Project Ayla CEO says Maldives offers supportive environment for investors

Maldives offers a supportive environment for businesses and investors, according to Peter Carstic, chief executive officer of Project Ayla, the country’s first township project developed under the Special Economic Zone framework.

Carstic made the remarks at the foundation stone laying ceremony of the Ayla Sustainable Township project, held in the Dhigufaru lagoon area covering Dhekunufaru and Kuramaadhoo, where the township is being developed.

Speaking at the ceremony, Carstic said the project represents the largest private investment undertaken in the Maldives. The project involves an investment of USD 790 million, equivalent to MVR 12 billion, and is being developed by Crystal Holdings Pvt. Ltd..

He said the Maldives provides a business-friendly setting for investors and noted that his engagement with government agencies had demonstrated a structured approach that allowed for consultation and the exchange of ideas.

Carstic said the government’s objective to attract foreign investment was reflected in the development of the township and added that further investment is expected as the project progresses.

According to project details, the township will include hospitality facilities and residential areas. It will also comprise economic and social infrastructure, including a healthcare hospital intended to support the development of medical tourism in the Maldives.

Plans further include a school focused on tourism services aligned with international standards, as well as a dedicated island for aquaculture and agriculture activities.

The township is planned to operate with 60 per cent renewable energy usage.

The project is being developed under the Special Economic Zone framework and is expected to be completed by 2028.