Construction has formally commenced on Project Ayla, a large-scale township development in Noonu Atoll, following a groundbreaking ceremony attended by President Dr Mohamed Muizzu.
The USD 790 million project spans Dhigufaru, Dhekenanfaru, and Kuramaadhoo Falhu and has been designated a Special Economic Zone under a presidential decree issued on 31 December 2025. The designation follows an investment agreement between Crystal Holdings Private Limited and the Board of Investment, enabling the development to proceed under the SEZ framework.
Project Ayla is being positioned as a mixed-use development combining residential, hospitality, and social infrastructure. According to project details shared at the ceremony, the development will include luxury residences, an ultra-luxury resort with a marina, an international-standard healthcare facility, and a school focused on hospitality and leadership training. The project is scheduled for completion in 2028.
The development is expected to incorporate sustainability features, including operating on a minimum of 60 percent renewable energy and integrating aquaculture and agricultural systems within the township. These elements are intended to support long-term habitation and reduce reliance on external supply chains.
Speaking at the event, Project Ayla CEO Petar Krstic said the project reflects a shift towards more integrated development models, noting the role of regulatory clarity and the approval process in facilitating investor participation. He said the project aims to demonstrate how large-scale developments can combine commercial viability with environmental considerations.
Minister of Economic Development and Trade Mohamed Saeed said the SEZ framework provides a mechanism for attracting complex, capital-intensive projects that extend economic activity beyond tourism. He said developments such as Project Ayla contribute to broadening the country’s economic base.
The groundbreaking ceremony was attended by senior government officials, including the Minister of Construction, Housing and Infrastructure, alongside representatives from Project Ayla, Crystal Holdings, and Blu Rock. Following the ceremony, the President toured the project site.
