MTDC MD replaced amid rumors of undervalued island sale to Turkish company
29 ޖުލައި 2026 | ބުދަ 08:55The Privatization and Corporatization Board (PCB) has appointed Haris Mohamed as the Managing Director of Maldives Tourism Development Corporation (MTDC), following the dismissal of Ahmed Niyaz from the post. This leadership change comes amid allegations regarding an attempt to sell the head lease of an MTDC-owned island below market value, a matter that has reportedly sparked significant concern among several members of the company's board of directors.
Haris Mohamed has been appointed as the Managing Director of Maldives Tourism Development Corporation Public Limited (MTDC). | PCB
The Privatization and Corporatization Board (PCB) has appointed Haris Mohamed as the Managing Director of Maldives Tourism Development Corporation (MTDC).
The Privatization and Corporatization Board (PCB) removed Ahmed Niyaz from his position as Managing Director of the Maldives Tourism Development Corporation (MTDC) last Thursday. The PCB has not disclosed the specific reason for Niyaz's dismissal from the post.
Subsequently, the Privatization and Corporatization Board (PCB) announced on X this Wednesday that Haris Mohamed has been appointed as the Managing Director and a member of the Board of Directors of the Maldives Tourism Development Corporation (MTDC).
He was appointed to the position on July 28, 2026.
This change comes amid media reports confirming an attempt to sell the head lease of Gaafu Dhaalu Magudhuvaa—a property leased by the government to the Maldives Tourism Development Corporation (MTDC) for resort development—to the Turkish company currently operating the resort at an undervalued price. Information has also surfaced indicating that several members of the MTDC board have expressed concerns regarding the matter.
