President establishes SOE to develop financial sector

President Dr. Mohamed Muizzu, on Sunday, has established a state-owned company to further develop Maldives’ financial sector.

Greater Malé Financial District Limited was established under Article 15 of the Companies Act (Law No. 7/2023) through Presidential Decree No. 15/2025.

Fully owned by the government of the Maldives, the President's Office said that the company was established to support and drive the administration’s economic agenda, encourage national innovation, and enhance the country’s financial sector. Its responsibilities include promoting digital financial services, digital real estate, financial tourism, and banking solutions.

A key focus of the company is to establish the Maldives as a global financial center by implementing the essential policy initiatives needed to achieve this goal.

The company is established as an independent legal entity with an authorised capital of MVR 1 billion, divided into 100 million shares, each valued at MVR 10.

Notably, the President established another state-owned company, Infrastructure Development Solution Company, for infrastructure development on Friday.

According to the President's Office, the company is poised to spearhead urban development initiatives in both densely populated and rural regions nationwide. Aligned with the Government’s economic strategy, its focus will be on construction, casting, and related activities, utilizing modern technology and resources.

Notably, the company to develop the financial sector has been established amid efforts by the government to develop Hulhumale’ as a financial capital. In this regard, a new masterplan for the suburb was launched by the President last week.