Ministry of Economic Development and Trade, on Wednesday, has signed a USD 790 million (MVR 12 billion) investment agreement for the development of ‘Ayla Sustainable Township’: a sustainable township being developed in Noonu Atoll, a first in the Maldives.
The project was awarded to Crystal Holdings Private Limited.
PRESS RELEASE:Government Signs Investment Agreement for Maldives’ First ‘Sustainable Township’ Development under the SEZ Framework. ???? https://t.co/aXLm2VLkdg pic.twitter.com/IIu5SbCXKA
— Ministry of Economic Development and Trade (@MoEDmv) December 31, 2025
The investment agreement, which according to the Economic Ministry, marks the final formal step envisaged under the Special Economic Zones (SEZ) Act for the implementation of the project was signed by Economic Minister, Chairman of the Board of Investments Mohamed Saeed and Chief Executive Officer of Project Ayla, representing Crystal Holdings Private Limited Petar Krstic.
The investment agreement follows the issuance of the SEZ Permit on December 9th, legally formalizing the implementation framework governing the project and provides the contractual basis for project execution in accordance with the SEZ Act and applicable regulations, enabling the transition from approval to delivery.
Prior to this, Economic Minister Mohamed Saeed described the project as a milestone in national development, saying it reflects the transformative vision of President Dr. Mohamed Muizzu.  He emphasized that the township will generate high-value employment, diversify regional economic activity, and contribute to long-term socio-economic resilience.  
Economic Ministry states Ayla Sustainable Township, an investment value exceeding USD 790 million, represents a landmark development within the SEZ framework and a significant step in advancing the government's broader economic reform and diversification agenda.
USD 790 million (MVR 12 billion) investment agreement signed for the development of ‘Ayla Sustainable Township’, a sustainable township in Noonu Atoll on December 31, 2025. (Sun Photo/Mohamed Riyaz)
The Ministry detailed that the project is aligned with President Muizzu's Vision 2040, which emphasizes sustainable growth, long-term economic resilience, and the development of high-value, future-oriented sectors.
In this regard, the Ministry said the township model represents a new generation of integrated development for the Maldives, aimed at supporting long-stay economic activity, attracting global investment, and creating skilled employment across multiple sectors under the SEZ framework.
The Ministry added that the project goes beyond conventional tourism by integrating luxury hospitality, residential areas, healthcare, advanced agriculture and aquaculture, and an international hospitality and leadership school, with at least 60 percent of its energy needs met through renewable sources in line with national carbon-reduction goals.
The project is targeted to be completed by 2028.
Earlier this year, Crystal Holdings received an initial permit under the SEZ framework for a township project branded as Project Ayla, involving Dhigufaru Lagoon and nearby islands in Noonu Atoll. That initial approval was similarly framed around luxury residences, renewable energy, and food security infrastructure, and has now progressed to the formal SEZ permit.