The Government of Maldives has signed an investment agreement with Crystal Holdings Private Limited for the development of the Ayla Sustainable Township, completing the final procedural step required under the Special Economic Zones framework to move the project into implementation.
The agreement was signed by Minister of Economic Development and Trade Mohamed Saeed, in his role as Chairman of the Board of Investments, on behalf of the government. Crystal Holdings Private Limited was represented by Petar Krstic, Chief Executive Officer of Project Ayla.
The signing follows the issuance of the SEZ permit on 9 December 2025 and establishes the legal and contractual framework governing the project. It sets out the terms for implementation in line with the SEZ Act and relevant regulations, allowing the development to proceed from approval to execution.
The Ayla Sustainable Township project has an investment value exceeding USD 790 million. The development is positioned as part of broader efforts to diversify the economy and support long-term economic activity. The township model is intended to attract international investment and create skilled employment across multiple sectors.
According to the government, the project aligns with long-term development objectives focused on sustainability, economic resilience, and higher value economic activities. The township is described as an integrated development aimed at supporting sustained economic engagement rather than a single-use investment.
The Ministry of Economic Development and Trade and the Board of Investments will continue working with Crystal Holdings Private Limited as the project moves into the implementation phase.
