President Muizzu Declares ‘Project Ayla’ a Special Economic Zone

President Dr Mohamed Muizzu has officially designated 'Project Ayla' as a Special Economic Zone (SEZ) through a Presidential Decree. This move aims to develop a sustainable township and follows the First Amendment to the Special Economic Zone Act (Act No. 24/2014), which came into force on 10 November 2025. The decree was issued after Crystal Holdings Private Limited signed an investment agreement with the Board of Investment. The project will include high-end residential real estate, advanced healthcare facilities, a globally recognized hospitality school, and an ultra-luxury resort with a hotel and marina. Additionally, the development will feature self-sufficient energy and waste management systems powered by at least 60% renewable energy, integrated aquaculture, and agriculture initiatives. The annex to the decree, published in the Government Gazette, outlines the boundaries of the SEZ and details the incentives available to businesses operating within the zone.