The contractor for the planned Maldives International Financial Centre in Hulhumale has proposed changes to the project's scope, according to government statements.
The USD 8.8 billion development, awarded to MBS Global Investments, has not yet begun physical work more than a year after the contract was granted. The company is reported to be linked to Sheikh Nayef bin Eid al-Thani of the Qatari royal family.
Finance Minister Moosa Shareef said the contractor introduced adjustments to the scope of work on its own request. Relevant authorities are now examining the feasibility and approvals required for the revised proposal. Further details and a timeline are expected to be disclosed later.
The project was intended to establish an international financial centre on reclaimed land in Hulhumale. No construction has started on the site.
The government has not published the full original contract or the specific nature of the requested changes. Shareef indicated that the review process is ongoing.
