President Dr Mohamed Muizzu has officially declared “Project Solar City” as the first Special Economic Zone (SEZ) in the Maldives; approving key concessions to carry out the project. This marks a significant milestone in the nation’s economic development strategy.
The declaration follows the issuance of a Presidential Decree earlier this year, which outlines the types of economic activities permitted within SEZs and sets forth the minimum investment thresholds, in accordance with the Special Economic Zones Act.
An Investment Agreement for “Project Solar City” was signed between the government of the Maldives and APM SPV Private Limited earlier on Tuesday, as part of the Business Forum held during President Dr Mohamed Muizzu’s ongoing state visit to Singapore. The agreement paves the way for the implementation of the zone.
Under its SEZ designation, “Project Solar City” is authorised to develop and operate the following key activities:
1. 100 MW floating solar photovoltaic system
2. Tourist facility with Meetings, Incentives, Conferences, and Exhibitions (MICE)
3. logistics, storage, and industrial hub
4. Real estate development
The Presidential Decree also specifies a range of investment incentives granted to the project developer and includes maps delineating the geographic boundaries of the Special Economic Zone.
“Project Solar City” is expected to serve as a catalyst for economic diversification, investment inflow, and sustainable development in the Maldives.