Chief Executive Officer of the Ayla Maldives project, Peter Karstich, has stated collaboration with the government has demonstrated that the Maldives is a favourable destination for large-scale investments and has strengthened confidence in the country’s investment environment.
The Ayla Maldives project, which includes the islands of Dhekenanafaru, Dhigufaru and Kuramaadhoo in Noonu Atoll, is the largest foreign private investment project ever undertaken in the Maldives. The project is valued at approximately USD 800 million and is being developed by Crystal Holding Pvt Ltd. The project was officially launched by Dr Mohamed Muizzu.
Speaking at the launch ceremony held in Noonu Atoll, CEO Peter Karstich said that while the Ayla Maldives project is a private initiative, it is also a national effort. He noted that the participation of the country’s highest government officials at the ceremony reflects the priority given by the government to the project.
Karstich said sustainable townships are part of President Mohamed Muizzu’s vision, adding that the opportunity to implement such a project demonstrates the President’s courage to change the direction of development in the Maldives.
He also expressed gratitude to the government’s Board of Investment for its cooperation in completing the necessary procedures to commence the project. Describing the process as challenging but mutually beneficial, Karstich said it has significantly boosted investor confidence in the Maldives.
“As the largest foreign private investment in the history of the Maldives, valued at around USD 800 million, I can say that the investment climate in the Maldives is very favourable,” he said, adding that the government’s long-term approach and engagement with Maldivian professionals reflect the country’s responsibility as an investment destination.
The CEO further stated that the project will deliver a range of facilities, including an international-standard hotel school and health facilities, and aims to become an internationally recognised destination. He said the hotel school will be operated by internationally recognised educators and will help develop the next generation of Maldivian hoteliers.
Noting that the project is privately funded but community-oriented, Karstich said his goal is not only to develop an international-standard destination, but also to be a long-term partner of the country.
The Ayla Maldives project is targeted for completion at a later stage. The government has said the development will open a new chapter in tourism and contribute to revitalising the national economy.