The groundbreaking of Project Ayla is a significant step in the Maldives’ transition towards a more diversified, resilient and high-value economic model, Minister of Economic Development and Trade Mohamed Saeed has said.

Speaking at the ceremony officiated by President Dr Mohamed Muizzu, the Minister said Project Ayla is the first sustainable township approved under the Special Economic Zone framework, representing a new approach to development that aligns tourism growth with long-term national priorities and sustainability goals.

Minister Saeed said the Government had been clear from the outset that the project’s ambitious vision must be realised in full and in line with the country’s strategic direction. The start of physical work, he noted, reflects confidence that these expectations have been met.

He described the project as an example of purposeful diversification, responding to changing global travel trends and growing demand for high-value, experience-driven tourism. Developments such as Project Ayla, he said, complement the Maldives’ resort and guesthouse sectors while expanding into lifestyle, wellness, education and healthcare, strengthening the country’s appeal as a place to live, invest and build long-term value.

The Minister noted that integrated township developments generate broad economic benefits by creating demand across multiple sectors, supporting skilled employment, technology transfer and stronger domestic value chains.

Highlighting recent performance, he said the Maldivian economy grew by 5.4 per cent in 2025, with a record 2.24 million tourist arrivals, demonstrating that sound public-interest policies can coexist with strong investor confidence.

Minister Saeed also pointed to recent investment reforms, including updates to the foreign investment framework and the strengthening of the Special Economic Zone regime, aimed at improving predictability and transparency. He stressed that incentives under the SEZ framework are targeted, conditional and time-bound, and granted only to projects that deliver measurable economic, social and environmental returns.

He said the more than USD 800 million investment committed to Project Ayla reflects continued confidence in the Maldives and positions the project as a benchmark for sustainable, inclusive and long-term economic development.