The Government has signed investment agreements for the development of the Ayla Sustainable Township project in Noonu Atoll, signifying the start of what authorities describe as the first sustainable township initiative in the country under the SEZ Act.

The signing was carried out by Minister of Economic Development and Trade Mohamed Saeed with Petar Krstic, CEO of Project Ayla and representative of Crystal Holdings Pvt Ltd, signing as the investor. The project carries an estimated value of USD 790 million (MVR 12.2 billion) and is scheduled for completion by 2028.

Officials stated that the agreement follows nearly a year of preparatory work, including the granting of the development SEZ permit on 9 December 2025. Speaking at the ceremony, Minister Saeed said the township is expected to create new investment avenues and employment, contribute to renewable energy targets, and support the Administration’s economic development strategy. He said the project aligns with President Dr Mohamed Muizzu’s Vision 2040, which places emphasis on sustainable growth and long-term economic resilience.

From the investor’s side, CEO Petar Krstic said Crystal Holdings views the Maldives as a reliable destination for long-term investment and credited Government institutions for cooperation throughout the permitting process. He added that securing the first sustainable township permit is a significant step for the company, and expressed hope that the project could pave the way for similar investments, opening opportunities for foreign investors interested in township, real-estate and hospitality development in the Maldives.

According to information shared at the event, the township plan includes residential, commercial, environmental, educational and hospitality components, described as a mixed-use development intended to operate with modern infrastructure standards and renewable energy integration. The Ministry of Economic Development and Trade and the Board of Investments said they will continue working with Crystal Holdings to support the implementation phase and deliver long-term socio-economic benefits.