Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

Dubai company invests $8.8 billion of crypto into the Maldives, more than the country’s GDP

Source Cryptopolitan

A Dubai-based investment firm just dumped $8.8 billion into the Maldives to build a massive crypto-focused financial hub, more money than the entire country’s GDP.

The deal, announced this week, comes from MBS Global Investments, a family office that says it manages around $14 billion in assets. The five-year project will be built in the capital, Malé, and aims to pull the island nation out of a growing debt crisis.

The Maldives finance minister Moosa Zameer reportedly told the Financial Times that the country needs to “take the leap” and move away from its dependence on tourism and fisheries.

He said the country’s biggest problem is debt payments due within the next two years. “It’s something we see as a potential contributor to bring us out of certain difficulties that we are in,” Zameer said about the crypto investment.

MBS signs joint venture to launch financial center in Malé

MBS Global Investments officially signed a joint venture agreement with the Maldives government on Sunday. The plan is to build the Maldives International Financial Centre, which will cover 830,000 square meters, house 6,500 residents, and create 16,000 jobs. It will serve as a crypto financial zone aiming to triple the Maldives’ GDP within four years, and generate over $1 billion in revenue by the fifth year, according to the masterplan.

MBS chief executive Nadeem Hussain confirmed that commitments worth between $4 billion and $5 billion have already been secured. “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,” Hussain said. “It is a large sum of money.”

The office is backed by Sheikh Nayef bin Eid Al Thani, a Qatari national, who will tap into a network of family offices and wealthy individuals to raise the rest of the funds. Hussain said the firm plans to use a mix of equity and debt to finance the buildout of the crypto hub.

This announcement comes just months after India gave the Maldives a $760 million bailout to help prevent a default. But the numbers are still ugly. Moody’s Ratings flagged major liquidity problems in December, pointing to external debt payments of around $600 million to $700 million due this year, and another $1 billion in 2026, including a $500 million sukuk, a debt instrument compliant with Islamic finance.

Zameer said that both India and China have been important “development partners,” but this new deal with MBS is different. “With MBS we are getting into business, it’s going to be a business which is totally different from the traditional models of borrowings that we do,” he said.

The country is now banking on its political stability, location, and access to major markets like India and the Gulf as advantages.

Cryptopolitan Academy: Coming Soon - A New Way to Earn Passive Income with DeFi in 2025. Learn More

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

Fed hike odds near 90% into Wednesday's decision — how to trade the dollar, gold and the S&P 500 A 0.3% monthly core CPI print has lifted the market-implied probability of a 25bp Fed hike on 16 September to roughly 86.5% ~ 90%, which would be the first increase since July 2023. Here is the decision timeline, the pricing versus the forecasts, both scenarios, and the key levels for the dollar, gold and the S&P 500.

Author Suzie

Sep 14, Mon

A 0.3% monthly core CPI print has lifted the market-implied probability of a 25bp Fed hike on 16 September to roughly 86.5% ~ 90%, which would be the first increase since July 2023. Here is the decision timeline, the pricing versus the forecasts, both scenarios, and the key levels for the dollar, gold and the S&P 500.

Gold falls below $4,300 as higher US yields bolster Fed rate hike bets Gold price (XAU/USD) tumbles to near $4,295 during the early Asian session on Tuesday. The precious metal faces some selling pressure as rising bond yields and surging energy prices strengthen expectations that the US Federal Reserve (Fed) will raise interest rates this week.

Author FXStreet

Yesterday 01: 23

Gold price (XAU/USD) tumbles to near $4,295 during the early Asian session on Tuesday. The precious metal faces some selling pressure as rising bond yields and surging energy prices strengthen expectations that the US Federal Reserve (Fed) will raise interest rates this week.

【Daily Brief】10-year Treasury yield briefly tops 5%, S&P 500 slips to 7,602 and the dollar firms at 99.3 as the Fed's decision eve begins The 10-year Treasury yield touched 5.014% on Monday — its first print above 5% since October 2023 — while the S&P 500 closed 0.48% lower at 7,619.98 and the dollar index firmed to 99.3. Here is the full market wrap ahead of Wednesday's FOMC decision, the dot plot and the August retail sales report, plus today's CLARITY Act Senate vote.

Author Irene Q.

Yesterday 08: 16

The 10-year Treasury yield touched 5.014% on Monday — its first print above 5% since October 2023 — while the S&P 500 closed 0.48% lower at 7,619.98 and the dollar index firmed to 99.3. Here is the full market wrap ahead of Wednesday's FOMC decision, the dot plot and the August retail sales report, plus today's CLARITY Act Senate vote.

Silver breaks $64 as precious metals rebound — can gold hold the $4,280 line into the Fed decision?Silver has climbed back above $64 an ounce for the first time this week, leading a broad rebound across precious metals hours before the Federal Reserve delivers what is expected to be its first rate hike since 2023. Spot silver was last at $64.64, up 1.49% on the day, while gold reclaimed $4,300 and platinum and palladium both advanced. The question now is whether the bounce is a genuine turn — or a pause before the Fed's dot plot decides the next move.

Author Suzie

6 hours ago

Silver has climbed back above $64 an ounce for the first time this week, leading a broad rebound across precious metals hours before the Federal Reserve delivers what is expected to be its first rate hike since 2023. Spot silver was last at $64.64, up 1.49% on the day, while gold reclaimed $4,300 and platinum and palladium both advanced. The question now is whether the bounce is a genuine turn — or a pause before the Fed's dot plot decides the next move.

Bitcoin falls below $75,000 as the CLARITY Act fails in the Senate — what the vote means for crypto The US Senate blocked the Digital Asset Market CLARITY Act in a 49-50 procedural vote, sending Bitcoin briefly below $75,000 — its biggest one-day drop since June. Ethereum fell more than 8%, Coinbase slid 10% and $75 billion of crypto market value evaporated. Here is what the vote was, why it failed, and the levels that matter now.

Author Suzie

6 hours ago

The US Senate blocked the Digital Asset Market CLARITY Act in a 49-50 procedural vote, sending Bitcoin briefly below $75,000 — its biggest one-day drop since June. Ethereum fell more than 8%, Coinbase slid 10% and $75 billion of crypto market value evaporated. Here is what the vote was, why it failed, and the levels that matter now.

Popular Symbols