A sustainable township project in the Maldives has been granted permission under the Special Economic Zone (SEZ) framework. This approval was extended to Crystal Holdings Private Limited.
Minister of Economic Development and Trade, Mohamed Saeed, stated that amendments to the SEZ law have enabled the granting of permits for such significant projects. Under this particular project, world-class healthcare facilities and educational centers will be developed. The Ministry of Economic Development further clarified that these facilities will utilize a minimum of 60% renewable energy. The project, which is mandated to commence operations before 2028, involves an investment of 790 million US dollars. Minister Saeed highlighted that initiatives of this nature are crucial for reducing the Maldivian economy’s current heavy reliance on tourism. Permissions for sustainable township projects are typically issued for investments totaling at least 500 million US dollars.
