The Government of Maldives has signed a landmark agreement with MBS Global Investment to develop the Maldives International Financial Centre (MIFC), a project valued at USD 8.8 billion.

The agreement was formalised at a special signing ceremony held at Kurumba Maldives on Sunday night. Minister of Finance and Planning Moosa Zameer signed on behalf of the Government, while Marwan Alhajeri signed on behalf of MBS Global Investment. Sheikh Nayef bin Eid Al Thani, a senior executive of MBS, and President Dr Mohamed Muizzu were also present at the ceremony.

Speaking at the event, President Dr Muizzu described the MIFC as a transformative step towards economic diversification, moving beyond the Maldives’ traditional reliance on tourism. He framed the project as a commitment to empowering Maldivians with opportunity and resilience, while also positioning the country as a leader in the global financial and sustainability landscape.

The President said the MIFC represents a foundation for the Maldives to achieve developed nation status by 2040. He emphasised that the country would not replicate past development models but would instead introduce a financial ecosystem that is digital-first, inclusive, sustainable, and future-oriented.

Designed to host global financial institutions and digital industry players, the MIFC is set to become the largest non-tourism investment project in Maldivian history.

According to the Government, the project master plan was developed by renowned architect Gianni Ranaulo. The design integrates Maldivian biodiversity and marine conservation themes across its buildings and overall layout.

Spanning 780,000 square meters, the development will accommodate over 6,500 residents and is projected to attract around 35,000 daily visitors upon completion.