Dubai Crypto Giant Drops $8.8B Bet on Maldives Blockchain Hub—Because What Could Go Wrong?
In a move that’s either visionary or a tropical fever dream, a Dubai-based firm just pledged nearly $9 billion to transform the Maldives into a blockchain financial hub. Because nothing says ’stable infrastructure’ like building the future of finance on 1,192 tiny islands.
The project aims to lure crypto whales with tax incentives and regulatory sandboxes—because if there’s one thing the world needs, it’s another offshore financial playground for digital assets. Local officials are already touting ’unprecedented economic transformation,’ while skeptics whisper about the last guy who tried to launch a sovereign crypto (looking at you, El Salvador).
With construction set to begin in 2026, the race is on to see what collapses first: the coral reefs or this ambitious Web3 gambit. Either way, the firm’s CFO assures us they’ve ’done the math’—though conveniently left out which meme coin they used for projections.
Financial Freezone Aims to Triple Maldives’ GDP in 4 Years
Per the masterplan, the planned financial hub aims to triple the Maldives’ GDP within four years. It is also projected to generate over $1 billion in revenue by the fifth year, the FT report read.
Maldives Finance Minister Moosa Zameer said that the nation needs to “take the leap” to expand from tourism and fisheries. The country’s debt in the next two years is “the biggest challenge that we have,” he told the publication.
“[The investment] is something we see as a potential contributor to bring us out of certain difficulties that we are in.”
What Does MIFC Offer?
Dubbed the Maldives International Financial Centre (MIFC), the financial freezone in the capital city will provide a corporate tax-free zone.
Additionally, there are no residency requirements for entrepreneurs, making it an attractive destination for global digital nomads.
The MIFC would have a state-of-the-art conference premise with a capacity for 3,500 people, the website noted. “The multi-purpose convention venue will host leading global conferences, cultural events and innovation-driven hackathons, establishing Male as a leading assembly hub,” the release added.
“The financial centre will be a symbol of economic resilience and will set a new global benchmark that will massively benefit the people of the Maldives for generations to come,” President Dr Mohamed Muizzu said.
Besides, the plan would have residential and office towers and offer a fully climate-resilient infrastructure. These will be “powered exclusively by renewable energy,” Nadeem Hussain, CEO of MBS Global Investments noted.
Also, the phased project would be funded through equity and debt, and commitments worth between $4 billion and $5 billion have already been secured, Hussain added.
