Maldives Government and IFZA Sign MoU for Special Economic Zones Development

The Ministry of Economic Development and Trade, along with IFZA, has signed a Memorandum of Understanding (MoU) to develop and govern the special economic and financial services zones at Funadhoo Island and the Maldives Economic Gateway at Ihavandhippolhu Atoll. These projects are part of President Dr. Mohamed Muizzu’s vision to develop a diversified and connected Maldives.

The MoU signing ceremony was held at Meerumaa Hotel and was attended by high level delegates of the Maldivian Government and from IFZA.

The MoU was signed by HE Mohamed Saeed, Minister of Economic Development and Trade, representing the Government of Maldives, and Chairman of IFZA Mr. Martin Pedersen.

The MoU forges a unique partnership as a key stepping-stone towards achieving the Government’s developmental goals in diversification of the Maldivian economy through expansion of commercial and economic activities in the Maldives.

Thanking IFZA for choosing to partner with the Maldives on this venture and highlighting that the signing of the MoU is a significant step taken by the Government towards diversification of the Maldivian economic base, HE Minister Saeed noted the serious commitment of the Government towards creating an enabling environment for businesses, trade, and investment.

IFZA is pleased to announce that it was selected as a partner of the Maldivian Government to oversee, expand, and administer the exclusive economic and financial services zones to be established at Funadhoo Island and the Ihavandhippolhu Atoll, Mr. Martin Pedersen, Chairman of IFZA said, “The signing of this MoU marks the start of a journey towards achieving the Government’s goals in diversification of the Maldivian economy and this collaboration is expected to provide quality and modern financial services to residents and investors alike and to transform economic activity in the country.”

IFZA has a proven track record of attracting thousands of businesses to Dubai and for contributing significant foreign direct investment into the UAE.

Through its unique global network of partners and associates, IFZA will be able to use its knowledge, skill, expertise, and global connections to encourage significant inward investment into the Maldives by working with investors, entrepreneurs, business leaders, and high net-worth individuals, to support the Government’s objectives.

The special economic and financial service zones will significantly transform the country’s economy through the development of state-of-the-art office facilities, a conference centre, hotels, residential real estate, and attract top international talent. This will help drive innovation and be a hub for ground- breaking industries.