The contractor for the planned Maldives International Financial Centre has proposed changes to the scope of the project, according to government officials.
The USD 8.8 billion (approximately MVR 135 billion) development was awarded to MBS Global Investments, a company linked to Sheikh Nayef bin Eid al-Thani of the Qatari royal family. More than a year after the award, no physical work has begun on the Hulhumale site.
An official said the contractor has introduced changes to the scope of work and that relevant authorities are reviewing the feasibility and approvals for the revised proposal. Further details and a timeline are expected to be released once the review is complete.
The project was intended to create an international financial hub. The government has not publicly confirmed whether the overall scale or timeline of the development will be affected by the proposed revisions.
