The Maldives has issued its first permit for a Sustainable Township Development under the Special Economic Zones (SEZ) Act, a major milestone in the country’s shift toward innovative, resilient and future-focused national growth. 

Minister of Economic Development and Trade Mohamed Saeed described the decision as a reflection of President Dr Mohamed Muizzu’s vision for transformative and sustainable development aimed at strengthening economic diversification and long-term prosperity.

The permit was granted to Crystal Holdings Private Limited by the Board of Investments following a formal application and its subsequent approval at the Board’s tenth sitting of 2025. Valued at over USD 790 million, the project represents one of the largest multi-sector investments undertaken in the Maldives and is designed to extend economic activity beyond traditional tourism models.

According to the Ministry, the proposed township will integrate luxury hospitality and residential areas with a range of economic and social sectors. These include a state-of-the-art healthcare facility to position the Maldives as a leading destination for medical and wellness tourism, an international hospitality and leadership school, and a dedicated island for advanced agriculture and aquaculture systems aimed at strengthening national food security.

The development is planned to operate on a minimum of 60 per cent renewable energy, supporting national efforts to reduce carbon emissions and enhance environmental sustainability.

Set to begin operations by 2028, the project is expected to generate high-value employment, attract long-stay and high-net-worth visitors, diversify regional economic activity and contribute to broader national development objectives. The Government has stated that the permit underscores its commitment to fostering long-term socio-economic resilience through innovative and sustainable investments.