President Dr. Mohamed Muizzu’s administration has awarded more than MVR 1.5 billion in state projects to just ten private companies, all without an open bidding process.

The projects were distributed on Thursday, and highlight growing concerns over the lack of transparency in government contracting.

Topping the list is Altec Maldives Private Limited, owned by ruling People’s National Congress (PNC) MP for Thulusdhoo consituency Ibrahim Naseem, who also serves as the company’s Managing Director. Altec Maldives received four projects worth MVR 285.7 million, the highest amount allocated to any single company.

In second place is Flexin Private Limited, awarded six projects totaling MVR 171.3 million. Alaf Private Limited follows closely with seven projects worth MVR 159.6 million, while Swift Engineering Private Limited ranks fourth with five projects valued at MVR 157.3 million.

The fifth-highest recipient, White Links Private Limited, secured MVR 139.2 million for a single housing project, despite having no prior experience in construction. Glut Investment comes next with six projects worth MVR 129 million, followed by Litus Automobiles Private Limited, receiving MVR 123.8 million for five projects.

Wave Length Private Limited ranks eighth with MVR 122.5 million, while FEDO Private Limited takes ninth place with two projects worth MVR 116.9 million. Rounding out the top ten is Heavy Force Private Limited, awarded four projects totaling MVR 109.1 million.

Together, these ten companies account for MVR 1.5 billion. In total, 206 projects were handed out to 53 companies, all without any competitive tendering process.

The company receiving the highest number of individual projects is Coreline Maldives Private Limited, which secured 11 separate contracts. Even the smallest award was tagged at MVR 891,613, and went to New Hiyaa Maldives Private Limited for a single project.