Construction begins on USD 790m Ayla township development
The project, which is being developed under the Special Economic Zone Act, is expected to be completed by 2028.
The foundation stone for the Ayla Sustainable Township project, the first township development to be undertaken under the Special Economic Zone Act, was laid on Thursday.
The ceremony was held in the Dhigufaru lagoon area, covering Dhekunufaru and Kuramaadhoo, where the township is being developed.
Project Ayla represents an investment of USD 790 million, equivalent to MVR 12 billion. The investment agreement for the project was signed on 31 December with Crystal Holdings.
According to project details, the township will include hospitality facilities and residential areas. The development will also comprise economic and social infrastructure, including a healthcare hospital intended to support the promotion of medical tourism in the Maldives.
Plans for the township further include a school focused on tourism services, designed in line with international standards, as well as a designated island for aquaculture and agriculture activities.
The township is planned to operate with 60 per cent renewable energy usage.
The project, which is being developed under the Special Economic Zone Act, is expected to be completed by 2028.
