President Dr Mohamed Muizzu has officially broken ground on Project Ayla, marking the start of construction on the Maldives’ first sustainable township development — a flagship initiative introduced under the current Administration.

The USD 790 million project spans Dhigufaru, Dhekenanfaru and Kuramaadhoo Falhu in Noonu Atoll and was designated a Special Economic Zone under a Presidential Decree issued on 31 December 2025, following an investment agreement between Crystal Holdings Private Limited and the Board of Investment.

Speaking at the ceremony, Project Ayla CEO Petar Krstic said the development reflects a forward-looking vision for the Maldives, describing it as a natural evolution of the country’s development model. He noted that a transparent approval process and a business-friendly investment environment had strengthened investor confidence.

Minister of Economic Development and Trade Mohamed Saeed highlighted the importance of the SEZ framework, stating that it enables large-scale, integrated developments that help diversify the economy. He said Project Ayla positions the Maldives not only as a holiday destination, but also as a place to live, invest, and create long-term value.

Scheduled for completion in 2028, Project Ayla will include luxury residences, an ultra-luxury resort with a marina, an international-standard healthcare facility, and a world-class school of hospitality and leadership. The township will operate on at least 60 per cent renewable energy and integrate sustainable aquaculture and agriculture systems.

President Muizzu officiated the groundbreaking alongside Cabinet ministers and project representatives, and later toured the project site.