Ahmed Shamah Appointed STELCO MD After Dismissal of Hussain Fahmy

Mohamed Hilmy

07 September 2025, 00:00

The Privatization and Corporatization Board (PCB) has announced a leadership change at State Electric Company Limited (STELCO), with Hussain Fahmy dismissed from his post as Managing Director and former MIFCO CEO Ahmed Shamah appointed in his place. The PCB did not disclose the reason for Fahmy’s removal.

Fahmy, who had served STELCO for 25 years, was appointed as Managing Director in November 2023. His dismissal marks the end of a long career at the state-owned utility provider.

Shamah previously headed the Maldives Industrial Fisheries Company (MIFCO) before being transferred last year to the Ministry of Fisheries as a State Minister. His appointment to STELCO comes amid a series of leadership reshuffles across state-owned enterprises.

Recently, former Road Development Corporation (RDC) Managing Director Ali Zuhair was named the new MD of Housing Development Corporation (HDC), while his post at RDC was filled by former State Minister of Construction Ministry Ibrahim Nazeem.

The changes highlight an ongoing realignment in the leadership of key state-run corporations.

Ahmed Shamah Appointed STELCO MD After Dismissal of Hussain Fahmy

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