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.
Top Stories
-
PayPal testing underway ahead of Maldives launch, says minister
-
Maldives again says no oil supply shortages expected
-
Govt to release MVR 200 million to private companies next week
-
Maldives will not face oil or food shortages, says president
-
$650mn raised to settle Sukuk, immediate repayment possible: Pres
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.
Related
Related
Project Ayla CEO says Maldives offers supportive environment
'Oil, mineral exploration to be environmentally responsible'
Shauna warns of ocean, tourism risk from oil, mineral exploration
