Hussain Sham Adam Appointed as Chairman of Fenaka Corporation

The Privatization and Corporatization Board (PCB) has announced the appointment of Hussain Sham Adam, Minister of State for Finance and Planning, as the new Chairperson of Fenaka Corporation Ltd., the state-owned utility company responsible for power, water, and sewerage services across the Maldives.

Mr. Sham Adam takes over from Shimad Ibrahim, Managing Director of the State Trading Organization (STO), who had been temporarily assigned to the position in September 2024. The government’s decision to appoint a seasoned financial policymaker reflects a broader strategy to restore the company’s financial health and tighten oversight under ongoing State-Owned Enterprise (SOE) reforms.

This is not Mr. Sham Adam’s first engagement with Fenaka. He previously served on the company’s board between 2016 and 2018, giving him firsthand familiarity with its operations. His reappointment as Chairperson is widely viewed as a strategic move that leverages his deep experience in public finance and SOE governance.

Since his appointment as Minister of State for Finance in November 2023, later expanded to include Planning in August 2024, Mr. Sham Adam has been at the helm of several key departments at the Ministry of Finance and Planning. He currently oversees the State Shareholding Management Department, Central Procurement Department, and Procurement Policy Department. He also plays a critical role in guiding the work of the Resource Mobilization, Legal Affairs, and Debt Management departments.

In his current role, Mr. Sham Adam is instrumental in securing funding for national development initiatives, managing strategic relationships with multilateral development banks and international financial institutions, and overseeing government equity in all SOEs. He also serves as the Maldives’ Alternate Governor to the World Bank Group and sits on the Board of Directors of the Islamic Corporation for the Development of the Private Sector (ICD), a member institution of the Islamic Development Bank (IsDB) Group.

Mr. Sham Adam’s credentials extend to the private sector as well. With a career spanning more than 16 years, he has held leadership positions in sectors ranging from banking to tourism and construction. Notably, he was part of the founding team at Maldives Islamic Bank (MIB), where he served as its first Financing Officer and later as Head of Credit Administration.

A Chartered Management Accountant and former Chair of the Investment Committee of the Sovereign Development Fund (SDF), Mr. Sham Adam has been at the forefront of sovereign financing initiatives and SOE reform efforts in the Maldives.

His return to Fenaka Corporation as Chairperson is expected to usher in a new phase of financial restructuring and policy alignment for the utility provider. With his extensive background in strategic finance and governance, Mr. Sham Adam is now positioned to lead Fenaka through a period of transformation aimed at ensuring long-term operational sustainability and enhanced service delivery across the island nation.