The Government of Maldives has signed an investment agreement with Crystal Holdings Private Limited for the development of the Ayla Sustainable Township, completing the final procedural requirement under the Special Economic Zones (SEZ) framework and enabling the project to proceed into implementation. The agreement was signed on behalf of the government by Minister of Economic Development and Trade Mohamed Saeed, in his capacity as Chairman of the Board of Investments, while Crystal Holdings Private Limited was represented by Petar Krstic, Chief Executive Officer of Project Ayla.
The signing follows the issuance of the SEZ permit on 9 December 2025 and establishes the legal and contractual framework governing the project, setting out implementation terms in line with the SEZ Act and applicable regulations. With this contractual basis in place, the development now transitions from approval into execution, providing clarity on governance, obligations, and delivery expectations for both parties as the project advances into its next phase.
With an investment value exceeding USD 790 million, the Ayla Sustainable Township is positioned within the Maldives’ broader economic agenda to diversify growth drivers and support long-term economic activity beyond single-use developments. The township model is intended to attract international investment, create skilled employment across multiple sectors, and expand opportunities for higher-value economic engagement, strengthening the country’s resilience through a more varied and future-oriented investment base.
Described as an integrated development with sustainability at its core, the project is expected to complement the Maldives’ global brand as a premium destination by supporting longer-stay economic participation and modern, environmentally responsible living and business environments. For global investors and travelers alike, the township concept signals a new category of destination experience, where hospitality and resort-style offerings can sit alongside residential, commercial, and innovation-focused activity, supported by sustainability-driven planning that aligns with evolving international demand for responsible development and high-quality amenities. The Ministry of Economic Development and Trade and the Board of Investments will continue working with Crystal Holdings Private Limited as implementation progresses.
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