Las Maldivas, a archipegal state in southern Asia, is in the process of establishing a blockchain center of $ 8.8 billion that could help you diversify tourism, according to a Sunday report For the Financial Times.
The ambitious project will be financed with the help of MBS Global Investments, a family office of $ 14 billion based in the United Arab Emirates. Today a joint business agreement was signed between the Dubai Family Office and the Maldives.
Blockchain initiative is expected to be a blessing to the Maldives, fixing its excessive dependence on tourism. Potentially results in a 200% increase in the country’s GDP in just four years, creating thousands of jobs.
The economy of the Maldives is mainly based on tourism, which represents approximately 30% of their entire GDP. The Maldives are famous for their luxurious resorts that attract tourists from all over the world.
The archipelagic state also has a prominent fishing industry, which is responsible for approximately 10% of the country’s GDP. The Maldives are mainly known to the tuna of the yellow fin and the skipjack, and the EU, Japan and Thailand are their key markets.
However, the country faces important economic challenges, with its public debt exceeding its GDP, which is currently $ 7 billion. In addition, it faces fiscal deficit due to excessive spending.
The recently announced Pivot Blockchain could help him relieve tension. The Minister of Finance, Moosa Zameer, told The Financial Times that the $ 9 billion center could be out of the current difficulties. In particular, the ambitious project could help you avoid possible breach.
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