USD 790 million investment to develop sustainable township

For the first time, the government has issued a permit to a company to establish a habitable township for USD 790 million dollars (MVR 12 billion) in line with the recent amendment to the Special Economic Zone (SEZ) Act.

As per the Ministry of Economic Development and Trade last night, their Board of Investments gave this permit to a company named Crystal Holdings.

The Economic Ministry said that the company was given said permit to establish a "sustainable township" after they had sent in a proposal for an investment of more than USD 790 million.

The Board of Investment stated that the permit given to establish a sustainable township was a step to move towards both a "conventional tourism model" and a multisector model.

As per the amendment brought to the SEZ Act, a sustainable township is the establishment of a large scale real estate development or the establishment of a habitable place that has integrated tourism development, that is built with minimal damage to the environment, and sustainable infrastructure and resources that will allow people to inhabit it, as is described within the law concerning its characteristics and resources.

As per the press release from the Ministry of Economic Development and Trade, the project is set to begin in 2028. Along with luxury hospitality components to serve tourists, resources for the economic and social sectors will also be established.

This includes quality healthcare, a center to educate people regarding tourism, modernized agriculture and systems to work on culture. Agriculture and aquaculture works will be done there aimed at Maldives' food security.

Additionally, the press release reads that 60 percent of the energy that will be used in the township will be sustainable energy as part of the work to reduce Maldives carbon footprint.

Minister of Economic Development and Trade Mohamed Saeed posted on X, stating that the issuance of the permit marks a major step towards future economic growth. He also said that this will bring to life the revolutionary developmental vision from President Dr. Mohamed Muizzu.