BoI Grants Crystal Holdings Initial Permit to Develop Sustainable Township in Noonu Atoll 
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The Board of Investments (BoI) granted Crystal Holdings an Initial Permit under the Special Economic Zone (SEZ) Act to develop a Sustainable Township Project in Noonu Atoll.
In a press release published yesterday, the BoI announced that it issued the grant under Article 29. c) of the SEZ Act. The grant signifies the BoI’s in-principle approval of the application and authorises further studies and assessments outlined by the SEZ Act. It also marks the first step in the agreement between the applicant and the BoI regarding the scope of the project.
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The grant for “Project Ayla” aims to develop luxury real estate and healthcare facilities in Dhigufaru Lagoon on Dhekunufaru island and Kuramandhoo island in Noonu Atoll. The BoI stated that the project’s infrastructure will be 60 percent powered by renewable energy. Additionally, the project seeks to establish food security through agricultural and aquaculture initiatives.
To receive the initial permit, the applicant must submit a comprehensive package of studies, including assessments on feasible accessibility, infrastructure master plans, engineering and environmental studies, and a detailed business plan. The applicant must also provide plans covering real estate, healthcare, renewable energy adoption, food security, and staff welfare to ensure the project’s viability and alignment with national priorities, the BoI added.
