Under the Special Economic Zones Act, the permit required to develop the Maldives’ first sustainable township project has been officially handed over to Crystal Holdings Private Limited.

At a ceremony held yesterday, the permit was handed over to the company by the Minister of Economic Development and Trade, Mohamed Saeed.

The proposal officially submitted by Crystal Holdings Private Limited was approved for the permit at the 10th meeting of the Board of Investments held in 2025.

With an investment exceeding USD 790 million, the project represents a significant step forward in attracting next-generation, multi-sector developments beyond conventional tourism-based models.

The township will combine luxury hospitality and residential components with key social and economic sectors, including a state-of-the-art healthcare facility that positions Maldives as a premier destination for medical and wellness tourism, an international hospitality and leadership school, and a dedicated island for advanced agriculture and aquaculture systems aimed at strengthening national food security. The development will be powered by a minimum of 60% renewable energy, contributing to reduced national carbon emissions.

Targeted to commence operations by 2028, the project is expected to generate high-value employment, diversify regional economic activity, attract long-stay visitors and high-net-worth segments, and contribute to broader national growth objectives.

The issuance of this Permit reaffirms the Maldives’ commitment to enabling innovative, future-focused and sustainable investments that support long-term socio-economic resilience and sectoral diversification.