Maldives Signs with Crystal Holdings for First Sustainable Township Project

The government has signed an agreement with Crystal Holdings to develop the first Sustainable Township under the Special Economic Zone (SEZ) framework, in a ceremony held today at the Ministry of Economic Development and Trade. 

The agreement was signed by Mohamed Saeed, the Minister of Economic Development and Trade, and Chairman of the Board of Investments on behalf of the government of the Maldives and Petar Krstic, the CEO of Project Ayla, representing Crystal Holdings Private Limited.

Speaking during the ceremony, Minister Mohamed Saeed said the township project will play a significant role in boosting the Maldivian economy and attract further investment. He highlighted that the project will create new sources of income for the Maldives, international investors, and individuals, while supporting the tourism sector.

He added that the development will generate employment opportunities, protect the environment, and rely on 60 percent renewable energy.

CEO Petar Krstic thanked the President and government ministries for their support, noting that the Maldives provides a favourable environment for investors. 

“We are thrilled to be here on this historic day for the signing of the investment agreement for the Ayla sustainable township. We would like to express our sincere gratitude to His Excellency Dr Mohamed Muizzu, without whose vision and support this day would not have been possible.,” he said.

Crystal Holdings will develop the Maldives’ first sustainable township in Noonu Atoll, with an expected completion date of 2028. The project involves an investment of USD 790 million (MVR 12.2 billion) and will feature modern facilities and amenities.

The township aims to combine economic growth with environmental sustainability, setting a precedent for future development projects in the Maldives.