News Desk
President Dr. Mohamed Muizzu on Friday laid the foundation stone for Project Aila, the Maldives’ first sustainable township and one of the largest foreign‑investment ventures undertaken under his administration. The $790 million project spans Noonu Atoll and has been formally designated a Special Economic Zone.
The government signed the investment agreement with Crystal Holdings Pvt. Ltd. on December 31, clearing the way for what the government describe as a transformative model for long‑term development.
At the ceremony, Peter Christic, chief executive of Project Aila, praised President Muizzu’s “far‑sighted leadership,” saying the township concept reflects a new direction for Maldivian growth. He noted that the approval process had been “two‑sided and transparent,” and argued that the Maldives now offers a more confident environment for major investors.
Economic Development and Trade Minister Mohamed Saeed said the SEZ framework is central to the government’s push to diversify an economy long dependent on tourism. Projects like Aila, he said, could help reposition the Maldives not only as a holiday destination but also as a place where people “invest, live, and build long‑term value.”
The township is expected to be operational by late 2028. Plans include luxury villas, an ultra‑luxury resort and marina, an international‑standard health centre, and a hospitality training institute. The development will incorporate modern agriculture and co‑aquaculture facilities, and officials say at least 60 percent of its energy will come from renewable sources.
President Muizzu was joined at the event by senior cabinet members, including the ministers for economic development and for construction, housing and infrastructure, as well as representatives from Project Aila, Crystal Holdings, and BlueRock. After the ceremony, the president toured the project site.
The administration has framed the township as a flagship example of its broader economic vision: large‑scale, sustainability‑driven investment that reduces vulnerability and expands the country’s development horizon.
