The Maldives has formally issued its first permit for a Sustainable Township Development project, awarding it to Crystal Holdings Private Limited for a major development planned in Noonu Atoll. The handover follows recent amendments to the Special Economic Zones (SEZ) Act, which now allow sustainable townships to be established under the SEZ framework.

At the ceremony, Crystal Holdings’ CEO said the project would deliver significant economic and social benefits, adding that SEZ concessions were crucial to making the development viable. He thanked the Government for its support and confirmed the township is on track to become operational before 2028.

According to the Ministry of Economic Development and Trade, the permit currently covers infrastructure development in two lagoons in Noonu Atoll. Valued at over USD 790 million, the project is one of the largest multi-sector investments in the country. It is designed to operate on at least 60% renewable energy, aligning with national carbon-reduction goals.

The township will feature residential areas, commercial districts, tourism and leisure zones, technology hubs, and environmentally efficient infrastructure. The ministry said it is expected to become a new engine of economic growth and a model for future sustainable developments in the Maldives.