Qatari Sheikh to Invest Nearly $9 Billion in Blockchain Hub in the Maldives
The family office MBS Global Investments, based in Dubai, is investing $8.8 billion to create an international financial center in the Maldives, focused on blockchain and digital assets, reports the Financial Times.
This project is expected to help the island nation overcome a debt crisis that will worsen in 2025-2026.
The joint venture agreement between the Maldives government and MBS was signed on Sunday. The center, covering over 800,000 square meters in the capital Male, is expected to accommodate up to 6,500 people and create 16,000 jobs. It is estimated that it could triple the country's GDP in four years and generate over $1 billion annually.
The Maldives is seeking salvation to avoid becoming the first country to default on a key form of debt compliant with Sharia law.
