Three Appointed to Maldives Development Bank; MTCC and Island Aviation CEOs Dismissed

The Privatization and Corporatization Board (PCB) has announced the appointment of three new board members to the Development Bank of Maldives Limited. 

https://x.com/pcb_gov/status/1826241745501515820

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The newly appointed members are Ahmed Ali from Maldives, Saeed Abdul Nasir Bin Saeed Hassan al-Junaid from Singapore, and Robert Daniel Kant from the United Kingdom. Ahmed Ali, who resides at Ma. Wayside 805 flat, had previously served as the Assistant Commissioner General of Taxation.

The Development Bank of Maldives was officially incorporated on 17th May 2024 as a state-owned entity, with the government holding full ownership. The institution aligns with the government’s policies to finance infrastructure projects, promote sustainable economic and social development, address challenges related to financing public sector investment programmes (PSIP) through syndicated loans, and strengthen the nation’s foreign exchange reserves within the local banking system.

In other developments, the PCB announced the dismissal of the CEOs of Maldives Transport and Contracting Company (MTCC) and Island Aviation, though the reasons for their removal were not disclosed. 

Mohamed Ziyadh, who served as the CEO of MTCC, has been replaced by Ahmed Saudhy. Saudhy brings experience as a former Deputy Commissioner of Police and Deputy Minister at the Youth Ministry. Ziyadh had been appointed to the role in November 2023.

Meanwhile, Island Aviation CEO Mohamed Mihadh has also been relieved of his duties, with further details on his successor yet to be announced.