Maldives Plans to Spend $9 billion on Cryptocurrency Hub to Attract Investment

According to the Financial Times, the government of the Maldives has signed an agreement with Dubai-based family office MBS Global Investments on May 4 to invest $9 billion to jointly develop a large cryptocurrency and blockchain center in the capital Male.
The move is aimed at attracting foreign direct investment into blockchain and Web3 technology to help the Maldives wean itself off its economic dependence on tourism and fishing, diversify its income and ease its national debt. The project, which plans to build a facility called the "Maldives International Financial Centre", covers an area of about 830,000 square meters, is expected to take five years to complete and provide about 16,000 jobs.
Notably, the $9 billion investment in the project exceeds the Maldives annual gross domestic product (GDP) of about $7 billion. At the same time, the Maldives' ambition to become a global fintech hub will also face stiff competition from established international financial centers such as Dubai, Singapore, and Hong Kong.