The Maldives reinforced its position as a stable and business-friendly investment destination with the groundbreaking of Project Ayla, the country’s first integrated sustainable township and the largest private sector investment in its history, valued at nearly USD 800 million.

The ceremony, officiated by President Dr Mohamed Muizzu, brought together senior Government officials, Members of Parliament, diplomats and business leaders, signalling strong national support for large-scale, responsible private investment. The project is being developed by Project Ayla, with Crystal Holdings Pvt Ltd as the main investor.

Speaking at the event, Cystal Holdings Chief Executive Officer Petar Krstić said the scale of the investment reflects strong confidence in the Maldives’ economic fundamentals. As a foreign investor undertaking the largest private development ever in the country, he described the Maldives as offering an exceptionally business-friendly and stable investment climate, supported by professional institutions, open dialogue and clear long-term policy direction.

Krstić noted that the project had undergone a rigorous and transparent approval process, guided by the Government and the Board of Investment, which further strengthened investor confidence. He said this process demonstrated the credibility and maturity of the Maldives’ investment framework, making the country a compelling destination for responsible, long-term investment.

Project Ayla is designed as a fully integrated sustainable township, reflecting a shift towards a more holistic development model that balances economic growth with environmental stewardship and social impact. The project is expected to help usher in a new era of investment that is more resilient, inclusive and aligned with national development priorities.

Among its key features is a hospitality academy, to be developed in partnership with a leading international institution, aimed at training future generations of Maldivian tourism and hospitality professionals. The township will also include a state-of-the-art medical facility, supporting the Maldives’ ambitions to expand into the global wellness and medical tourism market.

Sustainability forms a central pillar of the development, with at least 60 per cent of the township’s energy requirements to be met through renewable sources. This focus is intended to reduce environmental impact while ensuring the long-term viability of the project for future generations.

Although privately funded, Project Ayla’s developers emphasised that the project’s benefits will extend well beyond the site itself, contributing to skills development, economic diversification and national resilience. Construction is set to begin immediately following the groundbreaking, with the Ayla Sustainable Township scheduled to open in the summer of 2028.

As work gets underway, the project stands as a strong vote of confidence in the Maldives’ investment climate and a tangible example of how large-scale private investment can support the country’s sustainable development ambitions.