New company established despite claims that liquidations were intended to cut costs!
12 ސެޕްޓެމްބަރު 2026 | ހޮނިހިރު 18:34The President has established a new state-owned enterprise, "Maldives Waqf Investments Limited," tasked with developing and managing waqf properties and financing mosque renovations. The company aims to generate sustainable funding for religious initiatives through Sharia-compliant business ventures, though the move comes at a time when the government is downsizing and dissolving other state firms as part of broader cost-cutting measures.
President Dr. Mohamed Muizzu speaking to press. | President's Office
President Dr. Mohamed Muizzu has established yet another new state-owned enterprise, at a time when the government claims to be implementing stringent austerity measures to reduce public spending.
The President's Office has announced that the President established a new state-owned enterprise, "Maldives Awqaf Investments Limited," on Saturday, exercising the powers vested in him under Section 15 of the Companies Act.
Established by presidential decree, this company was formed in alignment with government policies to develop waqf properties across the Maldives to fund religious initiatives. Its mandate includes the construction, renovation, and maintenance of such endowments, as well as the building of mosques throughout the country.
Furthermore, the company's responsibilities include the repair and renovation of mosques, the establishment and development of all necessary facilities within them, and the execution of all activities required to conduct sustainable business ventures permitted under Islamic Sharia.
However, citing cost-cutting measures, the current administration has decided to dissolve Fenaka Corporation and the Road Development Corporation (RDC).
President Muizzu has announced the decision to transfer services previously provided by Fenaka to STELCO, and to hand over road construction projects currently managed by RDC to MTCC.
While President Muizzu stated that the restructuring of state-owned enterprises will lead to cost reductions, it is anticipated that a significant number of employees will lose their jobs.
Furthermore, under the guise of cost-cutting measures, the government has begun the mass dismissal of numerous employees previously recruited to State-Owned Enterprises (SOEs) across the islands. Conversely, it has been observed that the government continues to create new positions and recruit a significant number of personnel to departments and roles of its choosing.
Public concern is mounting over allegations that government positions are being distributed among those close to the President and various figures within the PNC.
