Project Ayla’s chief hails Maldives' ‘business-friendly and stable’ investment climate

The Maldives offers a business-friendly and stable investment climate, said Petar Krstic, the CEO of Project Ayla and representative of Crystal Holdings, on Thursday, as he commenced construction on the Maldives' 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, Economic Minister Mohamed Saeed, cabinet ministers, senior government officials, and diplomats.

Addressing the ceremony, Krstich hailed President Muizzu’s vision in championing a sustainable township concept.

“It reflects forward-looking leadership and the courage to evolve the country’s developmental model in a thoughtful and deliberate way,” he said, as he thanked President Muizzu, Minister Saeed and other government officials for their support.

He said that the cooperation and collaboration of the government have bolstered their confidence in the strength and credibility of the Maldivian investment framework.

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

“As a foreign investor making what is to be the single largest private sector investment in the history of the Maldives, nearly USD 800 million, I can say with conviction that the Maldives offers an incredibly business-friendly and stable investment climate,” said Krstic.

 “The professionalism of the institutions, the openness of the dialogue which we had, and the long-term thinking of the government makes the Maldives a compelling place to invest responsibly, and as you can see, at scale.”

Krstic believes the sustainable township initiative will usher in a new era of investment in the Maldives - one that is more integrated, more resilient, and more inclusive.

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.

Krstic said that while it is a private sector project, they are very conscious that its impact is public.

“Our goal is not only to build a landmark destination, but to contribute meaningfully to the national story of Maldives,” he said.