Maldives Signs USD 790M Agreement for First Sustainable Township in Noonu Atoll

The Maldives Ministry of Economic Development and Trade has signed a USD 790 million (MVR 12 billion) investment agreement for the development of 'Ayla Sustainable Township,' the first of its kind in the Maldives. The project, located in Noonu Atoll, was awarded to Crystal Holdings Private Limited. The agreement, signed by Economic Minister Mohamed Saeed and Petar Krstic, CEO of Project Ayla, marks the final formal step under the Special Economic Zones (SEZ) Act for the project's implementation. The SEZ Permit was issued on December 9, 2025, laying the foundation for the project's execution. The township is expected to generate high-value employment, diversify regional economic activity, and contribute to long-term socio-economic resilience. The project aligns with President Mohamed Muizzu's Vision 2040, emphasizing sustainable growth and economic diversification. Ayla Sustainable Township will integrate luxury hospitality, residential areas, healthcare, advanced agriculture, and an international hospitality school, with at least 60% of its energy needs met through renewable sources. The project is targeted for completion by 2028.