Fuel and mineral exploration added to SEZ activities under new presidential resolution

President Dr Mohamed Muizzu has expanded the list of permitted activities in the Special Economic Zone (SEZ) to include fuel and mineral exploration.

The change was announced Tuesday through a resolution published in the Gazette. Last year’s resolution allowed only gas exploration, but the updated directive now authorises fuel and mineral exploration as well.

Under the new resolution, SEZ‑eligible economic activities are defined as sustainable township development projects with a minimum investment of USD 100 million, and large‑scale projects with investments of at least USD 500 million.

Permitted investment sectors include:  

• Export‑oriented manufacturing  

• Transshipment ports, international logistics, ports and airports  

• Bulk breaking, bunkering and docking services  

• Universities, tertiary hospitals, specialty hospitals and world‑class R&D facilities  

• ICT parks and ICT‑related infrastructure  

• International financial services and trade centres  

• Renewable energy projects  

• Introduction of technologies not currently available in the Maldives  

• Food security initiatives  

• Fuel, gas and mineral exploration activities  

For sustainable township development projects, the minimum USD 500 million investment must be allocated specifically to township components.

The minimum investment threshold for SEZ projects was previously USD 150 million during former President Abdulla Yameen Abdul Gayoom’s administration. In 2023, the threshold was reduced to USD 100 million through a presidential decree.

The first SEZ permit issued under the current administration was granted to Canada’s Abraxas Power Corp., which is developing a floating solar system to supply electricity to the Male' region. The project is being implemented in partnership with China’s Sungrow Power Supply Co. Ltd., according to the Economic Ministry.