President Dr Mohamed Muizzu has laid the foundation for the Ayla Sustainable Township project.
The Ayla Sustainable Township is the first major development project to be implemented under the Special Economic Zone (SEZ) framework in the Maldives. The government officially handed over the project permit on 11 December last year.
The project is being developed in the areas of Dhigufaru Falhu, Dhekunufaru and Kuramaadhoo, and is being undertaken by Crystal Holdings Pvt Ltd with a total investment of USD 790 million.
Reclamation works for the project commenced in March last year and were completed by December.
Key features of the Ayla Sustainable Township include generating 60 percent of its electricity from renewable energy sources. The development will also include a world-class healthcare centre and an international-standard tourism school.
In addition, the project will establish a co-aquaculture and mariculture zone equipped with modern technology, aimed at ensuring sustainable local production of food items that are currently imported.
The sustainable township is expected to become operational by the end of 2028. Once completed, the project is expected to be unique within the Indian Ocean region and serve as a global model for sustainable development.
The government said the project will represent a new face of foreign investment in the Maldives, providing comprehensive access to essential services for residents, workers and their families.
The project is also expected to create employment opportunities, establish public services, facilitate education and training, and contribute significantly to sustainable economic growth across the country.