President Dr Mohamed Muizzu has officially broken ground on Project Ayla, marking the start of construction on the Maldives’ first sustainable township development.

The USD 790 million project spans Dhigufaru, Dhekenanfaru and Kuramaadhoo Falhu in Noonu Atoll and was designated a Special Economic Zone 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 praised President Muizzu’s leadership, citing the transparent approval process and investor-friendly environment. Economic Development and Trade Minister Mohamed Saeed said the SEZ framework enables large-scale developments that diversify the economy and position the Maldives as a place to live and invest, not just a tourist destination.

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

The President was joined at the groundbreaking by senior ministers and project representatives and later toured the site.