News Desk
DOHA — In a significant step toward enhancing financial cooperation, the Ministry of Economic Development and Trade (MEDT) has entered into a memorandum of understanding with the Qatar Financial Centre (QFC), paving the way for strengthened economic ties and new avenues for Maldivian and Qatari businesses.
Speaking on the agreement, Mohamed Saeed, Minister of Economic Development and Trade, described the MoU as a “critical milestone” in the Maldives’ aspirations to create a thriving international financial hub. “This collaboration with QFC brings invaluable insights and strategic support that will be instrumental in shaping our financial landscape,” Saeed stated, underscoring the Maldives’ commitment to harnessing global expertise for domestic growth.
The MoU sets out a framework for knowledge sharing, with QFC committed to offering regular exchanges on best practices in financial regulation, management, and operational strategies. The partnership will also open doors for Maldivian businesses, facilitating networking events to connect with financial institutions, regulatory authorities, and industry leaders in Qatar and beyond.
Yousuf Mohamed Al Jaida, Chief Executive Officer of QFC, praised the agreement, highlighting the role of partnerships like these in fostering a sustainable financial ecosystem. “We are honored to work with the Maldives’ Ministry of Economic Development and Trade,” Al Jaida said. “This collaboration underscores our dedication to building lasting connections with international financial institutions and to enhancing Qatar’s role as a strategic hub.”
Established in 2005, QFC has attracted over 2,200 firms, contributing to Qatar’s vision for economic diversification. This latest partnership is expected to bring mutual benefits, fostering economic development in both nations and reinforcing their shared commitment to regional growth and stability.
In a related move aimed at bolstering its economic security, the Maldives has also formalized a partnership with Singapore-based Capital Asia Investments Pte. Ltd. (CAI) to advance the Maldives Economic Gateway (MEG) Project. The MEG Project, which will transform the Ihavandhippolhu region into a commercial and logistics center, is a cornerstone of President Dr. Mohamed Muizzu’s strategy to diversify the Maldivian economy. The partnership with CAI, which manages $1.3 billion in assets, brings essential investment expertise to the table, positioning the Maldives as a crucial economic hub in the Indian Ocean.
