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Blockchain In a bold move to diversify its economy, the Maldives has partnered with a major UAE investment group to build a $9 billion blockchain hub, aiming to reduce its overwhelming reliance on tourism. The project, backed by Dubai-based MBS Global Investments, was finalized in a joint venture deal signed over the weekend, according to the Financial Times. With tourism contributing about 30% of the Maldives’ GDP and fishing another 10%, the island nation has long faced the risk of economic fragility. Its debt burden now exceeds its $7 billion GDP, raising concerns about long-term sustainability. The government believes this pivot toward blockchain technology could generate thousands of new jobs and potentially triple the country’s GDP within four years. Finance Minister Moosa Zameer emphasized that this could be a lifeline for the Maldivian economy, helping avert a looming fiscal crisis. The ambitious digital transformation marks one of the largest tech investments in South Asia and signals the Maldives’ desire to become a regional leader in blockchain innovation. Author Alexander Stefanov Reporter at Coindoo Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over 8 years of experience covering the crypto, blockchain and fintech industries, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics. Related stories Next article Source: https://coindoo.com/maldives-launches-9b-blockchain-project-to-escape-tourism-dependency/

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Filed under: News - @ May 5, 2025 12:14 am