Former Finance Minister Dr. Mohamed Shafeeq has been appointed as the Chief Executive Officer (CEO) of the Maldives Industrial Development Free Zone.

Adhadhu understands that he was appointed on January 27 and has now started carrying out his responsibilities.

Shafeeq resigned as Finance Minister on September 32, 2024. He has not commented on the reason for his resignation.

Meanwhile, he has also been appointed as a board director of the Housing Development Finance Corporation (HDFC) which oversees the Hiyavehi Finance Scheme for low-interest housing loans.

Maldives Industrial Development Free Zone engages in large-scale importation of goods from neighbouring countries and employ a re-export system to optimise profits.

The company is a collaborative venture of five state-affiliated companies - the Maldives Airports Company Limited (MACL), Maldives Ports Limited (MPL), State Trading Organisation (STO), Maldives Transport and Contracting Company (MTCC), and Housing Development Corporation (HDC).