Yeliz Akmaca 
- The Maldives has signed a $9 billion agreement with Dubai’s MBS Global Investments to establish a blockchain hub in Malé, aiming to diversify its tourism-focused economy.
- This initiative seeks to broaden the country’s economy, which is currently heavily reliant on fishing and tourism.
Maldives Advances as a Crypto and Blockchain Hub with $9 Billion Investment
According to the Financial Times, the agreement, signed on May 4, aims to establish the Maldives International Financial Centre in Malé. As a result, the tourism and fishing-based economy will diversify. Spanning an 830,000-square-meter area, the project is expected to create jobs for 16,000 people. Additionally, it is planned to be completed within five years and surpass the country’s GDP ($7 billion).
Crypto for Economic Breakthrough
The Maldives is turning to the crypto sector to reduce its external debt. It faces debt repayments of $600-700 million in 2025 and $1 billion in 2026. Consequently, the project could triple the GDP within four years. MBS Global, offering innovative financial solutions instead of traditional borrowing, has raised an initial $4-5 billion from high-net-worth individuals and family offices. The project targets $1 billion in revenue in its fifth year. According to the report, the country’s Finance Minister Moosa Zameer described the Dubai family office’s investment as “something that will rescue us from some of the challenges we are facing.”
Dubai’s Blockchain Support for the Maldives
Dubai is extending its blockchain technology leadership to the Maldives. In April 2024, the Dubai Land Department signed an agreement for blockchain integration in real estate tokenization. The Maldives, drawing inspiration from Dubai’s regulatory model, aims to compete with hubs like Singapore and Hong Kong. As a res
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