In a landmark move to boost sustainable economic growth, the government has signed an investment agreement with Crystal Holdings Pvt Ltd for the development of the Ayla Sustainable Township Project, the first under the Special Economic Zone (SEZ) framework.
A special signing ceremony was held at the Ministry of Economic Development and Trade, where Minister Mohamed Saeed represented the government, and Petar Krstic, CEO of Project Ayla representing Crystal Holdings, signed on behalf of the investor.
Minister Saeed emphasised the transformative potential of the project, stating that it would elevate the national economy by creating new income opportunities for locals and attracting global investors. He highlighted that the township, to be built in Shaviyani Atoll, would strengthen the tourism sector by generating employment, prioritising environmental protection, and utilising 60 percent renewable energy.
Krstic expressed gratitude for the government’s investor-friendly policies, praising the Maldives as a reliable destination for foreign investment. The USD 790 million project, set for completion by 2028, will feature world-class sustainable infrastructure, positioning the Maldives as a pioneer in eco-conscious urban development in the Indian Ocean.
This initiative marks a significant step in the nation’s economic diversification and commitment to green growth.