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span Dhigurah Falhu, Dhekunufaru, and Karamaadhoo, marks a major milestone following recent amendments to the SEZ Act—originally enacted in 2014—which were signed into law by the President to attract forward-thinking, eco-conscious investors.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.
Minister of Economic Development and Trade, Mohamed Saeed said the recent amendments to the SEZ Act have significantly boosted investor confidence and revitalised interest in Maldivian markets.
Minister Saeed emphasised that the long-dormant legislation is now being activated as a cornerstone of the government’s economic diversification agenda.
"The activation of the Special Economic Zone is a pivotal step forward," he stated, noting that while the original act had remained largely unimplemented, the revised version now provides a strategic framework for growth across nine key sectors, with an additional tenth area — sustainable township development — specially included through presidential decree.
Highlighting the reforms, Minister Saeed explained that while previous versions of the law offered broad tax exemptions, the updated act introduces clear fiscal boundaries to safeguard national revenue while still ensuring an attractive, transparent environment for investors.
The administration has actively promoted SEZ opportunities through international investment forums, leading to competitive bidding and high-quality project proposals like Crystal Holdings’.
Minister Saeed underscored that these efforts reflect President’s manifesto commitment to diversify the economy beyond tourism and build sustainable industries for future generations.
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.