Minister of Economic Development and Trade Mohamed Saeed has said that major initiatives such as the Ayla Sustainable Township project are of significant importance to the Maldives’ economic future.
The Minister made the remarks in an interview with PSM News, while speaking about the commencement of practical work on the project.
Minister Saeed noted that economic activity in the Maldives is heavily centred on the tourism sector. While the industry has undergone significant changes in recent years, he stressed the importance of diversifying and expanding economic activities beyond tourism.
He said the Ayla Sustainable Township project, located in Noonu Atoll, will deliver wide-ranging benefits to the country. The project carries an investment value of over USD 800 million and will include a world-class health facility aimed at strengthening health tourism in the Maldives.
The township will also feature international-standard facilities to provide training opportunities for local youth and visitors. According to the Minister, the project has been designed to operate using 60 percent renewable energy.
In addition, a dedicated facility will be established to sell locally grown produce that is currently imported, which Minister Saeed said would help the Maldives strengthen its position in the global competitive market.
The Minister further stated that the government plans to implement similar township projects in other regions of the country. While the Ayla Sustainable Township will become the first sustainable township in the Maldives, it is scheduled to open in 2028.
The project is the first major development to be launched under the Maldives’ Special Economic Zone initiative.