News Desk
MALE’, – In an archipelago defined by the tyranny of distance-where hundreds of coral islands lie scattered across the vast expanse of the Indian Ocean-connectivity is not merely a utility; it is the absolute lifeblood of the nation. For nearly forty years, the architectural blueprint of that connectivity has been quietly drawn, executed, and expanded by one man: Ismail Rasheed.
Now, Dhivehi Raajjeyge Gulhun PLC (Dhiraagu), the country’s premier telecommunications provider, has announced that its long-standing Chief Executive Officer and Managing Director is retiring, marking the end of an era for the nation’s digital landscape.
The transition, described by the company as a meticulously planned corporate succession, brings an international industry veteran into the fold. Waldemar Ferradas, a South African executive with more than three decades of global telecom experience, has officially stepped into the role of CEO-Designate. The appointment was orchestrated by Dhiraagu’s majority shareholder, Beyon, under the oversight of the board’s Remuneration, Nomination, and Governance Committee.
To understand the scale of Rasheed’s legacy is to look back to 1988, the year Dhiraagu was founded. Emerging from a background with Cable & Wireless, Rasheed was part of the nascent team tasked with a seemingly impossible challenge: bringing modern telecommunications to a geographically fragmented developing nation.
What followed was a highly decorated, colour-filled career that mirrored the modern development of the Maldives itself. Under his stewardship, the company moved from basic radio links to laying the foundational backbone of the modern Maldivian digital economy.
Rasheed was instrumental in directing the network rollout programme that achieved the monumental feat of connecting every single inhabited island in the country. He spearheaded the introduction of GSM mobile services and, in 2006, oversaw the landmark deployment of the Dhiraagu-SLT submarine cable system. By anchoring domestic submarine cables from the northernmost atolls to the deep south, his administration effectively built the digital spine that holds the country’s economy together today.
When he ascended to the dual role of CEO and Managing Director in 2015, Rasheed pivoted the company toward the future. His ultimate infrastructure triumph came with the execution of a 100 per cent Fibre-to-the-Home (FTTH) coverage campaign, ensuring that even the most remote islands enjoyed the same high-speed internet access as the capital city of Male’.
Crucially, he was instrumental in stitching together the largest wide area network in an island nation setup and among Small Island Developing States (SIDS), successfully hooking all court houses across the Maldives’ 186 inhabited islands into a single, high-speed wide area network.
He also demonstrated astute financial leadership, managing and marketing the company’s highly successful Initial Public Offering (IPO) in 2011 to both domestic retail buyers and international institutional investors.
“To have had the privilege of serving Dhiraagu and my country for nearly 40 years has been the greatest honour of my professional life,” Rasheed reflected. “We have built the digital infrastructure, connected our islands, enabled commerce, empowered communities, and opened up endless possibilities for future generations.”
Yet, for a man who spent a lifetime deploying cutting-edge hardware, his parting reflections are strikingly human. “More than the networks or the technology we introduced, what I will cherish most are the people,” he said, offering profound gratitude to the staff and customers who placed their trust in the company. “Today, Dhiraagu stands in its strongest-ever financial position, ensuring sustainable value for our shareholders. I leave with absolute confidence that this team will take the company to even greater heights.”
As Rasheed prepares his departure, the arrival of Ferradas signals a strategic shift toward broader international expertise. A seasoned executive, Ferradas’s resume spans leadership roles across Africa, Europe, Asia, and the Caribbean.
The transition comes at a critical juncture as telecom companies worldwide evolve from traditional network providers into comprehensive digital services ecosystems.
To ensure stability, Dhiraagu’s board has emphasised that the handover process will be seamless and collaborative. Mr Ferradas will work hand-in-hand with Rasheed during the transition period.
The board reassured investors and the public that the operational continuity of the business remains fully secure. The company’s core priorities, long-term strategic direction, and commitments to the Maldivian public will remain entirely unchanged, safeguarding stakeholder trust as a new chapter begins for the nation’s digital pioneer.
