Ministry Refuses to Disclose Project Ayla Agreements Under RTI Act, Citing Commercial Confidentiality 

The Ministry of Economic Development and Trade has refused to release the core investment agreement and approval documents for the USD 790 million Project Ayla sustainable township development, citing commercial confidentiality provisions under Section 25 of the Right to Information (RTI) Act.

The refusal was revealed in an official response to an RTI request submitted by MV+, which sought access to the full Investment Agreement, annexes, and Special Economic Zone (SEZ) approval documents executed between the government and the developer.

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The ministry withheld the primary contracts in full, citing legal provisions intended to protect trade secrets and prevent potential “detrimental impact” on the financial interests of third parties.

According to the ministry’s response, the decision was made under Section 25 of the RTI Act, which provides exemptions from disclosure of certain categories of information.

The specific provisions cited by the ministry include:

• Section 25(a): Allows non-disclosure of confidential information containing trade secrets or information that could harm the business or financial interests of a third party.
• Section 25(b): Allows non-disclosure of information obtained through relations or agreements with foreign countries or international bodies where disclosure could adversely affect the Maldives’ relationship with them.
• Section 25(c): Allows non-disclosure of information held under an official state mandate relating to private agreements or transactions between individuals or companies if disclosure would reveal personal, financial, debt-related, or business secrets.

While the ministry refused to provide the foundational legal agreements behind Project Ayla, it provided details regarding the approved scope and permitted activities of the development.

Project Ayla, which covers Dhigufaru, Dhekenanfaru, and Kuramaadhoo Falhu in Noonu Atoll, was designated as an SEZ through a presidential decree issued on 31 December 2025, following an agreement between Crystal Holdings Private Limited and the Board of Investment.

According to the RTI response, the project has only been approved to undertake economic activities permitted under Article 70-1 of the SEZ Act, specifically for the development of a “Sustainable Township”.

The ministry also stated that it had not received any applications or expressions of interest for establishing offshore banks, trust services, insurance companies, finance leasing businesses, or money-changing operations within the SEZ.

It added that any financial or banking-related activities within the zone would require separate prior approval from the Board of Investments.

Addressing concerns regarding financial oversight and regulatory safeguards, the ministry stated that the Project Ayla application underwent the vetting process prescribed under the SEZ framework.

The ministry further said the project remains subject to the Maldives’ anti-money laundering (AML) and countering the financing of terrorism (CFT) regulations.

Project Ayla is scheduled for completion in 2028, with plans to develop a reclaimed sustainable township featuring luxury residential units, a marina resort, an international healthcare facility and hospitality schools.

The project also has a target of meeting 60 per cent of its energy requirements through renewable energy sources.

However, the exact terms of the USD 790 million agreement between the state and the developer, including any concessions granted under the investment arrangement, will remain undisclosed following the ministry’s decision to apply the RTI exemptions.