The Board of Investments Defines Sustainable Township Development as a Strategic Area of Investments under the Special Economic Zones Framework
AI-assisted research summary: This provision says sustainable township development projects can be treated as a strategic investment area under the Special Economic Zones framework if they meet the stated requirements.
` Volume: 54 Issue: 47 Date: 18 Ramadan 1446 – 18 March 2025 Tuesday The Board of Investments Defines Sustainable Township Development as a Strategic Area of Investments under the Special Economic Zones Framework • For publication of regulations and The President’s Office guidelines in the Gazette, send to Boduthakurufaanu Magu legalaffairs@po.gov.mv Male, Maldives’ Phone: 3336211 Mobile: 7242885 Website: www.gazette.gov.mv Board of Investments ްސ ްޓްނަމްޓްސެވްނިއ ްފޮއ ްޑޯބ Special Economic Zones ްސ ްނޯޒ ްކިމޮނޮކިއ ްލަޝެޕްސ Ministry of Economic Development and Trade ާރ ާޒުވ ޭހެބ ާއިރާފަޔިވ ިއާއީޤްއަރަތ ީދާޞިތުޤިއ Male’, Republic of Maldives ެޖްއާރިހވެ ިދ ،ެލާމ The Board of Investments Defines Sustainable Township Development as a Strategic Area of Investments under the Special Economic Zones Framework The Board of Investments established under the Special Economic Zones Act (Act Number 24/2014), at the fifth sitting of 2025, formally endorsed the definition of Sustainable Township Development, as stipulated under Presidential Decree No: 1/2025, issued on 12 January 2025 and published in the Government Gazette. Definition of Sustainable Township Development: Sustainable township development projects considered under the Special Economic Zones framework shall meet the following requirements: • A minimum investment value of USD 500,000,000 (Five hundred million United States dollar), where the entire investment amount is allocated specifically to the township development components. A sustainable township designated as a special economic zone shall be aimed at attracting high-net-worth individuals and families to reside in the Maldives. Such projects shall include: 1. Real estate development, including luxury villas and high-end homes for families, 2. World-class healthcare or education facilities to position Maldives as a leading health or education tourism destination in the region, 3. Ultra-luxury tourist resort, hotel, and marina, 4. Self-sufficient infrastructure for energy and waste management, powered by minimum of 60% renewable energy to promote long-term environmental sustainability, 5. Food security, through modern agricultural technologies and aquaculture, ensuring a minimum of 50% of national imports of at least two essential crops or products as determined by the Board of Investments, 6. Supporting infrastructure to attract high-net-worth individuals and families to reside in the respective special economic zone in the Maldives, and; 7. Supporting infrastructure and essential amenities for staff and their families, including housing, education, healthcare, and recreational services. The formalization of this definition serves to streamline the review process under the SEZ Act, and reaffirms the government's commitment to fostering sustainable, high-value, and strategically beneficial investments that support the broader socio-economic development objectives of the Maldives. ___________________ 18 March 2025 Page 1 of 1