Dubai company invests $8.8 billion of crypto into the Maldives, more than the country’s GDP
A Dubai -based investment company threw just $ 8.8 billion in the Maldives to produce a massive hub dedicated to crypto, more money than the country's entire GDP.
The deal, announced this week, originated in MBS Global Investments, a family office that says it manages nearly $ 14 billion in property. The five -year project will be built in the capital, Malé, and aims to pull the island country from a growing debt crisis.
Maldives Minister of Maldives Mosa Zameer Reported said to Financial periods That the country needs to “get a jump” and get away from tourism and fisheries.
He said the biggest problem in the country is debt payments for the next two years. “This is something we see as a potential contributing to bring us out of some difficulties we are there,” Zameer said of crypto investment.
MBS signs are joint adventure to launch the Financial Center in Malé
MBS Global Investments officially signed a joint adventure agreement with the Maldives government on Sunday. The plan is to develop the Maldives International Financial Center, which covers 830,000 square meters, homes 6,500 residents, and created 16,000 jobs. It will serve as a crypto financial zone aimed at triple the Maldives' GDP for four years, and generate more than $ 1 billion income in the fifth year, according to the Masterplan.
MBS chief executive Nadeem Hussain has confirmed that promises worth between $ 4 billion and $ 5 billion are already secure. “We appreciate itself from offset what is involved in the terms of funding and we have made the necessary alliances and brought to the necessary partners to make sure we have,” Hussain said. “It's a huge amount of money.”
The office is supported by Sheikh Nayef Bin Eid Al Thani, a Qatari National, who will be on a network of family offices and wealthy individuals to raise the remaining funds. Hussain said the firm plans to use a mixture of equity and debt to supply crypto hub formation.
This announcement will come just months after India has given the Maldives $ 760 million bail to help prevent a default. But the numbers are still ugly. Moody's ratings filed major liquidity problems in December, pointing out external debt payments of nearly $ 600 million to $ 700 million because of this year, and another $ 1 billion in 2026, with a $ 500 million Sukuk, a debt instrument that complies with the financial Islam.
Zameer said both India and China became an important “development partners,” but the new MBS deal was different. “With MBS we start in business, it will be a business that is quite different from the traditional models of borrowings we do,” he said.
The country is now bankrupt on political stability, location, and access to major markets such as India and Gulf as benefits.
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