A handover ceremony has been held to formally issue the Maldives’ first permit for a Sustainable Township Development project to Crystal Holdings Private Limited for a development planned in Noonu Atoll.

The permit follows recent amendments to the Special Economic Zones (SEZ) Act, enabling the establishment of sustainable townships under the SEZ framework for the first time in the country.

Speaking at the ceremony, the CEO of Crystal Holdings said the development will play a significant role in the Maldivian economy and generate socio-economic benefits. He expressed gratitude to the Government for facilitating the project and noted that the concessions granted under the SEZ framework were essential for its feasibility. He said the company sees itself as a neighbour to Maldivian communities and reaffirmed that the project is scheduled to become operational before 2028.

The Ministry of Economic Development and Trade stated that the permit authorises infrastructure development, and is currently issued for two lagoons in Noonu Atoll.

Valued at more than USD 790 million, the project stands among the largest multi-sector investments in Maldivian history. It is designed to operate on a minimum of 60 per cent renewable energy, supporting national commitments to carbon reduction and long-term environmental sustainability.

The sustainable township will include residential communities, commercial districts, leisure and tourism zones, technology hubs and environmentally efficient infrastructure. The ministry said the development is expected to serve as a new economic growth centre and a model for future sustainable development projects in the Maldives.