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May 04.2025
2 Minutes Read

Discover How the US$8.8 Billion Maldives International Financial Centre Will Transform the Economy

Futuristic Maldives International Financial Centre with vibrant architecture.

Unlocking Potential: The Maldives International Financial Centre Initiative

The Maldives government, in collaboration with MBS Global Investments, is embarking on an ambitious project: the creation of the US$8.8 billion Maldives International Financial Centre (MIFC) in Malé. This financial free zone is designed not just as another business hub, but as a beacon of sustainability aimed to attract global financial institutions, technology innovators, and digital nomads.

A New Era of Opportunity

The MIFC aims to diversify the Maldivian economy, currently heavily reliant on tourism. With regulations favoring no corporate tax, tax-free inheritance, and privacy, it is expected to attract a wide range of entrepreneurs and investors looking for an ideal business environment.

Transforming Malé into a Global Business Hub

Strategically positioned, the center will offer multi-currency banking and access to offshore private banking while supporting initiatives in digital assets and green finance. The centerpiece, a state-of-the-art conference center with a capacity of 3,500, is set to host global conferences and cultural events, potentially transforming Malé into a premier assembly destination.

Building for the Future

Set to complete by 2030, the MIFC is projected to significantly boost the country’s GDP, targeting over $1 billion in revenue by its fifth year of operation. This forward-thinking initiative comes with plans for iconic residential and office spaces, high-end branded residences, and educational facilities, promising a vibrant, integrated community focused on innovation and sustainability.

President Dr. Mohamed Muizzu emphasized the project's importance, stating, "We are shaping the Maldives of tomorrow, a beacon of innovation and national pride." The MIFC is not just an economic endeavor; it is envisioned as a lasting legacy that will benefit future generations.

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IOM's COMPASS Global Meeting in Istanbul: Strengthening Migration Protection Worldwide

Update Strengthening Cooperation on Migrant Protection in Istanbul This week, Istanbul became a hub for discussions on migrant protection as representatives from 14 countries participated in the COMPASS Global Meeting. This event, co-hosted by the International Organization for Migration (IOM) and the Dutch Ministry of Foreign Affairs, aimed to enhance cooperation on migration governance and protect migrants’ rights. Over three days, partners shared success stories and challenges, reaffirming the global commitment to improving migration systems. A Shared Commitment to Migrant Protection Warner Ten Kate, head of the migration and development division at the Dutch Ministry of Foreign Affairs, emphasized that the COMPASS initiative is about more than just protecting migrants; it’s about creating effective systems that benefit everyone. Launched in 2021, the program enters its second phase (2024–2027), focusing on sustainable solutions to migration challenges. Key Achievements of COMPASS Program Since its inception, the COMPASS initiative has made significant strides in migrant protection, assisting over 35,500 migrants in 2024 alone. This included direct assistance for over 1,400 individuals returning to their home countries. Additionally, more than 1,000 policymakers received essential training aimed at bolstering migrant rights and protections. Collaboration Across Borders During the meeting, delegates discussed their nations' successful project implementations, highlighting how these initiatives can offer vital insights into improving migrant experiences. The comprehensive protection program fosters cooperation among countries, emphasizing the importance of a shared vision that includes local leaders, flexible financing, and operational expertise. The Future of Migration Governance As migration continues to be a pressing global issue, the need for effective governance is paramount. COMPASS aims to set a global benchmark for innovative migration responses by engaging with origin, transit, and destination countries. This approach ensures that migrant protection remains at the forefront, adapting to real-time needs and challenges presented by migration. Understanding the Importance of Legal and Social Identity A significant discussion point was centered around legal identity and localization, which are critical in establishing social services for migrants. By focusing on these issues, COMPASS demonstrates its commitment to addressing not just the physical needs of migrants but also their legal and social status.

05.31.2025

How AI is Changing Election Management: Insights from the Commonwealth Training

Update Transforming Elections: The Role of AI in Modern Governance Artificial Intelligence (AI) is not just a buzzword; it is redefining how elections are managed around the world. Recently, senior electoral administrators from six Commonwealth countries gathered in Colombo, Sri Lanka, to explore this potential during a five-day training event focused on integrating AI into electoral processes. Ameer Faaiz, the Sri Lankan Election Commission Commissioner, opened the session by emphasizing the significance of AI in shaping governance and public opinion, marking its transition from science fiction to vital technology in today's electoral landscape. Challenges and Solutions in Election Management The meeting served as a platform for addressing various challenges faced in election management, including maintaining electoral integrity and ensuring public trust. Faaiz cautioned participants about the risks of over-relying on AI, urging that AI should complement human decision-making rather than replace it. "Elections are ultimately about trust, and that trust must reside in human institutions," he noted, underscoring the importance of safeguarding democratic processes while advancing technological capabilities. AI Applications in Diverse Regions During the training, participants were introduced to various case studies showcasing AI's application in electoral settings. For instance, Shahula Ismail of the Maldives expressed her enthusiasm for employing AI tools to strengthen electoral integrity, particularly in voter education and awareness campaigns. This collaborative approach among Commonwealth nations highlights the widespread potential for AI to transform electoral processes, adapting to the unique challenges faced by different regions. Building Capacity for Effective Elections This training was part of the Commonwealth Election Professionals (CEP) Initiative, aimed at building capacity among Election Management Bodies (EMBs) to deliver effective elections. With the event concluding the program's third phase, the Commonwealth Secretariat is committed to enhancing democratic governance and public trust. By providing electoral administrators with insights into AI's capabilities, they are better equipped to leverage technology while confronting the complexities of changing electoral landscapes. The Future of AI in Election Management As AI technology continues to evolve, so too will its implications for democratic governance. The insights gained from the Sri Lanka training could lead to a more integrated and trustworthy electoral management process, provided that ethical considerations and risks are thoroughly addressed. The open dialogue around AI in elections signifies a shift towards a more technologically adept future while prioritizing the essence of democracy: trust in governance. Ultimately, the interactions among diverse electoral administrators will foster a community response to enhance election management practices globally. The collaborative efforts shown at this training demonstrate that while AI can be a powerful tool, its successful implementation relies on the commitment to uphold democratic values and human oversight.

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