The Ministry of Economic Development and Trade has approved an investment of USD 790 million (MVR 12 billion) for the country’s first Sustainable Township Project under the Special Economic Zones (SEZ) Act.  
The permit was granted to Crystal Holdings Pvt Ltd following approval by the Board of Investments at its tenth sitting of 2025. The ministry said the project represents a new model of multi-sector development beyond conventional tourism, integrating luxury hospitality, residential zones, healthcare, advanced agriculture and aquaculture systems, and an international hospitality and leadership school. At least 60 percent of the township’s energy needs will be met through renewable sources, in line with Maldives’ carbon-reduction goals.  
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.  
Minister of Economic Development and Trade Mohamed Saeed; during the 'World Economic Forum', the minister stressed the importance of investors in sustainable development -- Photo/ Ministry of Economic Development
Operations are targeted to commence by 2028. 
Earlier this year, Crystal Holdings Pvt Ltd 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 announced this week.