President Dr. Mohamed Muizzu has today designated a Special Economic Zone (SEZ) as a “Sustainable Township” under the name “Project Aila.”
This zone is an area established with the aim of expanding the Maldivian economy and fostering sustainable development.
To carry out this project, an investment agreement was signed today between Crystal Holdings Private Limited and the Board of Investments. The minimum investment amount for this SEZ has been determined in accordance with the first amendment to the Special Economic Zone Act and the decree issued by the President in January of this year.
Key components to be undertaken under the project
Key components of this zone developed under “Project Isla” include real estate projects featuring luxury villas and high-end homes, an international-standard healthcare center, and a hospitality training center. Additionally, ultra-luxury resorts and a marina will be established within this zone.
To design this zone in an environmentally friendly manner, at least 60 percent of the energy required to operate the zone must be derived from renewable energy. Furthermore, a self-sufficient infrastructure for waste management is also set to be established. Additionally, modern agricultural and aquaculture facilities will be developed in this zone to reduce the food items imported to the Maldives.
The development of essential services and infrastructure required for the residents and employees of this zone is also a part of this project. The President’s decree includes the special incentives designated for this zone, the regulations for taxing business income, as well as the map of the zone.
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