RDC MD Nazeem Removed Amid Government’s SOE Restructuring Plan

Road Development Corporation (RDC) Managing Director Ibrahim Nazeem has been removed from his post and from the company’s Board of Directors as the government moves ahead with plans to dissolve the corporation under its state-owned enterprise (SOE) restructuring programme.

The Privatisation and Corporatisation Board (PCB) confirmed that the decision took effect on yesterday, with retired Deputy Commissioner of Police Ahmed Saudeem, who currently heads the Maldives Transport and Contracting Company (MTCC), appointed as acting managing director. Nazeem was appointed to the role in June last year.

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The move comes after President Dr Mohamed Muizzu announced on 7 September that the government had decided to dissolve RDC and transfer its operations to the Maldives Transport and Contracting Company (MTCC).

ރޯޑް ޑިވެލޮޕްމަންޓް ކޯޕަރޭޝަންގެ މެނޭޖިންގ ޑިރެކްޓަރުގެ މަޤާމުންނާއި، ޑިރެކްޓަރުންގެ ބޯޑުން، އިބްރާޙިމް ނަޒީމް ވަކިކޮށް، އެކްޓިންގ މެނޭޖިންގ ޑިރެކްޓަރުގެ މަޤާމަށް ޑީސީޕީ (ރިޓަޔާޑް) އަޙުމަދު ސަޢުދީ ވަނީ 14 އޮކްޓޯބަރު 2026 އިން ފެށިގެން އައްޔަނުކޮށްފައި.— Privatization & Corporatization Board (@pcb_gov) October 15, 2026

Under the restructuring plan, the government also intends to dissolve FENAKA Corporation and transfer its utility services to the State Electric Company (STELCO), which would take responsibility for electricity services across the country.

Announcing the changes, President Muizzu said the mergers were intended to reduce overlapping responsibilities, eliminate unnecessary expenditure and improve operational efficiency. RDC and MTCC carry out similar work in areas such as road development, while FENAKA and STELCO both provide utility services.

The government has also announced plans to convert AgroNet into a subsidiary of the Maldives Industrial Fisheries Company (MIFCO) as part of the wider restructuring of state-owned enterprises.