President Dr Mohamed Muizzu has announced plans to merge several State-Owned Enterprises (SOEs) as part of his Economic Reform Agenda. The decision, based on recommendations from the Cabinet, was disclosed at a press conference at the President’s Office on Sunday following a recent Cabinet session.
A key element of the plan involves merging the Regional Airports Company Limited (RACL) with the Maldives Airports Company Limited (MACL). The merger is aimed at leveraging MACL’s experience as the leading airport operator in the Maldives to improve the management of regional airports. The integration is expected to be completed by 31 January 2025.
Another decision involves making Fahi Dhiriulhun Corporation (FDC) a subsidiary of Housing Development Corporation (HDC), with HDC retaining a 100 percent stake. This change will transfer social housing projects managed by both HDC and the Ministry of Housing, Land and Urban Development to FDC, which will also take on additional municipal services. Meanwhile, HDC will focus on non-social housing projects and plans to go public with an Initial Public Offering (IPO). This restructuring is targeted for completion by 1 February 2025.
The Cabinet also decided against the proposed merger of the Maldives Fund Management Corporation Limited (MFMC) and the Business Centre Corporation (BCC). However, the Maldives Integrated Tourism Development Corporation Limited (MITDC) will be dissolved, with its functions incorporated into the revised mandate of the MFMC by 31 December 2024.
Other changes include the dissolution of Agro National Corporation Private Limited, with its responsibilities transferred to the Maldives Industrial Development Free Zone Public Limited. Meanwhile, projects under Ocean Connect Maldives Private Limited (OCM) will proceed without any changes.
These mergers and dissolutions are part of a broader effort to streamline operations and improve efficiency among state-owned entities.
