A Memorandum of Understanding (MoU) was signed during a ceremony held at STELCO on January 30, 2024. Hussain Fahumy, the Managing Director of STELCO, represented the organization, while Managing Director Muaz Mohammed Rasheed represented Fenaka Corporation.

This collaborative agreement outlines the commitment of STELCO to enhance the skill sets of Fenaka employees. The training, which will be conducted at STELCO facilities and Fenaka powerhouses, focuses on mechanical and electrical engineering. The expected outcome is the expansion of services to the public, fostering a heightened level of confidence in the offerings of both entities.

Expressing gratitude during the signing ceremony, Fenaka's Managing Director, Muaz Mohammed Rasheed, acknowledged STELCO’s invaluable support in helping Fenaka overcome prevailing technical and financial challenges, all without incurring any costs. He emphasized that Fenaka's significant expenditure, amounting to MVR 117 million last year, was primarily directed towards servicing pumps and generators. Through collaborative efforts with STELCO, Fenaka aims to optimize service costs, providing more affordable and efficient services.

Beyond skills development, the signed agreement between these two state-owned enterprises is designed to streamline financial assistance to Fenaka in a systematic manner, contributing to the sustainable growth of both organizations.