Following the government's decision to dissolve Fenaka Corporation, an agreement was signed yesterday to transfer the sewerage projects in Fuvahmulah and Addu City from Fenaka to the Male' Water and Sewerage Company (MWSC).
The agreement was signed by Fenaka’s Managing Director, Mohamed Afeef Hassan, and MWSC’s Managing Director, Hussain Fahmy.
Under this framework agreement, Fenaka is required to officially hand over the projects to MWSC by October 13. The signing establishes the operational framework for this transition.
President Mohamed Muizzu announced the decision to dissolve Fenaka Corporation on September 7. He stated that Fenaka would be integrated into MWSC as part of the restructuring process.
In addition to Fenaka, the government has decided to dissolve the Road Development Corporation (RDC) and merge it with the Maldives Transport and Contracting Company (MTCC). Following this decision, the Addu Link Road project, previously managed by RDC, was awarded to a Chinese firm in a deal valued at MVR 829 million.
Furthermore, Muizzu announced that AgroNat will be restructured as a subsidiary of the Maldives Industrial Fisheries Company (MIFCO). The President noted that there are numerous synergies and collaborative opportunities between the two entities.
