Ahmed Siraj
Secretary General of Privatization and Corporation Board
Finance / Maldives
“Privatization with purpose”
Secretary General Ahmed Siraj, who heads the Privatization and Corporation Board at the Ministry of Finance and Treasury, explains about his department’s mandate to regulate the performance, financials and strategic developments of the country’s state-owned enterprises.
How many companies does your department have in its portfolio?
We currently monitor and regulate 28 state-owned enterprises, including the newly added Maldives Center for Islamic Finance and Khazana Maldives. Also, if you count companies where the government has only a minority stake of about five to 10 percent, then that portfolio would grow by another 98 companies.
What is the inspiration behind the Center for Islamic Finance?
We plan to follow to some extent the Dubai model, albeit with a heavy Asian influence. Another good example would be Singapore. Indeed, the current smart city developments at Hulhumalé very much take inspiration from there.
Under what conditions would the government consider privatization?
Past privatization attempts had challenges due to inadequate regulations. Now, however, the government favors privatization if the deal reflects the long-term goals of the country. Tacitly embedded within the 2018 vision is the ambition to transform the Maldives into not just a paradise for tourists, but also for long-term investors.
