Maldives a regional financial hub. 

The MoU was signed in a ceremony attended by Minister Mohamed Saeed and Mr. Hamad Sayah Al-Mazrui, CEO of ADGM Registration Authority. This initiative aligns with President Mohamed Dr Muizzu's vision for economic development and aims to contribute to the growth of the Maldives’ International Financial Centre (IFC).

Minister Saeed emphasised that the partnership with ADGM is pivotal in establishing the Maldives as a key player in the global financial landscape. By leveraging ADGM’s regulatory expertise and operational experience, the Maldives seeks to lay the groundwork for a robust international financial centre that will encourage the flow of international investment into the country.

The MoU outlines five key areas of cooperation: developing legal and procedural frameworks for registration, implementing capacity-building programs, improving governance standards, facilitating the exchange of international information, and providing technical assistance for enhancing operational efficiency. These collaborative efforts will not only accelerate the development of the country's financial sector but also strengthen ties with Abu Dhabi, ultimately fostering a more conducive environment for foreign investment.

Through this partnership, the Maldives aims to enhance its position as a regional financial hub and attract greater international business and investment, contributing to the country's long-term economic growth.