Dubai Family Office to Invest $8.8B to Turn the Maldives Into a Blockchain Hub

A Dubai Family Office manages assets for Qatari Royal Sheikh Nayef bin Eid Al Thani will finance a blockchain and digital assets project of $ 8.8 billion on Maldives.

The deal, led by MBS Global Investments, wants to diversify the economy of the island archipelago, which is mainly dependent on tourism and fishing, in the midst of rising external debt obligations, according to a Sunday report through the Financial times.

The investment, planned to roll out for more than five years, exceeds the entire GDP of the country, which was around $ 7 billion in 2023, World Bank facts Shows.

The nation of the Indian Ocean is struggling with $ 600-$ 700 million in debts that are due this year and another $ 1 billion in 2026.

The blockchain project is a pivot in the direction of digital finances and international investments to relieve economic pressure, although the Maldives currently have little to no crypto -footprint, while the nation continues with India and China for development partnerships.

The plan includes building an international financial center of 830,000 square meters To accommodate 6,500 people and to generate 16,000 jobs, which may have around 3% of the national population.

MBS Global Investments will finance the project through a consortium created from the network of Family Offices and Hoognet-worthy individuals. It has already secured a total of $ 4 to $ 5 billion, according to the report.

The current portfolio of the company includes various sectors, including fintech, real estate, construction and investment companies.

In July last year, the money donated in digital asset management company VIYs Capital, which invests in crypto projects at an early stage.

“Traditional conservative family offices broaden their mandates to get the exposure to blockchain offers,” CEO of Nadeem Hussain, MBS Investments, noted At that time.

The portfolio also includes a special economic zone on an island off the coast of Malaysian Borneo, and last month meeting With Brunei’s Ministry of Finance and Economy to explore potential cooperation.

Edited by Sebastian Sinclair