The Cabinet today decided to merge some state-owned enterprises.

Economic Minister Mohamed Saeed told a news conference at the President's Office that the Cabinet has decided to merge some companies to bring economic reforms.

Saeed said the merger of the Maldives Airports Company Limited (MACL) and the Regional Airports Company Limited (RACL) will be completed on January 31, 2025 under the corporate governance principles.

"I would like to note that the merger of the two companies will bring huge improvements. I would like to note that eight airports including Hanimaadhoo will be merged during this work," he said.

Saeed further announced the Cabinet's decision to establish Fahi Dhiriulhun Corporation (FDC) as a subsidiary of the Housing Development Corporation (HDC).

He added that decisions have also been made after discussions to merge the Maldives Fund Management Corporation (MFMC) with the Business Center Corporation (BCC).

Ocean Connect will continue as a subsidiary of the MFMC, he said.

Noting that a decision was made to include the Agro National Corporation as part of the Maldives Industrial Free Zone, Saeed said this would bring many benefits.

He said that discussions on the merger of tourism-related companies such as MTDC and MITDC will be held in the coming days.

Meanwhile, Housing Minister Ali Haidar announced at the news conference that President Dr. Mohamed Muizzu was considering transforming HDC into a public company.