The Maldives has taken a major step toward sustainable development by approving the country’s first-ever sustainable township under the Special Economic Zone (SEZ) framework.

Crystal Holdings Pvt Ltd received the official permit from the Board of Investment to launch Project Ayla, a USD 790 million township planned across Dhigurah Falhu, Dhekunufaru, and Karamaadhoo in Noonu Atoll.

The large-scale development follows recent revisions to the SEZ Act initially enacted in 2014 which were updated by the President to attract environmentally responsible and innovation-driven investments.

The revised act allows the establishment of dedicated zones that support integrated economic activities, creating opportunities for advanced, eco-focused infrastructure projects.

At the approval ceremony, Crystal Holdings’ CEO said the company was proud to be the first to receive such a permit, describing the project as a major contribution to national economic progress and social development.

He confirmed the township is targeted for completion by 2028.

Minister of Economic Development and Trade Mohamed Saeed highlighted that amendments to the SEZ Act have strengthened investor confidence and reignited interest in the Maldivian market.

He noted that while the original legislation had remained largely inactive, the updated version now serves as a key driver of the government’s economic diversification efforts.

adding that the revised law clearly defines fiscal boundaries to protect state revenue while maintaining a competitive and transparent environment for investors.

The upcoming township will include premium housing, advanced healthcare services, and strong environmental measures, including a pledge to power at least 60% of operations through renewable energy.

Plans also include aquaculture and urban agriculture systems designed to support long-term food security.

According to the Ministry of Economic Development and Trade, land reclamation has already begun, marking the project’s rapid move toward implementation.