$790 million township project approved to begin operations in 2028

The government on Tuesday granted approval for the establishment of a MVR 12 billion (USD 790 million) residential township in the Maldives, the first such project authorised under recent amendments to the Special Economic Zone (SEZ) Act.

According to the Ministry of Economic Development, the Board of Investments has issued a permit to Crystal Holdings following the company’s proposal to invest more than USD 790 million in the development.

The Board of Investments said the approval marks a move toward a multisector development model extending beyond conventional tourism projects.

Under the amended SEZ Act, a sustainable township is defined as an area where residents can live with facilities outlined in the law, which may include large-scale real estate developments, integrated tourism projects and related infrastructure.

The project is scheduled to begin operations in 2028, the ministry said. The planned township will include a hospitality component for tourists, as well as facilities linked to health services, tourism training, agriculture and co-culture systems.

The ministry said agriculture and co-culture activities within the township are intended to support food security in the Maldives. It also noted that 60 percent of the project’s energy use will be sourced from renewable energy as part of carbon-reduction measures.

Economic Minister Mohamed Saeed described the approval in a post on X as part of wider efforts to strengthen the economy, adding that the project aligns with President Mohamed Muizzu’s development vision.