The Government of Maldives has today signed the Investment Agreement with Crystal Holdings Private Limited for the development of Ayla Sustainable Township, marking the final formal step envisaged under the Special Economic Zones (SEZ) Act for the implementation of the project.
The agreement was signed by Mr. Mohamed Saeed, Minister of Economic Development and Trade and Chairman of the Board of Investments, on behalf of the Government of Maldives, and Mr. Petar Krstic, Chief Executive Officer of Project Ayla, representing Crystal Holdings Private Limited.
The execution of the Investment Agreement follows the issuance of the SEZ Permit on 9th December 2025, and legally formalizes the implementation framework governing the project. It provides the contractual basis for project execution in accordance with the SEZ Act and applicable regulations, enabling the transition from approval to delivery.
With an investment value exceeding USD 790 million, Ayla Sustainable Township represents a landmark development within the SEZ framework and a significant step in advancing the Government’s broader economic reform and diversification agenda. The project is aligned with President Dr. Mohamed Muizzu’s Vision 2040, which emphasizes sustainable growth, long-term economic resilience, and the development of high-value, future-oriented sectors.
The township model reflects a new generation of integrated development for the Maldives, designed to support long-stay economic activity, attract global investment, and generate skilled employment across multiple sectors. Through the SEZ framework, the project reinforces Maldives’ positioning as a credible and competitive destination for structured, large-scale investments.
The Ministry of Economic Development and Trade, together with the Board of Investments, will continue to work closely with Crystal Holdings Private Limited to ensure the timely and successful implementation of Ayla Sustainable Township, delivering lasting socio-economic benefits to the country.