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RACL being brought under MACL, along with merging of other SOEs: President

President Dr. Mohamed Muizzu has announced that the Cabinet will discuss on significant decisions regarding the merging of various state-owned enterprises (SOEs) during a cabinet meeting. The President’s Office released a statement from the President via social media, prior to the meeting.

In the statement, President Muizzu highlighted that one of the key topics on the agenda is the proposed transfer of the Regional Airports Company Limited (RACL) to be operated under the Maldives Airports Company Limited (MACL). He also highlighted that the move would be in the best interest of RACL.

Additionally, President Dr. Muizzu will discuss the potential transfer of Fahi Dhiriulhun Corporation Limited (FDC) to the Housing Development Corporation (HDC) or a possible merging of the two companies. He said that there will also be discussions on transferring or merging the Maldives Fund Management Corporation (MFMC) with the Business Centre Corporation (BCC).

Furthermore, President Muizzu stressed the importance of introducing an investor residence programme to diversify the Maldivian economy, drawing parallels with similar initiatives in small developed countries, as well as in cities like Dubai and Singapore. He also said that the topic is set for discussion during the meeting.

The government has stated that such changes aim to improve public services and strengthen the financial standing of SOEs. Upon assuming office, the current administration found some SOEs in financial constraints and nearing bankruptcy. As part of the ongoing reform efforts, Fenaka Corporation Limited has already been transferred to operate under the State Trading Organisation (STO).