The Privatization and Corporatization Board (PCB) has announced a leadership change at State Electric Company Limited (STELCO), appointing Ahmed Shamah Rasheed as Managing Director. He replaces Hussain Fahmy, who was dismissed from the post today.
A New Phase for the Utility Sector
STELCO, one of the Maldives’ most critical state-owned enterprises, is responsible for providing electricity to Malé and several other islands. The company is currently undertaking major initiatives to expand capacity, modernize its grid, and strengthen renewable energy integration. Leadership at this juncture is seen as pivotal in shaping the company’s role in national development.
Shamah’s Professional Background
Hussain Shamah Rasheed brings significant public and corporate sector experience to the role. Most recently, he served as Chief Executive Officer of Maldives Industrial Fisheries Company (MIFCO), where he was involved in strengthening fisheries processing capacity and implementing reforms to improve governance.
In addition to his executive career, Shamah has also served as a councilor, gaining firsthand experience in local governance and community engagement. This blend of grassroots political service and high-level corporate management positions him as a leader who understands both operational efficiency and the importance of public accountability.
Strategic Implications
The leadership transition at STELCO comes at a time of growing demand for energy across the country, with the government prioritizing infrastructure investments to keep pace with economic growth and urban expansion. Industry observers note that Shamah’s appointment aligns with the administration’s broader agenda of ensuring professional, reform-minded leadership across state-owned companies.
While PCB did not specify the reasons for Fahmy’s removal, such reshuffles are common within key enterprises as governments seek to align corporate governance with national priorities.
Looking Ahead
With Shamah at the helm, STELCO is expected to focus on enhancing service reliability, expanding electricity access, and driving forward sustainable energy initiatives. His combination of executive leadership and community-level governance experience is anticipated to bring a balanced approach to the company’s next phase of development.
