TechFlow news, May 5 — According to the Financial Times, the Maldives has partnered with Dubai-based investment group MBS Global Investments to invest $9 billion in building a blockchain hub.
The project aims to help the Maldives reduce its overreliance on tourism, which currently accounts for about 30% of the country's GDP, while fishing contributes 10%. Maldivian Finance Minister Moosa Zameer said the digital transformation initiative could double the nation’s GDP within four years and create thousands of jobs.
This is one of the largest technology investments in South Asia. With the Maldives’ current debt exceeding its $7 billion GDP, the project is seen as a crucial step in alleviating its fiscal crisis.
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