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The Maldives introduces Middle Eastern funding to build an $8.8 billion Blockchain financial center to transform its economic structure.
According to the Financial Times, the Maldivian government has signed a joint venture agreement with Dubai-based MBS Global Investments to build a Blockchain and digital asset financial center in Male, with a total investment of $8.8 billion. The government hopes to use this project to shift the economy away from reliance on tourism and fishing. MBS is the family office of Qatari billionaire Sheikh Nayef bin Eid Al Thani, which has already secured initial funding commitments of over $4 to $5 billion.