Maldives Approves First Sustainable Township Project with $790 Million Investment

The Maldives government has issued a permit for the country's first Sustainable Township Project under the Special Economic Zones Act. The Board of Investments granted the permit to Crystal Holdings Private Limited following its formal application and approval at the Board’s tenth sitting in 2025. The project, valued at over USD 790 million, marks a significant shift toward multi-sector development beyond traditional tourism. The township will integrate luxury hospitality and residential components with advanced healthcare facilities, an international hospitality school, and agricultural systems aimed at enhancing food security. The development will also utilize at least 60% renewable energy to reduce carbon emissions. Expected to commence operations by 2028, the project is set to create high-value employment, attract long-stay visitors, and contribute to national economic diversification. Economic Minister Mohamed Saeed highlighted the project's alignment with President Dr Mohamed Muizzu’s vision for sustainable and resilient national growth.