The government has issued a permit for the Maldives’ first Sustainable Township Project under the Special Economic Zones Act, marking a shift towards large-scale, multi-sector developments beyond conventional tourism models. The approval was granted to Crystal Holdings Private Limited following its formal application and review by the Board of Investments.
According to the announcement, the project carries an investment exceeding USD 790 million and is designed to integrate luxury hospitality and residential components with a range of social and economic sectors. These include a state-of-the-art healthcare facility aimed at positioning the Maldives as a destination for medical and wellness tourism, an international hospitality and leadership school, and a specialised island for advanced agriculture and aquaculture systems to strengthen national food security.
The township will operate with a minimum of 60 percent renewable energy, which authorities say will contribute to reducing national carbon emissions.
Set to begin operations by 2028, the project is expected to create high-value employment opportunities, support regional economic diversification, and attract both long-stay visitors and high-net-worth travellers. Officials also expect the development to contribute to broader national objectives related to growth and resilience.
In its statement, the Board of Investments said the issuance of the permit signals the Maldives’ commitment to encouraging future-focused and sustainable investments that advance long-term socio-economic stability.
