Fahmy appointed to minister-level job at President’s Office after STELCO exit

Hussain Fahmy, who was dismissed as the head of State Electric Company (STELCO) on Sunday, has been appointed to a minister-level post at the President’s Office.

The President’s Office has confirmed that Fahmy was appointed as the Principal Secretary to the President on Policy and Manifesto on Monday. The post is a minister-level position.

The move comes a day after Fahmy was replaced as the Managing Director of STELCO by Ahmed Shamah Rasheed, the former CEO of Maldives Industrial Fisheries Company (MIFCO).

Fahmy, who had worked at STELCO since 1998, was appointed as the company’s Managing Director on November 28, 2023. The Privatization and Corporatization Board (PCB) did not specify a reason for his dismissal.

In a post on X shortly after the PCB announced his dismissal, Fahmy thanked President Dr. Mohamed Muizzu for the opportunity to lead the company he worked at for 27 years. He also thanked the company’s staff for their hard work, crediting them with all successes the company has achieved over the years.

“I am immensely proud of the achievements we made by working together. And I hope for more success and progress for STELCO in the future,” he said.

Fahmy’s dismissal came amid criticism against STELCO over recent power outages in the Maldivian capital.

A total blackout on June 1 left the heavily populated Maldivian capital without electricity for nearly six hours. And a second one on August 9 lasted nearly three hours.

STELCO said that both incidents resulted from “technical issues”, without providing details.

Fahmy had said that the demand for electricity continues to rise in the capital, home to tens of thousands of people, as more and more people relocate there, making it necessary to increase STELCO’s capacity by 50 megawatts every five years.

“We are currently working with the government to build a large powerplant in Male’,” he said.

Fahmy said the project to build the planned 100-megawatt powerplant, which he said will cost around USD 100 million to USD 200 million, is getting delayed due to financial constraints.