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 designed to support long-term economic diversification and premium investment in the Maldives. The designation aligns with the minimum investment threshold for sustainable townships under the First Amendment to the Special Economic Zone Act (Act No. 24/2014), enacted on 10 November 2025, with additional provisions set out 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 decree follows the execution of an investment agreement to develop “Project Ayla” as an SEZ, formalised today between Crystal Holdings Private Limited and the Board of Investment, providing a defined regulatory and investment framework for a multi-sector development of national significance.
Under the SEZ designation, Project Ayla will permit a broad range of business activities aimed at creating a high-quality live, work, and visit environment, including real estate development featuring luxury villas and high-end family residences, a state-of-the-art healthcare facility, and the establishment of a globally recognised school of hospitality and leadership. Central to the project’s international appeal is the planned development of an ultra-luxury tourist resort, hotel, and marina designed to elevate the Maldives’ premium tourism proposition through exceptional guest experiences, curated lifestyle offerings, and integrated marine access that supports yachting and high-end travel circuits. The resort and marina concept is expected to cater to discerning global travellers seeking privacy, personalised service, and world-class amenities, while also strengthening year-round tourism value through diversified accommodation and destination programming that complements the country’s established strengths in luxury hospitality.
Project Ayla is also positioned to demonstrate sustainability at scale, with self-sufficient infrastructure for energy and waste management powered by at least 60 per cent renewable energy, reinforcing investor interest in responsible development and future-ready operations. Integrated aquaculture and agriculture systems are included among the permitted activities, supporting food security objectives and enabling fresh, high-quality supply chains for residents, visitors, and hospitality operations. The permitted scope further includes supporting infrastructure to attract high-net-worth individuals and families, along with essential amenities for staff and their families, reflecting a township approach that prioritises community services, workforce well-being, and operational resilience.
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. With the investment agreement now formalised and the SEZ framework in place, Project Ayla is expected to strengthen the Maldives’ positioning as a destination for premium capital, innovative hospitality development, and sustainable township planning that meets the expectations of global investors and high-value travellers alike.
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