Maldives President announces state company dissolutions and citizen resort shareholding

President Mohamed Muizzu has announced a series of structural reforms aimed at right-sizing government operations and redistributing national wealth in the Maldives.

The government will dissolve Fenaka Corporation Limited and the Road Development Corporation (RDC) to reduce costs and eliminate duplicate services. Fenaka’s resources will be merged with the State Electric Company (Stelco) to provide nationwide utility services. RDC will be merged with the Maldives Transport and Contracting Company (MTCC) to streamline road and construction projects.

Additionally, the President unveiled a national shareholding model for the development of 10 new resorts. Under this initiative, all Maldivian citizens will become shareholders, allowing them to receive dividend income in US dollars once the properties are operational. Construction for these projects is expected to begin as early as November.