In a landmark move for sustainable development and economic diversification, the Maldives has officially greenlit its first sustainable township project under the Special Economic Zone (SEZ) framework.
Crystal Holdings Pvt Ltd has been the granted formal permit by the Board of Investment to develop "Project Ayla," a visionary USD 790 million sustainable township set to transform parts of Noonu Atoll.
The project, which will span Dhigurah Falhu, Dhekunufaru, and Karamaadhoo, marks a major milestone following recent amendments to the SEZ Act—originally enacted in 2014—which were signed into law by the President to attract forward-thinking, eco-conscious investors.
These amendments allow for dedicated zones promoting integrated economic activities, paving the way for large-scale, sustainable infrastructure developments.
Speaking at a special approval ceremony, the CEO of Crystal Holdings expressed pride in being the first company awarded such a project, emphasising its significance for the nation’s economic growth and social well-being.
“We are honoured to lead this transformative initiative,” he said, adding that the company is committed to completing the project by 2028.
The landmark project will feature premium residential units, world-class healthcare facilities, and a robust commitment to environmental stewardship—utilising at least 60 percent renewable energy. Additionally, it will incorporate modern aquaculture and urban agriculture systems to ensure food security for residents.
The Ministry of Economic Development and Trade confirmed that land reclamation is already underway, signaling the project’s swift transition from vision to reality.