The Investment Society in Dubai threw just $ 8.8 billion in the Maldives to build a massive cryptocurrent financial center, more money than the country's GDP.
The transaction announced this week comes from the family office MBS Global Investments, who says he manages about $ 14 billion in property. The five -year project is built in the capital Malé and aimed at pulling out the growing debt crisis of the Saare people.
The Minister of Finance of the Maldives Moosa Zamer allegedly said Financial times That the state has to “jump” and move away from its addiction from tourism and fisheries.
He said the country's biggest problem is debts over the next two years. “This is something we see as a potential contributor to bring us out of the certain difficulties we are,” Zamer said of the crypto investment.
MBS writes to a joint venture to start Malé's financial center
On Sunday, the MBS Global Investments signed a joint venture agreement with the Maldives Government. The plan is to build an international financial center for the Maldives, which includes 830,000 square meters, 6,500 inhabitants of the house and creates 16,000 jobs. This is a crypto financial zone aimed at tripling the Maldives GDP over three years and earn more than a billion dollars for the fifth year, according to the overall plan.
MBS CEO Nadeem Hussain confirmed that $ 4-5 billion is already guaranteed. “We evaluated the funding on the basis of the shifting and we have made the necessary unions and introduced the necessary partners to ensure that we have it,” Hussain said. “It's a big sum of money.”
The office is supported by the Qatar citizen Sheikh Nayef Bin Eid Al Thani, who uses a network of family offices and wealthy people to collect the rest of the resources. Hussain said the company intends to use equity and a debt mixture to finance the construction of a cryptocurrency center.
This announcement will only come several months after India gave the Maldives a rescue of $ 760 million, which will help prevent insolvency. But the numbers are still ugly. In December, Moody's Reitings noted major liquidity issues, pointing to about $ 600-700 million this year and in 2026 for foreign debt payments, including $ 1 billion, including $ 500 million SUKUK, which is a debt instrument for Islamic finance.
Zameer said both India and China have been important “development partners”, but this new thing with MBS is different. “The mbs we deal with is a business that is different from the traditional loan models we do,” he said.
The state is now banking its political stability, location and access to larger markets such as the Gulf of India and Persia.
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