Ahmed Shaheer has been removed from his position as Chairman of the Housing Development Corporation (HDC), one of the best revenue-generating state enterprises.
Information obtained by Adhadhu indicates that Shaheer was dismissed last Thursday. When contacted for clarification, Mohamed Nizar, President of the Privatization and Corporatization Board (PCB), confirmed the removal.
Nizar said that Shaheer was removed to be transferred to another state-owned company. However, he noted that the specific company has not yet been determined.
Shaheer is the third person to be removed from the chairmanship of HDC under the current administration.
The administration first appointed Ahmed Zuhoor as HDC Chairman on February 20, 2024. Zuhoor was removed just three months later, following the emergence of corruption allegations involving the then-Managing Director of HDC, Ibrahim Fazul Rasheed.
HDC Chairmen during the Muizzu Administration
- Ahmed Zuhoor – February 20, 2024, to May 23, 2024 (Three months)
- Ahmed Nasif – November 6, 2024, to March 5, 2025 (Four months)
- Ahmed Shaheer – May 29, 2025, to September 3, 2026 (One year and four months)
After the post remained vacant for approximately six months following Zuhoor’s departure, Ahmed Nasif was appointed on November 6, 2024. Nasif served for roughly four months before being transferred to the Waste Management Corporation (WAMCO) early last year.
Shaheer, who succeeded Nasif, became the longest-serving HDC Chairman under this administration. Appointed on May 29 last year, his removal comes after a tenure of one year and four months.
Prior to his appointment at HDC, Shaheer served as the Chairman of Fenaka Corporation. He is most notably recognized for his 29-year career at the State Trading Organization (STO), where he served as Managing Director from 2015 to 2018.
It remains unclear who will be appointed as the next Chairman of HDC following Shaheer’s departure.
HDC is currently tasked with executing several of the government's flagship projects, including the development of Rasmalé and various regional housing initiatives. Despite this, the corporation has faced criticism for a lack of progress in completing assigned tasks and developing Hulhumalé, Thilafushi, and Gulhifalhu.
