- Dubai’s MBS Global invests $8.8B in Maldives crypto hub to tackle debt crisis exceeding nation’s GDP.
- Finance Minister Zameer: Crypto project counters $1.6B debt due by 2026, reduces tourism reliance.
A Dubai investment group, MBS Global Investments, pledged $8.8 billion to construct a cryptocurrency financial hub in the Maldives, surpassing the island’s annual economic output. The agreement, finalized Sunday, targets the nation’s reliance on tourism and mounting debt obligations.
MBS Global, a firm managing $14 billion, partnered with the Maldives government to develop the Maldives International Financial Centre in Malé. The 830,000-square-meter complex aims to accommodate 6,500 residents and provide 16,000 jobs. Government projections suggest the hub could triple GDP within four years and yield $1 billion yearly by 2029.
Debt Deadlines Prompt Unconventional Strategy
The Maldives owes $600–700 million in foreign debt this year and $1 billion in 2026, including a $500 million Islamic bond. Finance Minister Moosa Zameer stated the crypto hub could offset reliance on tourism, which dominates the economy. “We need to take the leap,” Zameer told the Financial Times, framing the project as a practical solution rather than a guaranteed fix.
MBS CEO Nadeem Hussain confirmed $4–5 billion in secured funding, with Qatari financier Sheikh Nayef bin Eid Al Thani rallying private wealth networks to raise remaining capital. Equity and debt will fund construction, though Hussain did not disclose specific terms.
“We appreciated right from the offset what was involved in terms of funding and we’ve made the necessary alliances and brought in the necessary partners to ensure we have that,” Hussain said. “It is a large sum of money.”
The deal follows a $760 million rescue package from India in late 2024 to avert default. Zameer called India and China “development partners” but stressed the MBS venture differs: “This is business, not aid.”
Moody’s Ratings highlighted liquidity risks in December, urging structural reforms. The crypto hub’s feasibility remains uncertain in a nation with limited tech infrastructure. If successful, the project could position the Maldives as a niche crypto player. If not, debt pressures may worsen.
