Maldives Signs MoU to Develop Maldives International Financial Centre

The Ministry of Economic Development and Trade (MEDT) of the Maldives has formalised a Memorandum of Understanding (MOU) with the Qatar Financial Centre (QFC) to enhance collaboration in the financial sector. The agreement was signed on 11th November 2024, marking a new chapter in strengthening economic ties between the two nations.

The QFC, a prominent onshore financial hub established in 2005, has been instrumental in promoting Qatar as a key business gateway, attracting over 2,200 companies to date. The MOU is expected to facilitate the exchange of knowledge and expertise, further supporting President Dr Mohamed Muizzu’s vision of establishing a world-class financial centre in the Maldives.

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Through this partnership, QFC will conduct regular knowledge-sharing sessions focused on best practices in financial management, regulatory frameworks, and operational strategies. These efforts aim to build capacity and foster the growth of a robust financial ecosystem in the Maldives. Additionally, QFC will facilitate networking opportunities with industry experts, regulators, and financial institutions to drive sustainable development in the sector.

Minister of Economic Development and Trade Mohamed Saeed described the MOU as a significant step towards creating a dynamic international financial centre in the Maldives. He expressed confidence that this collaboration with QFC would provide valuable insights and support in achieving the country’s financial ambitions.

QFC CEO Yousuf Mohamed Al-Jaida emphasised the importance of the partnership, highlighting its role in strengthening the long-standing friendship between Qatar and the Maldives. He noted that this alliance aligns with both countries’ goals of fostering economic growth and prosperity through enhanced cooperation.

The MOU leverages the strengths of both nations, combining QFC’s expertise with the Maldives’ strategic economic priorities. This collaboration is expected to drive financial resilience and development, benefiting both countries as they pursue shared economic objectives.