Person
Ibrahim Shareef Mohamed
Described in the news as: Managing Director; Chief Executive Officer and Managing Director.
In the news, last 90 days
Economy
Borrowings near MVR 16.64bn as MACL takes massive loans against Hulhule’ properties
A 2025 audit report by the Auditor General's Office shows MACL's borrowings have climbed to near MVR 16.64 billion after it took loans secured against leasehold property mortgages in Hulhule' to fund airport infrastructure and reclamation work. Loans under sovereign guarantees alone exceed MVR 7 billion, while its subsidiary MIID holds MVR 1.76 billion in assets under construction and billions in liabilities.
Economy
State-owned dredging company spends MVR 1.05 billion without generating any revenue
The Auditor General's Office reported that Peninsula Infrastructure Private Limited, a wholly-owned subsidiary of MACL set up for dredging and land reclamation at Velana International Airport, generated no revenue from October 8, 2026 through the end of that year, recording a loss of MVR 31,000. The report also states the company spent MVR 1.05 billion on projects through the end of 2025, offset against debt owed to MACL, which has given written assurance to fund its operations.
Infrastructure
MACL Meets Stakeholders to Align Operations Ahead of Peak Travel Season
MACL held a coordination meeting with government stakeholders to review readiness and operational procedures at Velana International Airport ahead of the peak travel period. As part of preparations, check-in for 10 international airlines has been moved to Terminal 2 for the winter travel season to ease congestion.
Where and about what
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