President Dr Mohamed Muizzu has officiated the groundbreaking of Project Ayla, formally commencing construction of the Maldives’ first sustainable township development, an ambitious initiative introduced under the current Administration to redefine the nation’s development landscape. With a total investment of USD 790 million, the project spans the areas of Dhigufaru Falhu, Dhekunufaru, and Kuramaadhoo in Noonu Atoll and has been designated as a Special Economic Zone under a Presidential Decree issued on 31 December 2025, following an investment agreement between Crystal Holdings Private Limited and the Board of Investment. The ceremony was attended by the Minister of Economic Development and Trade, the Minister of Construction, Housing and Infrastructure, and senior representatives of Project Ayla, Crystal Holdings, and Blu Rock, reflecting strong public–private sector collaboration. Following the event, President Dr Muizzu toured the project site, reaffirming the Government’s commitment to ensuring timely and effective implementation.
Project Ayla CEO Petar Krstic, speaking at the ceremony, commended President Dr Muizzu’s forward-looking leadership and strategic vision, noting that the sustainable township concept represents a progressive evolution of the Maldives’ development model. He emphasized that the transparent approval process and business-friendly investment environment have played a central role in strengthening investor confidence, positioning the Maldives as a competitive and reliable destination for large-scale, future-oriented investments.
Minister of Economic Development and Trade Mohamed Saeed highlighted the importance of the Special Economic Zone framework in enabling integrated developments that go beyond conventional tourism projects. He stated that initiatives such as Ayla expand the country’s profile from being solely a premier holiday destination to becoming a place where people can live, work, invest, and build long-term value. As the first major project to be implemented under the SEZ framework, Ayla is expected to set a strong precedent for diversified and sustainable economic growth.
Designed as a fully integrated sustainable township, Project Ayla will include luxury residential communities and an ultra-luxury resort complemented by a marina, offering an elevated lifestyle experience in harmony with the natural environment. The resort component is envisioned to cater to high-end global travelers seeking exclusivity, wellness, and meaningful engagement with sustainability, while also enhancing the Maldives’ position in the premium tourism segment. Alongside hospitality offerings, the development will feature an international-standard healthcare facility and a world-class school of hospitality and leadership, strengthening human capital development and supporting long-term industry excellence.
Sustainability forms the core of the project’s design and operations, with at least 60 percent of electricity generation planned to come from renewable energy sources. Integrated sustainable aquaculture, mariculture, and agriculture systems will be established to support local food production and reduce reliance on imports, contributing to food security and environmental stewardship. Reclamation works for the project began in March last year and were completed by December, marking a significant milestone in the development timeline.
The Ayla Sustainable Township is expected to become operational by the end of 2028 and is anticipated to be unique within the Indian Ocean region, serving as a global reference point for sustainable, master-planned communities. The Government has stated that the project represents a new face of foreign investment in the Maldives, providing comprehensive access to essential services for residents, workers, and their families. In addition to generating substantial employment opportunities, the project is expected to support education and training, strengthen public services, and contribute meaningfully to sustainable economic growth across the country.
With its combination of high-quality living spaces, premium resort experiences, advanced infrastructure, and strong sustainability credentials, Project Ayla reflects the Maldives’ aspiration to embrace a more diversified and resilient economic future while continuing to offer world-class experiences to global audiences.
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