Malé, Maldives – The Housing Development Corporation (HDC) has become the government company with the largest board of directors after the company merged with Greater Malé Industrial Zone Limited.
The HDC board of directors now include a total of 11 members, following the addition of directors from Greater Malé Industrial Zone Limited to the pre-existing HDC board.
The board includes Mohamed Jaish Ibrahim as Chairman, Suhail Ahmed as Managing Director, Ahmed Athif as Deputy Managing Director and Shathir AbduRahmaan as Chief Operating Officer.
Other members of the HDC board of directors include Hassan Muneer, Ibrahim Afraath, Abdullah Rameez, Abdul Mu-nim, Mohamed Manik, Mohamed Jalaal and Maryam Shavaadin Abdullah in addition to Abdullah Miaad. COO Shathir, Mu-nim and Miaad are additions to the board from the board of directors from Greater Malé Industrial Zone Limited.
Prior to HDC, Bank of Maldives was the government company with largest board if directors with 10 members. This was overtaken by HDC with 11 members. State Trading Organisation (STO) and MTCC follows close behind with 6 members in STO board and 7 in MTCC board of directors.
While HDC has now expanded their functions with the added responsibilities, HDC is the company with the most sovereign gauranteed loans as well. The company has government gauranteed loans worth MVR 11 billion taken during the previous government as well as MVR 295 million loan from the Indian EXIM Bank taken during the current administration to develop roads in Hulhumalé.