JEDDAH, Saudi Arabia, April 23, 2025 /PRNewswire/ -- OceanQuest, a not-for-profit foundation dedicated to deep ocean exploration, has officially launched in Jeddah, Saudi Arabia. With a mission to accelerate ocean discovery, drive innovation, and foster international cooperation while engaging the public, OceanQuest is set to significantly accelerate deep ocean research and knowledge sharing.
The foundation supports Saudi Arabia's Vision 2030 by spearheading innovation in ocean exploration and advancing sustainable development. OceanQuest is set to contribute to the Kingdom's National Research, Development, and Innovation (RDI) targets by providing SAR 3 billion in research and development funding by 2050 and eventually supporting more than 150 scientists annually, while also aiding Saudi Arabia's efforts to protect 30% of marine habitats.
OceanQuest will lead a series of joint expeditions to study seamounts—vital underwater ecosystems essential to ocean health. These missions will provide new insights into the biology, chemistry, physics, and geology of the deep ocean, enhancing global knowledge and informing conservation efforts. The foundation will also aim to operate a small fleet of state-of-the-art research vessels equipped with advanced deep-sea robotics, allowing for the exploration of previously unreachable depths. A key component of OceanQuest's innovation agenda will include the creation of digital twins of ocean seamounts—real-time virtual models that provide valuable insights for informed decision-making, conservation, and sustainable use.
To lead this ambitious initiative, OceanQuest has appointed Dr. Martin Visbeck as Chief Executive Officer. A globally recognized expert in ocean science, Dr. Visbeck brings over three decades of experience in advancing ocean research, policy, and technological innovation. Under his leadership, OceanQuest will drive forward initiatives that accelerate deep-sea exploration, pioneer new technologies, and elevate global engagement with the ocean.
About OceanQuest:
OceanQuest is a Saudi Arabian not-for-profit foundation, committed to unveiling the wonders of the ocean and exploring its secrets for the benefit of humanity. Its mission is to accelerate ocean discovery, drive innovation in the field, support global cooperation, and excite the public. OceanQuest and its global partners will launch a new era of deep ocean exploration and knowledge sharing. OceanQuest is based in the King Abdullah University of Science and Technology (KAUST) campus in Thuwal, Kingdom of Saudi Arabia. To learn more visit www.OQFoundation.org
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OceanQuest - An Ambitious Foundation Dedicated to Deep Ocean Exploration Launched In Saudi Arabia With a Mission to Accelerate Ocean Discovery, Drive Innovation in the Field, Support Global Cooperation, and Engage the Public
MALÉ, Maldives, May 5, 2025 /PRNewswire/ -- The Maldives Government and MBS Global Investments are to create an US$8.8bn Maldives International Financial Centre (MIFC) - a wholly sustainable, Financial Freezone in Malé, Maldives, designed for and created to attract global financial institutions, fintech pioneers, and global digital Nomads.
Allowing the Maldives to diversify beyond tourism, it will attract the future of finance and position Malé as the premier global business and financial hub in the Indian Ocean through an integrated, mixed-use urban district.
MIFC will offer no corporate tax, tax-free inheritance, ownership as per the constitution of the Maldives, and privacy. Combined with no residency requirements, it's set to attract digital nomads, entrepreneurs, and wealth creators seeking freedom without borders.
Residents will benefit from multi-currency banking and access to offshore private banking. Future-ready regulations will support digital assets, and green finance - making MIFC not just a financial hub, but a destination for those investing in the legacy of future generations.
Due to be completed by 2030, it will be easily accessible from any part of the world and the aim is to notably increase the country's GDP within four years with projected revenue to be well over US $1bn by the fifth year.
The centrepiece of MIFC is a state-of-the-art conference centre with capacity for 3,500 people. The multi-purpose convention venue will host leading global conferences, cultural events and innovation-driven hackathons establishing Male as leading assembly hub, driving all year round engagement in the Maldives and further supporting the wider, already established hospitality industry
The plan includes three iconic residential and office towers designed for international HQs and regional offices, high-end, sea front branded residences, world-renowned hotel brands, vibrant and one-of-a-kind retail experience, Oceanographic Museum, Mosque, and leading education facilities including an International School.
President Dr Mohamed Muizzu said, "With the MIFC, we are shaping the Maldives of tomorrow, a beacon of innovation and national pride that will thrive in harmony with nature. The financial centre will be a symbol of economic resilience and will set a new global benchmark that will massively benefit the people of the Maldives for generations to come."
Minister of Finance for the Maldives said, "This is a momentous project. It offers a great opportunity to diversify our economy beyond tourism in line with our ambitions and will attract the best businesses and visionary entrepreneurs in the world."
Nadeem Hussain, CEO of MBS Global Investments said, "The financial centre will set a new global benchmark, advancing financial innovation by at least two decades. It is the next evolution of what has been happening in other financial centres around the globe."
MIFC will have a fully climate-resilient infrastructure, and the architecture and public spaces will be powered exclusively by renewable energy. The upper level of the development will be entirely car-free, with all transport and logistics infrastructure located underground to preserve a pedestrian-friendly, open-air environment.
It will offer a holistic lifestyle rooted in wellness and longevity - designed to be one of the most desirable places to live and work. It will feature world-class sports facilities, cutting-edge longevity and wellness centres, and shaded running and cycling tracks woven through expansive green spaces. Complementing its state-of-the-art office spaces, MIFC will also be home to premium retail, celebrated F&B destinations, and dynamic cultural venues - creating a truly integrated live-work-play environment.
This dynamic mixed-use development has been designed by master planner Architect Gianni Ranaulo, every structure from the overarching master plan to the individual buildings are inspired by the local fauna and marine eco-system. Ranaulo incorporates environmentally conscious practices in all projects. The total size of the development is 780,000 sqm where more than 6,500 people can reside, and an expected daily footfall of 35,000.
www.mifc.gov.mv
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
THE GOVERNMENT OF THE MALDIVES AND MBS GLOBAL INVESTMENTS PLEDGE $8.8 BILLION TO CREATE THE MALDIVES INTERNATIONAL FINANCIAL CENTRE
THE GOVERNMENT OF THE MALDIVES AND MBS GLOBAL INVESTMENTS PLEDGE $8.8 BILLION TO CREATE THE MALDIVES INTERNATIONAL FINANCIAL CENTRE
