Maldives bets on $9b blockchain hub in Malé to ease debt burden

The archipelago nation of the Maldives has signed a multi-billion-dollar deal with Dubai’s MBS Global to build a blockchain and digital assets hub.

On May 4, the Maldivian government and MBS Global Investments inked a joint venture agreement to develop a $8.8 billion crypto-focused financial centre in the capital city of Malé, according to a Financial Times report.

The project, titled the Maldives International Financial Centre, will span 830,000 square meters, and initial estimates suggest it could eventually employ up to 16,000 people and host over 6,000 residents.

Development would be rolled out in phases over the next five years and is expected to generate more than $1 billion in revenue annually by year five. According to officials, the financial center would aim to triple the country’s GDP.

MBS Global, headed by Qatari royal Sheikh Nayef bin Eid Al Thani, plans to finance the development through a mix of equity and debt. According to the firm, it has already secured firm commitments “north of” $4–$5 billion, raised through its network of family offices and high-net-worth individuals.

For the Maldives, the deal comes at a critical time. The country is under financial pressure, with over $1.6 billion in external debt repayments due by 2026. Just a few months ago, India stepped in with a $760 million bailout to help the island nation avoid default.

Finance Minister Moosa Zameer believes the financial center could be a possible way out of its current fiscal crunch.

Still, turning Malé into a global fintech hub won’t be easy. One senior Indian businessperson told the Financial Times that the Maldives is likely to face stiff competition from well-established heavyweights such as Dubai, Hong Kong, and Singapore.

As previously reported by crypto.news, Dubai has already made major strides in establishing itself as a crypto-friendly destination, with supportive regulations and government-backed blockchain initiatives.

Similarly, Singapore has continued to draw global investment with its open approach to digital assets and a thriving tech ecosystem. Meanwhile, Hong Kong, too, has attracted hundreds of Web3 and fintech firms by positioning itself as a gateway between China and the West.

Hong Kong, Dubai, and Singapore all ranked among the top five in Multipolitan’s 2025 Crypto Cities Index, which evaluated global hubs based on adoption, regulation, and infrastructure.