Dubai Family Office to spend$ 8.8 billion to change the Islands into a bitcoin hub

A$ 8.8 billion cryptocurrency and online assets job in the Maldives will be funded by a Dubai household office that manages Qatar’s royal family’s assets.

In addition to rising external debt obligations, the bargain, led by MBS Global Investments, aims to expand the area archipelago world’s business, which is primarily dependent on tourism and fishing, according to a Sunday report from the .

According to World Bank data, the investment, which will be distributed over a five-year period, exceeds the nation’s entire GDP, which was estimated to be$ 7 billion in 2023.

The Indian Ocean nation is dealing with$ 600 to$ 700 million in debt due this year and another$ 1 billion due in 2026.

Even though the Maldives now has little to no crypto footprints, &nbsp, as the country continues to enlist in India and China for growth partnerships, the cryptocurrency project represents a pivot toward online finance and foreign investment to relieve financial pressures.

The project calls for the construction of an 830, 000 square-meter international financial center that will accommodate 6, 500 people and create 16, 000 jobs, which could potentially provide about 3 % of the country’s population.

Through a consortium made up of its network of family offices and wealthy individuals, MBS Global Investments will provide project funding. According to the report, it has already secured$ 4 to$ 5 billion in total.

Fintech, real estate, construction, and investment firms are among the firm’s current portfolio, which includes a variety of sectors.

It invested in early-stage crypto projects Varys Capital in July of last year with money coming out of it. &nbsp,

Nadeem Hussain, MBS Investments CEO, noted at the time that” traditionally conservative family offices are broadening their mandates to gain portfolio exposure to blockchain offerings.”

Additionally, it met with Brunei’s Ministry of Finance and Economy last month to discuss potential cooperation and established a special economic zone on an island off the coast of Malaysian Borneo. &nbsp, &nbsp,

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