His Excellency President Dr. Mohamed Muizzu has officiated the groundbreaking of Project AYLA, the first sustainable township licensed to be developed under the Special Economic Zones (SEZ) framework. The ceremony, held in Noonu Atoll, was attended by cabinet ministers, members of parliament of the Noonu Atoll constituencies, diplomatic representatives, and the leadership of Crystal Holdings Private Limited and BluRock Group, the project’s principal investors and developers.
Valued at over USD 790 million, Project AYLA represents the single largest private-sector investment to date outside the traditional tourism model. The township brings together luxury hospitality and residential components with world-class healthcare, vocational education, and modern agriculture, forming a blueprint for integrated, future-ready living. More than 60 percent of its energy needs will be met through renewable sources, supported by advanced waste and water management systems designed to minimize environmental impact. The project is expected to generate more than 1,200 jobs, with a strong focus on local employment and skills development.
In December 2025, the Government of Maldives has signed the Investment Agreement with Crystal Holdings Private Limited for the development of Ayla Sustainable Township. The agreement was signed by Mr. Mohamed Saeed, Minister of Economic Development and Trade and Chairman of the Board of Investments, on behalf of the Government of Maldives, and Mr. Petar Krstic, Chief Executive Officer of Project AYLA, representing Crystal Holdings Private Limited.
The execution of the Investment Agreement follows the issuance of the SEZ Permit on 9th December 2025, and legally formalizes the implementation framework governing the project. It provides the contractual basis for project execution in accordance with the SEZ Act and applicable regulations, enabling the transition from approval to delivery.
Project AYLA’s development unifies the lagoons of Dhekenanfaru and Dhigufaru along with the island of Kuramaadhoo under a single SEZ boundary. Located approximately 188km north of Male’, Project AYLA seeks to offer meaningful, high-value experiences to discerning travelers in the increasingly competitive and highly diverse global landscape of tourism.
Project AYLA is expected to be partially operational towards the end of 2028.
