Dubai family office will invest 8.8 billion dollars in the Maldives to develop the Blockchain industry.

According to a report by the Financial Times on May 5, the Dubai family office MBS Global Investments, which manages the assets of Qatari royal Sheikh Nayef bin Eid Al Thani, will invest $8.8 billion in the Maldives to develop Blockchain and digital asset projects.

The project is planned to be implemented over the next five years, with an investment scale exceeding the Maldives' GDP of 7 billion USD in 2023. The project will build an international financial center covering an area of 830,000 square meters, expected to accommodate 6,500 people and create 16,000 jobs.

MBS Global Investments stated that it has raised $4-5 billion through a consortium formed by its family office and high-net-worth individual network. The project aims to help the Maldives diversify its economy and alleviate the economic pressure from its heavy reliance on tourism and fishing.