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Situation Maldives: A Glimpse of Hope With 03 Recoveries

Minister Ali Waheed Maldives

Two weeks ago, on 7th March 2020, the first known COVID-19 case appeared in the Maldives. Within the first week, the number of positive cases increased to 13. The speed at which the virus has grown in the affected countries across the world is alarming. As a small island nation, the fear of the pandemic outbreak has been growing.

Given the quick actions and appropriate measures taken by government authorities in compliance with the Ministry of Health, no new cases have been confirmed positive to the virus within the fourteen days since its initial flare-up. Moreover, three individuals who were positive to the virus has recovered.

Right now, our doctors and nurses are working 24 hours a day, tirelessly treating and attending to the patients. This is the result of their hard work, not just mine. It’s the result of the combined efforts of all those working to tackle this situation we are currently faced with.”

Dr. Moosa, Pulmonologist at IGMH stated regarding the recoveries.

Amongst the three individuals who has recovered from COVID-19 is a 70-year-old with a severe pneumonia case. He was also the most affected from those who have been tested positive to the virus, treated in the ICU of Dharumavantha hospital, Maldives. Individuals recovering are being tested twice for the virus and only considered cured if both the tests show negative.

The individuals who develop symptoms of the virus are kept in isolation at quarantine facilities to further monitor them. In addition to the current facilities, Malahini Kuda Bandos, Biyadhoo Island Resort, NAKAI Dhiggiri Resort and Holiday Island Resort has been announced as additional quarantine facilities by the government.

Since the first case of COVID-19, the Maldivian government has been taking extra precautions to limit the spread of the virus and dealing with the situation in a calm manner in order to avoid public chaos. In addition to thorough disinfection and sanitization, airports have been effective in taking the relevant measures by conducting thermal imaging and hand-held temperature checks from day one. Airlines have also stepped up to help ensure public safety by taking all preventive measures.

Besides the travel restrictions to 11 countries as of now, Health Protection Agency (HPA) also imposed a temporary ban on tourists checking into hotels and guesthouses in greater Male’ area, from 15th March 2020, for a period of 14 days.

To ensure the citizens are aware and updated on the COVID-19 situation, press conferences are being held daily and broadcasted across the Maldives on live television. In addition to television updates, text messages are being distributed to all the updates to every mobile number in use and active.

Furthermore, educational institutions, work places and public gatherings have been banned until further notice. Relevant authorities are patrolling the streets and advising people to stay home. Safe to say, people are aware and heeding to the advice from the authorities.

Feature Photo by Ministry of Tourism

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Maldives Sets Its Sights on Becoming a Global Financial Hub with $8.8 Billion MIFC Project

MIFC Maldives Financial Hub: Boosting Economic Growth by 2030

The Maldives, long known for its breathtaking resorts and vibrant tourism industry, is now setting its sights on a new frontier: becoming a global financial hub. The Maldives International Financial Centre (MIFC) is a monumental $8.8 billion joint venture between the Maldivian government and MBS Global Investments, a Dubai-based entity backed by Qatari royal interests. This project, scheduled for completion by 2030, promises to reshape the country’s economic landscape. It aims to diversify its dependence on tourism and establish the Maldives as a major player in global finance and innovation.

A Vision for Transformation

MIFC centers on a vision to transform the Maldives into a leading financial and technology hub in the Indian Ocean. The financial free zone, spanning 780,000 square meters in Hulhumalé, will attract fintech firms, international financial institutions, and digital entrepreneurs. Its business-friendly environment offers incentives such as zero corporate tax, tax-free inheritance, no residency requirements, and guaranteed foreign ownership, positioning MIFC as a unique proposition for global investors.

This digital-first financial ecosystem will host a range of services, including offshore private banking, green finance, digital assets, and multi-currency banking. The district will also feature world-class infrastructure: high-rise towers, branded residences, luxury hotels, retail space, and a state-of-the-art convention center that will host 35,000 visitors daily. This comprehensive vision will create 16,000 new jobs and position the Maldives as a competitive player in global markets by 2040.

A Strategic Investment for Growth

MIFC is not just about infrastructure; it aims to position the Maldives as an emerging leader in the world of finance. The government has outlined ambitious economic goals, including generating over $1 billion in annual revenue within the first five years of operation. This effort seeks to reduce the country’s economic vulnerability, which currently relies heavily on tourism while facing mounting external debt.

For the Maldives, this project goes beyond business; it represents a statement of intent to diversify its economy and reduce the risks associated with its single-industry focus. By tapping into global financial networks and attracting investors from around the world, MIFC can pave the way for sustainable economic growth and long-term prosperity.

Geopolitical and Economic Implications

MBS Global Investments, backed by Qatari royalty, lends the project significant geopolitical weight. Positioned strategically between two regional giants, India and China, the Maldives aims to capitalize on its political neutrality and become a financial bridge between East and West. The proximity to major shipping lanes and key economic corridors enhances the region’s strategic importance, making MIFC not only an economic endeavor but a geopolitical one as well.

By diversifying and strengthening its economy, the Maldives hopes to attract global capital that might otherwise flow to competing projects in the region. With its focus on sustainability and cutting-edge financial technologies, MIFC positions itself as a forward-looking alternative, appealing to investors seeking stability and long-term growth.

Criticism and Controversy

However, the project has faced criticism. Opposition voices have raised concerns about the transparency of the partnership with MBS Global Investments, particularly regarding the company’s lack of verifiable financial records and audit transparency. They have also questioned the credibility of its leadership and the potential risks associated with such a large-scale venture backed by a single foreign investor.

While these concerns are valid, the scale and ambition of the MIFC project remain undeniable. The Maldives government has committed to ensuring the project adheres to global standards of governance, and its focus remains on delivering a financial center that supports innovation and economic growth.

Looking Forward

MIFC represents an exciting leap into the future of finance and innovation for the Maldives. It is a bold attempt to build a resilient, diversified economy that can thrive long after the tourism boom. As the project progresses toward its 2030 completion, it will be interesting to see how it shapes the region’s financial landscape and whether it can overcome the challenges posed by its critics. For now, the Maldives is positioning itself as a key player in the rapidly evolving global financial scene, and MIFC could become the catalyst for a new era of growth and prosperity.

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