Economic minister hails ‘new chapter’ for Maldivian economy with sustainable township project

Economic Minister Mohamed Saeed hailed a “new chapter” for the Maldivian economy on Thursday, as construction commenced on Project Ayla - the country’s' first sustainable township development.

The ceremony to break ground on the milestone USD 790 million venture, that spans Dhigufaru, Dhekenanfaru, and Kuramaadhoo lagoons in Noonu Atoll, was attended by President Dr. Mohamed Muizzu, representatives from Crystal Holdings and Blurock, and cabinet ministers, senior government officials, and diplomats.

Addressing the ceremony, Saeed declared that the initiative marks a new chapter for the Maldivian economy.

“We stand on the shores of Noonu Atoll to breaking ground on a new chapter of the Maldivian economy,” he said.

Saeed said that Project Ayla is not simply a development, but represents a new way of thinking about growth, tourism, and how Maldivians shape the future of the country.

“At its core, this project is about diversification with purpose,” he said.

He spoke about the constantly changing and evolving nature of tourism, and the need to treat creativity as a strategic necessity in an increasingly competitive and highly diverse global landscape.

Saeed said that the Maldives is evolving its tourism model to meet this shift.

“We are evolving our tourism model to meet demand. Alongside our iconic resort legacy, and the growth of guesthouse tourism, projects such as Ayla allows to elevate the visitor experience further towards lifestyle, wellness, education, healthcare, and long-term engagement with a destination that inspires trust,” he said.

Saeed said that doing so will elevate the Maldives from being seen only as a holiday destination, to being recognized as a place to live, invest, and build long-term value.

He expects the impact of this shift will be significant.

“From an economic perspective, projects like Ayla expands the contribution of tourism room nights. They create demand across multiple sectors – construction, retail, healthcare, education, logistics, and professional services. They generate skilled employment, encourage technology transfer, and deepen domestic value chains,” he said.

The Ayla Sustainable Township is the first development under the Special Economic Zone (SEZ) framework. It is also the single largest private sector investment in the history of the Maldives.

Slated to open in December 2028, the Ayla Sustainable Township will feature luxury residences and an ultra-luxury resort with marina, alongside an international-standard healthcare facility and a world-class school of hospitality and leadership. It will operate on at least 60 per cent renewable energy with integrated sustainable aquaculture and agriculture systems.