President Dr Mohamed Muizzu has broken ground on Project Ayla, formally commencing construction on the Maldives' first sustainable township development — an initiative introduced under this Administration.
The USD 790 million venture, spanning Dhigufaru, Dhekenanfaru, and Kuramaadhoo Falhu in Noonu Atoll, was designated as a Special Economic Zone (SEZ) under Presidential Decree on 31 December 2025, following an investment agreement between Crystal Holdings Private Limited and the Board of Investment.
Speaking at the ceremony, Project Ayla CEO Petar Krstic praised President Dr Muizzu's forward-looking leadership and vision, noting that the sustainable township concept reflects a thoughtful evolution of the country's development model. He credited the transparent approval process and business-friendly investment climate for strengthening investor confidence.
Minister of Economic Development and Trade Mohamed Saeed highlighted the significance of the SEZ framework in enabling large-scale, integrated developments that diversify the economy. He noted that projects like Ayla elevate the Maldives from a holiday destination to a place to live, invest, and build long-term value.
Slated for completion in 2028, the development will feature luxury residences and an ultra-luxury resort with marina, alongside an international-standard healthcare facility and a world-class school of hospitality and leadership. It will operate on at least 60 per cent renewable energy with integrated sustainable aquaculture and agriculture systems.
President Dr Muizzu officiated the groundbreaking, joined by the Minister of Economic Development and Trade, the Minister of Construction, Housing and Infrastructure, and representatives of Project Ayla, Crystal Holdings, and Blu Rock.
Following the ceremony, President Dr Muizzu toured the project site.
