President Dr Mohamed Muizzu has ratified the First Amendment to the Special Economic Zone Act (Act No. 24/2014).
The amendment bill was passed by the 20th People’s Majlis during its 16th sitting of the third session of 2025, held on Wednesday, 5 November 2025.
The amendment introduces new provisions to facilitate the designation of Special Economic Zones (SEZs) as sustainable townships, establishing the principles and conditions required for their development. It outlines that a sustainable township designated under the Act must involve a minimum investment of USD 500 million and include either an integrated tourism development or a large-scale real estate development. Both types of developments must incorporate various luxury tourism services, while large-scale real estate projects are additionally required to include luxury residential facilities.
Furthermore, the amendment stipulates that infrastructure and facilities for energy production and waste management within such zones must be self-sufficient, ensuring that the operational energy needs of the zone are sustainably met. It also requires that at least 60 per cent of the energy required for the zone’s operations be generated from renewable sources.
The amendment further details the special concessions and incentives available to developers and investors of sustainable township zones, designed to encourage large-scale, environmentally responsible investment in the Maldives.
Following ratification, the First Amendment to the Special Economic Zone Act has been published in the Government Gazette and has now come into effect.