Minister of Economic Development and Trade Mohamed Saeed has expressed optimism regarding the merger of Maldives Airports Company Limited (MACL) and Regional Airports Company Limited (RACL). The strategic move is aimed at strengthening airport management while reducing operational expenditures.
President Dr. Mohamed Muizzu decided to merge MACL and RACL following a Cabinet discussion, aligning with the government's policy to reform state-owned enterprises. Speaking at a press conference at the President's Office, Minister Saeed emphasised the significance of this decision, describing it as one of the most important steps taken by the current administration. He anticipates that the merger will be fully completed by January 31, 2025.
The minister highlighted the merger will be conducted under the corporate governance policy, which is expected to yield positive outcomes, including cost reductions. He also assured the merger would not negatively impact the services provided by MACL and RACL but would instead enhance their efficiency.
Minister Saeed also noted that the government's reform efforts, including the merger, have been praised by international financial institutions such as the International Monetary Fund (IMF) and the World Bank.
In addition to the MACL and RACL merger, the government has transferred Fahi Dhiriulhun Corporation Limited (FDC) as a subsidiary of Housing Development Corporation Limited (HDC). Additionally, Agro National Company Limited (AgroNAT) will be transferred to the Maldives Industrial Development Free Zone (MIDFZ). The Cabinet has also conducted extensive discussions on the potential merger of the Maldives Fund Management Corporation and the Business Centre Corporation (BCC).