Empowering People, Transforming Futures
State Electric Company Limited (“STELCO”) was established to provide reliable electricity services to the Maldives. As the primary energy provider for the nation, STELCO operates extensive energy infrastructure across multiple islands, serving over 60,000 customers. Headquartered in Malé, the company has grown into a key player in the energy sector by combining operational excellence with forward-thinking sustainability initiatives. STELCO’s mission extends beyond energy delivery, aiming to foster national development through technological advancements and innovative solutions tailored to meet evolving energy demands stemming from rapid urbanization and tourism development.
Hussain Fahmy, the Managing Director of STELCO, has devoted his career to advancing the company’s mission. Joining the organization in 1998, Fahmy began as an Account Assistant Trainee and rose through the ranks, assuming critical roles in business development, procurement, and customer services. His professional journey has been shaped by his academic achievements, which include two master's degrees—one in Accountancy from the University of Aberdeen and another in Business Administration from the University of East London. With over 26 years in the energy sector, his leadership reflects a comprehensive understanding of both technical expertise and strategic business management.
Fahmy has fully embraced the founding principles of STELCO, guiding the company toward higher levels of business productivity, operational efficiency, and sustainable growth. His leadership reflects core values of collaboration, adaptability, and transparency, fostering an inclusive environment where diverse perspectives thrive. By promoting a customer-centric approach, he ensures employees are aligned with the company’s strategic objectives. Under his stewardship, STELCO has built a culture of continuous learning, providing professional development opportunities to enhance employee engagement and drive meaningful innovation.
His strategic direction has resulted in significant advancements for STELCO, particularly in the realm of renewable energy. Fahmy championed the integration of solar photovoltaic systems and Battery Energy Storage Systems (BESS) across the Maldives. This transition reduced the company’s reliance on fossil fuels, promoted environmental sustainability, and generated additional revenue streams. Recognizing the growing importance of clean transportation, he introduced electric motorcycles and electric vehicle (“EV”) charging infrastructure, positioning STELCO at the forefront of the energy transition in the region.
Fahmy’s ability to balance immediate operational demands with long-term sustainability is evident in STELCO’s successful transformation efforts. He emphasizes the importance of cash flow management to ensure smooth operations while investing strategically in growth initiatives. Through the establishment of an Advanced Metering Infrastructure (AMI) and modern Business Center, STELCO plans to offer an innovative sales environment showcasing solar panels, electric vehicles, and other energy solutions, further enhancing customer experiences.
Beyond operational improvements, Fahmy remains committed to employee welfare. A defining achievement of his tenure was the completion of the STELCO Housing Project, which provided 360 apartments to employees. This initiative bypassed conventional bank loans, easing financial burdens on staff and aligning corporate objectives with employee well-being. Fahmy’s people-centered approach has fostered a stronger organizational culture, making STELCO a more cohesive and motivated enterprise.
Innovation plays a pivotal role in Fahmy’s leadership approach, as demonstrated by his focus on technological adoption. He has plans to integrate smart grid technologies to enhance operational efficiency, enabling real-time monitoring and improved energy management. Fahmy also spearheaded the creation of the STELCO Research Foundation, facilitating research into new energy solutions and strengthening the company’s competitive edge. His efforts to form strategic partnerships with startups and academic institutions have brought fresh perspectives and innovation into the organization’s operations.
Through these initiatives, Fahmy has aligned STELCO with the Maldives' national objectives, particularly in the realm of renewable energy and sustainability. His strategic planning ensures that the company adapts to shifting market conditions while maintaining a focus on growth. Fahmy’s leadership exemplifies a profound commitment to fostering an environment where innovation thrives, sustainability is prioritized, and operational excellence is achieved.
