An investment agreement was signed today between the Maldivian government and Crystal Holdings Private Limited to develop the “Aila Sustainable Township”. This marks the final official stage that must be completed to practically implement this project under the Special Economic Zone (SEZ) law.

The agreement was signed on behalf of the Maldivian government by Minister of Economic Development and Trade and Chairman of the Board of Investment, Mohamed Saeed. Peter Kristik, Chief Executive Officer of Project Aila, signed on behalf of Crystal Holdings Private Limited.

This investment agreement was signed to formally establish the legal framework for implementing the project, following the granting of the SEZ permit on December 9, 2025. As a result, the legal foundation required to begin practical work on the project in accordance with the SEZ law and related regulations has been laid, and the project will transition from the permit phase to the implementation phase.

This investment of over 790 million US dollars is a very important project proceeding under the SEZ framework. This is a significant step taken under the government’s broader policy to reform and strengthen the Maldives’ economy.

This project fully aligns with the vision of sustainable development, ensuring economic resilience, and developing future-oriented high-end sectors included in President Dr. Mohamed Muizzu’s “Vision 2040”.

This township model is a new generation integrated development project being developed in the Maldives. Its purpose is to facilitate long-term economic activities, attract international investments to the Maldives, and create professional job opportunities in various sectors. The advancement of this project within the SEZ framework demonstrates to the international arena that the Maldives is a reliable and competitive destination for major investments.

The Ministry of Economic Development and Trade and the Board of Investment will work closely with Crystal Holdings to successfully complete this project within the stipulated timeframe and deliver its social and economic benefits to the Maldivian nation.