President Dr Mohamed Muizzu has issued a Presidential Decree designating “Project Ayla” as a Special Economic Zone (SEZ), to be developed as a sustainable township.
The minimum investment threshold for a sustainable township designated as a Special Economic Zone was prescribed under the First Amendment to the Special Economic Zone Act (Act No. 24/2014), enacted on 10 November 2025, and further provided under Presidential Decree No. 1/2025, published in the Government Gazette on 12 January 2025.
Pursuant to section 29(h) of the Special Economic Zone Act, the Presidential Decree was issued following the execution of an investment agreement to develop “Project Ayla” as a Special Economic Zone, which was formalised today between Crystal Holdings Private Limited and the Board of Investment.
The following business activities are permitted within the designated zone:
1. Real estate development, including luxury villas and high-end family residences
2. A state-of-the-art healthcare facility
3. Establishment of a globally recognised school of hospitality and leadership
4. Development of an ultra-luxury tourist resort, hotel, and marina
5. Self-sufficient infrastructure for energy and waste management, powered by at least 60 per cent renewable energy
6. Integrated aquaculture and agriculture systems
7. Supporting infrastructure to attract high-net-worth individuals and families
8. Supporting infrastructure and essential amenities for staff and their families
A map delineating the boundaries of the “Project Ayla” Special Economic Zone, together with the applicable incentives granted to businesses operating within the zone, has been published as an annex to the Presidential Decree.