Shortly
- This initiative has been spearheaded by a Qatari royal’s family office.
- The investment of $8.8b is higher than the Maldives GDP (annually $7 billion).
- At the moment, there is little crypto-related industry in The Maldives.
Dubai’s family office, which manages assets on behalf of Qatari Sheikh Nayef Bin Eid Al Thani, will fund a blockchain-based digital asset project worth $8.8bn in the Maldives.
MBS Global Investments is leading the transaction, which aims to diversify the economy of this island nation, which relies heavily on tourism and fisheries. This comes amid increasing debt obligations. Reportage By the Financial Times.
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A debt of 600-700 million dollars is due to the Indian Ocean nation this year. Another $1 billion will be due in 2026.
The blockchain project represents a pivot toward digital finance and international investment to ease economic pressures, even though the Maldives currently has little to no crypto footprint, as the nation continues to court India and China for development partnerships.
A new International Financial Centre of 830,000 square metres is planned. The project will accommodate 6500 people, and create 16,000 new jobs. This could employ around 3% the population of France.
MBS Global Investments is going to finance this project via a consortium made up of its family offices network and wealthy individuals. The report states that it already has $4-$5 billion secured.
The company’s portfolio includes fintech, realty, construction firms, and investment companies.
It invested in the early stages of crypto-projects through Varys Capital.
Nadeem Hussain CEO MBS Investments: “Traditionally conservative family office are expanding their mandates in order to gain exposure to Blockchain offerings.” Note: At the time.
The portfolio includes an island located off the coasts of Malaysian Borneo and, last month Exploring potential co-operation with Brunei’s Ministry of Finance and Economy.
Editor by Sebastian Sinclair
