The government has signed an investment agreement with Crystal Holdings to develop a sustainable township project named “Ayla Township” in Noonu Atoll. Crystal Holdings is the first company to undertake the development of a sustainable township under the government’s investment framework.

The agreement was signed at a special ceremony held today at the Ministry of Economic Development. Minister of Economic Development and Trade Mohamed Saeed signed the agreement on behalf of the government, while Managing Director of MTCC Hassan Saeed also took part in the signing. Crystal Holdings CEO Petar Krstic signed the agreement on behalf of the company.

Speaking at the ceremony, CEO Petar Krstic said he was pleased with the government’s approach to investment and expressed confidence in the Maldives as an attractive destination for investors. He noted that the country offers strong opportunities for those seeking to make sound and long-term investments.

Economic Minister Mohamed Saeed said Crystal Holdings was the first company to place its trust in the Maldivian government’s efforts to elevate the tourism industry to a new level. He added that the township project would play an important role in advancing the Maldivian economy and would help the government attract more similar investments in the future.

Under the amendment to the Special Economic Zone Act, companies developing sustainable townships are required to establish a high-quality medical facility or a training centre for people working in the hospitality sector. The Ayla Township project is expected to be developed and completed by 2028.