The Maldives is embarking on what Minister of Finance and Planning Moosa Zameer has described as a "revolutionary change" in the nation's development trajectory, following the signing of an USD 8.8 billion agreement to establish the Maldives International Financial Center (MIFC). The accord, formalised on Sunday with Dubai-based MBS Global Investment, marks a pivotal effort to diversify the economy, which has long relied on tourism, according to the minister.
At the signing ceremony, Minister Zameer reiterated the government's commitment to achieving developed-nation status by 2040—a central objective of its policy framework. Expanding the digital economy is integral to this vision, with officials aiming for it to contribute 15 percent of national income. The MIFC, envisioned as a driving force behind this shift, is expected to play a crucial role in achieving this target, according to the minister.
The launch of the MIFC, Minister Zameer elaborated, is not merely a development project but signals the beginning of a fundamental shift in the Maldives' economic trajectory. Positioned by the minister as a catalyst for transformation, the initiative is expected to expand the nation's financial landscape beyond its traditional dependence on tourism, attracting global investors and fostering innovation. "This initiative offers an unprecedented opportunity to expand beyond tourism, attracting leading global businesses and entrepreneurs who will bring new and innovative ideas to the Maldives," he added.
At the core of this strategy is the investment framework that will govern the MIFC. Companies operating within the financial centre will be exempt from taxation, in accordance with constitutional provisions, the minister explained, creating an attractive environment for international investors. Business ownership will be granted without residency requirements, he added, ensuring accessibility for foreign enterprises seeking entry into the Maldivian market.
Residents within the financial centre, according to the minister, will have access to a full suite of banking services, including offshore private banking, enabling seamless global financial transactions. The government is also preparing regulations to support digital assets and green finance, reinforcing the MIFC's role as more than just a financial hub. Minister Zameer underscored that the MIFC is set to become a key destination for investors focused on shaping the economic foundation of future generations, positioning the Maldives as a competitive financial hub.
Government officials say the establishment of the MIFC forms part of a broader effort to build a more resilient and diversified economy—one designed to keep pace with the evolving global financial landscape. By fostering an investment-friendly environment and embracing financial innovation, the government aims to secure sustainable long-term growth beyond its traditional reliance on tourism.