Practical work on Ayla Maldives sustainable township begins

Work has officially begun today on a "sustainable township" which will focus on tourism resources and economic works. Permission was granted for the first time to Crystal Holdings to establish a township at Noonu Atoll.

President Dr. Mohamed Muizzu inaugurated the project titled "Ayla Maldives", which will be built at N. Kuramaadhoo, N. Dhekenanfaru and N. Dhigufaru. The ceremony was held on a reclaimed piece of land in the area, with ministers and MP's in attendance.

At the ceremony, Crystal Holdings CEO Petar Krstic said that with Ayla Maldives, he believes that it will bring about an age of investment in Maldives. He also said that Crystal Maldives is proud that Ayla Maldives is the first-of-a-kind project in the nation.

While describing the resources that would be established at Ayla Maldives, Krstic said that a hospitality academy and top-of-the-line medical facility will be included. The hospitality academy will be run in cooperation with a party that provides good quality services, said Krstic.

"Construction work will begin once the ceremony is over. We will be working with an estimate to finish the project and open it in the northeast monsoon of 2028," said Petar Krstic.

As envisioned by the latest amendments to the Special Economic Zones (SEZ) Act, Crystal Holdings was given permission by the government to invest USD 790 million in establishing a sustainable township.

At the ceremony, Crystal Holdings showed a video presentation, which includes a real estate business that would allow people to reside in the area for a long period of time. As per the SEZ Act, 60 percent of the electricity will be generated with renewable energy. Modern agricultural resources will also be established as was shown in the presentation.

During the ceremony, Economic Minister Mohamed Saeed said that Ayla Maldives is not only a project, it is a new frame of thinking for Maldivian tourism and establishing the economy.