A groundbreaking ceremony has been held for the Maldives International Finance Centre (MIFC), the nation’s first international financial hub.

President Dr Mohamed Muizzu officiated the event, which was attended by Ministers of State and senior representatives from MBS Global Investments.

The Minister of Finance and Planning, Moosa Zameer, together with the President of MBS Global Investments, Sheikh Nayef Bin Eid Al Thani, unveiled the commemorative plaque to mark the commencement of the project.

Deputy Minister of Finance and Planning, Ahmed Saaid Musthafa, stated that the initiative would play a crucial role in supporting the Government's efforts to diversify the national economy. He indicated that the centre is expected to significantly transform the economic landscape and contribute to the further development of the tourism industry.

Under the terms of the agreement, the centre will be established across a site measuring 780,000 acres, with capacity to accommodate over 6,500 residents. It is estimated that the area will receive approximately 35,000 visitors daily.

The $8.8 billion project is a joint venture between the Government of the Maldives and MBS Global Investments.