The Maldives has taken a major step toward large-scale sustainable development with the government issuing a permit for the country’s first Sustainable Township Project under the Special Economic Zones Act.
The permit was formally granted to Crystal Holdings Private Limited following approval at the 10th sitting of the Board of Investments in 2025, according to the Ministry of Economic Development and Trade.
With an investment value exceeding USD 790 million, officials describe the development as one of the most ambitious private-sector projects undertaken in the Maldives and a signal of the nation’s intent to expand beyond traditional tourism-led models.
The township will feature a blend of luxury resort facilities and residential living, alongside strategic services aimed at long-term national impact. Planned components include:
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A modern medical and wellness hospital geared toward international medical tourism
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An international hospitality and leadership academy
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A dedicated island for advanced agriculture and aquaculture innovation
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Renewable energy infrastructure powering at least 60% of the development
The project aims to strengthen food security, create skilled employment, diversify regional economies, and attract long-term visitors and high-net-worth investors. The first phase of operations is scheduled to begin in 2028.
The Ministry said the approval reflects the government’s commitment to supporting forward-looking investments that align with environmental goals, economic diversification, and long-term national resilience.
In a statement shared on social media, Minister of Economic Development and Trade Mohamed Saeed described the permit issuance as a “milestone moment,” noting that the project aligns with President Dr Mohamed Muizzu’s vision for transformative, innovation-led growth and sustainable national development.
