President Dr Mohamed Muizzu has designated “Project Ayla” as a Special Economic Zone (SEZ) through a Presidential Decree, paving the way for the development of a sustainable township.
The move follows provisions set out in the First Amendment to the Special Economic Zone Act (Act No. 24/2014), which came into force on 10 November 2025, and Presidential Decree No. 1/2025, published in the Government Gazette on 12 January 2025. These measures prescribe the minimum investment threshold required for sustainable townships to qualify as SEZs.
Under section 29(h) of the Act, the decree was issued after an investment agreement was signed between Crystal Holdings Private Limited and the Board of Investment earlier today.
The approved development will include high-end residential real estate, an advanced healthcare facility, a globally recognised school of hospitality and leadership, and an ultra-luxury resort featuring a hotel and marina. Plans also provide for self-sufficient energy and waste management systems powered by at least 60 per cent renewable energy, alongside integrated aquaculture and agriculture initiatives.
Additional infrastructure will be developed to support high-net-worth residents, employees, and their families.
An annex to the decree, published in the Gazette, outlines the boundaries of the “Project Ayla” SEZ and details the incentives available to businesses operating within the zone.