The Dubai-based MBS Global Investments is reportedly set to pour $8.8 billion toward building a blockchain and digital asset hub in the Maldives. The investment, which will be spread over five years, is part of the Indian Ocean archipelago’s goal of reducing its reliance on the fishing and tourism industry.

According to a Financial Times report, the investment, which exceeds the Maldives’ annual gross domestic product (GDP) of $7 billion, is expected to help the country deal with a looming debt crunch. The country has seen its total debt stock surge from $3 billion in 2018 to $8.2 billion by March 2024. At current growth rates, the debt is projected to exceed $11 billion by 2029.

The increase in the Maldives’ debt stock has sparked concerns of a sovereign default, especially with substantial external debt repayments of $600 million due in 2025 and a staggering $1 billion in 2026. Moosa Zameer, the country’s finance minister, is quoted in the report describing the investment by the Dubai family office as something “to bring us out of certain difficulties that we are in.”

Nadeem Hussain, CEO of MBS Global Investments, revealed that the project will likely be funded through equity and debt with commitments north of $4 billion having been secured. Hussain also commented on the size of the investments and how the Sheikh Nayef bin Eid Al Thani family office has worked to ensure it successfully raises the required funds.

“We appreciated right from the offset what was involved in terms of funding and we’ve made the necessary alliances and brought in the necessary partners to ensure we have that. It is a large sum of money,” Hussain said.

As per the report, the blockchain hub, which will be known as the Maldives International Financial Centre, will measure 830,000 square meters. It will host 6,500 people and provide employment for 16,000. In addition to tripling the Maldives’ GDP within four years, the hub is expected to generate over $1 billion by the fifth year.

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