The government has authorised an initial permit for the creation of a pioneering township under the Special Economic Zones (SEZ) Act. Known as 'Project Ayla', the initiative seeks to transform the northern atoll of Noonu into a model of innovative, sustainable development.
The Board of Investment (BoI) for Special Economic Zones, operating under the Ministry of Economic Development and Trade, approved the permit during its sixth session of 2025. The decision came after a detailed review of an application submitted by Crystal Holdings Pvt. Ltd., the company spearheading the project.
Spanning Dhigufaru Lagoon and the islands of Dhekenanfaru and Kuramaadhoo, Project Ayla is envisioned as a transformative development. According to a statement issued by the economic development ministry, the plans include luxury residences, cutting-edge healthcare facilities, and advanced infrastructure, with renewable energy powering at least 60 percent of the township's operations.
Food security also stands at the heart of the project's ambitions, the statement said. By leveraging agricultural and aquacultural innovations, the economic development ministry has said, the township aims to ensure self-sufficiency while also attracting high-net-worth individuals to its uniquely integrated community. Provisions for housing, education, and healthcare services for staff and their families further underline its inclusive approach, it added.
As part of the permit requirements, Crystal Holdings is mandated to submit an extensive suite of studies within 180 days. These include a feasibility assessment, an infrastructure master plan, and comprehensive engineering and environmental analyses. The business plan, alongside sector-specific proposals in real estate, healthcare, renewable energy, and staff welfare, according to the economic development ministry, will serve as a cornerstone to demonstrate the project's alignment with national priorities and its potential for long-term sustainability.
The issuance of the permit marks an in-principle agreement from the investment board, setting the stage for further studies and formal negotiations, the ministry added. These steps will shape the project's commercial terms and refine its implementation within the parameters of the SEZ framework.