Board Members Appointed to Development Bank of Maldives and Greater Malé Financial District

The Privatisation and Corporatisation Board (PCB) has appointed board members to the Development Bank of Maldives and the newly formed Greater Malé Financial District Limited. The appointments were made under the Privatisation and Corporatisation Act, following a decision reached on Sunday, the PCB stated.

Hassan Miras, Ahmed Azyan Hameed, Maeesha Ibrahim, and Azmeen Rasheed have been appointed to the board of the Development Bank of Maldives.

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For the Greater Malé Financial District, the PCB appointed Fathmath Shaheen as Chairperson. Ahmed Siraj, Mohamed Riyaz, and Aminath Shaushan Afeef have also been appointed to the company’s board.

The Development Bank of Maldives was officially incorporated on 17th May 2024 as a fully state-owned enterprise. The institution aligns with the government’s strategic priorities, including financing infrastructure projects, promoting sustainable economic and social development, addressing funding challenges under the Public Sector Investment Programme (PSIP) through syndicated loans, and strengthening foreign exchange reserves within the domestic banking system. The Privatisation and Corporatisation Board (PCB) appointed three board members to the bank in August 2024.

Before the bank became operational, its first Chief Executive Officer and Managing Director, Noel Gregor Paterson Jones—appointed in August 2024 and present at the bank’s inauguration in November—resigned in March 2025.

The PCB accepted his resignation with immediate effect. Bank officials confirmed that Paterson Jones received full remuneration up to the date of his departure. He later filed a claim with the Employment Tribunal concerning alleged unpaid benefits. The case was dismissed on procedural grounds, without a ruling on the substance of the claim. There is no indication that his departure was related to the bank’s operational performance or service delivery.

President Dr Mohamed Muizzu announced the formation of Greater Malé Financial District Limited on 1st June 2025 under Article 15 of the Companies Act. This marks the first board appointment for the company, which has been tasked with advancing the Administration’s economic agenda. Its mandate includes fostering innovation and modernisation in the financial sector, promoting digital financial services and digital real estate, supporting financial tourism, and developing banking infrastructure.