Digital assets are being backed by Gulf investors in the tourism-dependent island nation, as efforts are being made by the Maldives to diversify its economic landscape.
A Dubai-based family office that manages assets for Qatari royal Sheikh Nayef bin Eid Al Thani will fund an $8.8 billion blockchain and digital assets initiative in the Maldives.
According to a Financial Times report published on Sunday, MBS Global Investments spearheaded the agreement to broaden the island nation’s economic base, as it faces growing external debt pressures and relies heavily on tourism and fishing for revenue.
The investment, scheduled for implementation over five years, surpasses the Maldives’ total gross domestic product, which reached approximately $7 billion in 2023, according to World Bank data.
The Indian Ocean nation is currently facing debt obligations ranging between $600 million and $700 million for this year, with an additional $1 billion scheduled to mature in 2026.
The blockchain initiative represents a shift toward digital finance and global investment, aiming to alleviate economic strain, even though the Maldives currently has minimal to no presence in the cryptocurrency space. The nation continues efforts to attract development partnerships from both India and China.
Included in the proposal is the construction of an International Financial Centre covering 830,000 square meters, designed to house 6,500 individuals and create approximately 16,000 jobs, which could provide employment for nearly 3% of the Maldives’ total population.
MBS Global’s Expanding Blockchain and Economic Portfolio
MBS Global Investments will fund the project through a consortium formed from its network of high-net-worth individuals and family offices. According to the report, the consortium has already secured a total of $4 to $5 billion.
The firm manages a current portfolio that includes a diverse range of sectors—fintech, real estate, construction, and investment firms.
In July of the previous year, the firm allocated funding to Varys Capital, a digital asset management company focused on early-stage cryptocurrency ventures.
At the time, Nadeem Hussain, CEO of MBS Investments, observed that traditionally cautious family offices were expanding their investment mandates to include exposure to blockchain-related opportunities.
The firm’s portfolio also includes a special economic zone on an island near the coast of Malaysian Borneo, and it held a meeting last month with Brunei’s Ministry of Finance and Economy to discuss possibilities for future collaboration.
