Practical construction work has officially begun on Ayla Maldives, a large-scale sustainable township project designed to strengthen tourism, diversify economic activity, and introduce long-term residential opportunities in the Maldives.
The project, developed by Crystal Holdings, marks the first time government approval has been granted to establish a township under the country’s Special Economic Zones framework. The initiative is being developed across Noonu Atoll, specifically at Kuramaadhoo, Dhekenanfaru, and Dhigufaru.
President Dr. Mohamed Muizzu inaugurated the project during a ceremony held on newly reclaimed land in the project area. Cabinet ministers, Members of Parliament, and senior government officials attended the event, highlighting the national importance attached to the development.
The inauguration signals the transition of Ayla Maldives from planning to execution, positioning it as one of the most ambitious private-sector investments undertaken in the Maldives to date.
Speaking at the ceremony, Crystal Holdings CEO Petar Krstic described Ayla Maldives as a transformative initiative that could reshape the country’s investment landscape.
Krstic said the company believes the project will usher in a new phase of large-scale, high-quality investment in the Maldives. He emphasized that Crystal Holdings is proud to deliver the nation’s first township of this kind, combining tourism, residential living, education, healthcare, and sustainability within a single integrated development.
“This is a first-of-its-kind project for the Maldives,” Krstic noted, adding that Ayla Maldives reflects a long-term vision rather than a conventional resort-based investment.
According to Krstic, Ayla Maldives will feature a hospitality academy aimed at developing skilled local talent for the tourism industry. The academy will be operated in partnership with an experienced international service provider to ensure high training standards.
In addition, a state-of-the-art medical facility is planned as part of the township’s core infrastructure, expanding access to advanced healthcare services within the atoll.
Construction activities are set to begin immediately following the inauguration. Krstic stated that the project is scheduled for completion and opening during the northeast monsoon season of 2028, subject to timelines and conditions.
The government approved USD 790 million in foreign investment for Ayla Maldives under the latest amendments to the Special Economic Zones Act. The SEZ framework encourages large-scale developments that contribute to economic diversification, employment, and sustainable growth.
During the ceremony, Crystal Holdings presented a video overview of the project. The presentation revealed plans for a real estate component that would allow residents to live in the township for extended periods, introducing a new residential model within the Maldivian tourism economy.
In line with SEZ requirements, 60 percent of the township’s electricity will be generated using renewable energy sources, reinforcing the project’s sustainability goals. The presentation also showcased plans for modern agricultural facilities, aimed at supporting food security and reducing reliance on imports.
Economic Minister Mohamed Saeed, addressing the audience, said Ayla Maldives represents more than a single development project.
“This is not just another investment,” he said. “It reflects a new way of thinking about tourism and economic development in the Maldives.”
He added that the project aligns with the government’s broader strategy to create sustainable, diversified economic opportunities beyond traditional resort tourism.
