President Breaks Ground on USD 790 Million Project Ayla Sustainable Township

President Dr Mohamed Muizzu on Wednesday broke ground on Project Ayla, formally launching construction of what has been described as the Maldives’ first sustainable township development.

Valued at USD 790 million, the project spans Dhigufaru, Dhekenanfaru and Kuramaadhoo Falhu in Noonu Atoll. The development was designated a Special Economic Zone (SEZ) under a presidential decree issued on 31 December 2025, following the signing of an investment agreement between Crystal Holdings Private Limited and the Board of Investment.

Speaking at the groundbreaking ceremony, Project Ayla Chief Executive Officer Petar Krstic commended President Muizzu’s leadership, describing the township as a shift towards a more sustainable and diversified development model. He said a transparent approval process and a business-friendly investment environment had contributed to strong investor confidence.

President Dr @MMuizzu attends the groundbreaking ceremony for Project Ayla, the Maldives' first sustainable township designated as a Special Economic Zone.

The project will feature luxury residences alongside healthcare and education facilities, an ultra-luxury resort and… pic.twitter.com/dwKWXOCfAz— The President's Office (@presidencymv) January 29, 2026

Minister of Economic Development and Trade Mohamed Saeed said the SEZ framework enables large-scale, integrated projects that support economic diversification. He added that developments such as Project Ayla aim to position the Maldives not only as a tourism destination, but also as a place for long-term residence, investment and business.

Scheduled for completion in 2028, Project Ayla will include luxury residential units and an ultra-luxury resort with a marina. The plan also features an international-standard healthcare facility and a world-class school specialising in hospitality and leadership. According to project details, at least 60 per cent of the township’s energy needs will be met through renewable sources, alongside integrated sustainable aquaculture and agriculture systems. The land needed to develop the Project Ayla has been reclaimed. 

The ceremony was attended by the Minister of Economic Development and Trade, the Minister of Construction, Housing and Infrastructure Dr. Abdulla Muththalib, and representatives from Project Ayla, Crystal Holdings and Blu Rock. President Muizzu later toured the project site.