President Dr. Mohamed Muizzu has decided to designate the Solar City project as the Maldives’ first Special Economic Zone (SEZ) project and grant concessions to advance the project. This is the first project to receive permission to operate as an SEZ project. The President had previously specified, under the SEZ law, the economic activities that can be conducted in a Special Economic Zone establishe Economic Zone established in the Maldives and the minimum total investment required for such a zone. Along with these specifications, the Solar City project has now been designated as the country’s first SEZ project.
With the designation of this project as the first SEZ project, an agreement related to this project was signed during a business forum held as part of the President’s official visit to Singapore. The agreement was signed on behalf of the Maldivian government by the Minister of Tourism and Environment, Tariq Ibrahim. The agreement was formulated with APulated with APM SPV Private Limited. The activities permitted in the area under the Solar City project include:
- Establishing and operating a 100 megawatt solar system
- Developing the area specifically for MICE tourism, with facilities for various activities, conferences, and meetings
- Developing an industrial hub for storage and distribution of goods
- Developing
- Developing the area for various residential purposes
It has been decided to provide numerous benefits for the development of the first SEZ project. These include tax and import duty concessions for the developer to establish basic services. Similar benefits have been decided for business operations, and the Presidential decree includes provisions for such benefits tailored to the specific purposes as the area is developed for various uses. According to the Presidential decree designating the Solar City project as an SEZ project, it has been decided to carry out the Solar City project in the area east of Kudabandos in the Male’ region.
