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 designation follows the legal framework established under the First Amendment to the Special Economic Zone Act (Act No. 24/2014), which prescribes the minimum investment threshold for sustainable townships granted SEZ status. This amendment was enacted on 10 November 2025 and further operationalised through Presidential Decree No. 1/2025, published in the Government Gazette on 12 January 2025.

In accordance with section 29(h) of the Special Economic Zone Act, the Presidential Decree was issued after the execution of an investment agreement to develop Project Ayla as an SEZ. The agreement was formalised today between Crystal Holdings Private Limited and the Board of Investment, marking a key milestone in the project’s development.

The designated zone will permit a wide range of business activities aimed at creating a self-sustaining and high-value township. These include real estate development featuring luxury villas and high-end family residences, the establishment of a state-of-the-art healthcare facility, and the creation of a globally recognised school of hospitality and leadership.

The project also provides for the development of an ultra-luxury tourist resort, hotel, and marina, alongside self-sufficient infrastructure for energy and waste management powered by at least 60 per cent renewable energy. In addition, integrated aquaculture and agriculture systems will be developed, supported by infrastructure designed to attract high-net-worth individuals and families, as well as essential amenities for staff and their families.

A map outlining the boundaries of the Project Ayla Special Economic Zone, along with details of the incentives applicable to businesses operating within the zone, has been published as an annex to the Presidential Decree.