Dhiraagu has commenced a planned leadership transition with the appointment of Valdemar Ferradaz as Chief Executive Officer Designate, as Managing Director and Chief Executive Officer Ismail Rasheed prepares to retire after nearly four decades of distinguished service. Ferradaz, widely known as Valde, joined the company on 1 July 2026 under a structured succession plan designed to ensure continuity in leadership and the steady advancement of Dhiraagu’s long-term strategy. The company stated that the transition process was led by Beyon, the Bahrain-based technology group behind Batelco, which is Dhiraagu’s majority shareholder, and was overseen by the Board’s Remuneration, Nomination and Governance Committee, while the formal appointment of the Managing Director and Chief Executive Officer remains the responsibility of Dhiraagu’s Board of Directors.
The transition represents an important new chapter for one of the Maldives’ largest listed companies and one of the country’s most influential providers of digital infrastructure and telecommunications services. Dhiraagu noted that the handover has been carefully designed to maintain business continuity, uphold stakeholder confidence and support the uninterrupted delivery of the company’s strategic priorities. The company has also affirmed that its direction, commitments and long-term focus remain unchanged as it continues to strengthen its role in supporting the Maldives’ digital future.
Ismail Rasheed’s career reflects the remarkable development of the telecommunications sector in the Maldives over several decades. He began his journey in the industry with Dhiraagu’s predecessor under Cable & Wireless before becoming part of Dhiraagu’s founding team in 1988. Over the course of his career, he has contributed to a period of historic transformation during which the country progressed from limited connectivity to nationwide access to mobile, broadband and digital services. His contributions have been closely associated with the expansion of communications infrastructure across inhabited islands and the broader integration of digital services into everyday life in the Maldives.
Dhiraagu credited Ismail with playing a central role in several of the company’s major milestones, including the rollout of telecommunications networks across inhabited islands, the nationwide introduction of GSM mobile services, and the delivery of the Dhiraagu-SLT Submarine Cable System in 2006. He also contributed to the development of the north-south domestic submarine cable network, which has been instrumental in improving resilience and capacity across the country’s communications backbone. In addition, he played a key leadership role in Dhiraagu’s initial public offering in 2011, an important step in the company’s corporate development and public market presence.
Since assuming the role of Managing Director and Chief Executive Officer in 2015, Ismail has overseen a period of sustained investment and modernisation. Under his leadership, Dhiraagu has expanded next-generation mobile and fixed broadband services, strengthened national digital infrastructure and completed Fibre-to-the-Home coverage across all inhabited islands of the Maldives. These achievements have reinforced Dhiraagu’s position as a leading force in the country’s digital transformation and as a trusted service provider for households, businesses and public institutions alike. The company’s continued investment has also helped broaden access to reliable connectivity, creating greater opportunity for economic participation, education, innovation and community development throughout the archipelago.
Ferradaz joins Dhiraagu with more than 30 years of international experience in telecommunications and digital services, bringing with him a broad perspective shaped by work across Africa, Europe, Asia and the Caribbean. A South African national, he was involved in the launch of South Africa’s first mobile network and has held senior leadership positions with major industry players including Vodafone, Digicel, Cell C, Telkom Mobile and MVNX. His career spans mobile and fixed telecommunications, enterprise and consumer markets, digital services, business transformation and organisational turnaround, providing him with a strong foundation to lead Dhiraagu through its next phase of growth and innovation.
Dhiraagu stated that Ferradaz’s international experience includes working with governments, regulators, investors and strategic partners in both developed and emerging markets. This background is expected to support the company as it continues to respond to evolving customer needs, strengthen service excellence and expand its digital capabilities in an increasingly connected global environment. His appointment comes at a time when telecommunications companies are playing an even greater role in enabling digital economies, supporting smart services and helping nations build resilient and inclusive communications systems.
During the transition period, Ferradaz will work closely with Ismail Rasheed, the Board of Directors and Dhiraagu’s Executive Management Team to ensure a smooth and effective handover of responsibilities. He is also expected to engage with employees, customers, shareholders, regulators, government stakeholders and strategic partners as part of the transition process. Dhiraagu said this programme is intended to support the transfer of institutional knowledge, preserve long-standing relationships and enable the seamless assumption of executive responsibilities.
Reflecting on his tenure, Ismail described the opportunity to serve Dhiraagu and the Maldives for nearly four decades as the greatest privilege of his professional life. He said that together with colleagues across the company, Dhiraagu had helped build the nation’s digital infrastructure by connecting islands, enabling businesses, empowering communities and creating opportunities for future generations. He also noted that while many people may remember the networks, connectivity and technologies introduced during his time with the company, he would most remember the people whose dedication and contributions shaped Dhiraagu’s growth and success.
Ismail further stated that Dhiraagu continues to lead the market and remains in a strong position, with services available on every inhabited island in the country. He said the company is creating significant value for customers, remains financially strong and continues to deliver sustained value for shareholders. He added that he leaves the company with great pride in what has been achieved and with full confidence in the team’s ability to lead Dhiraagu to even greater success in the years ahead.
The leadership transition highlights Dhiraagu’s commitment to strong governance, forward planning and institutional continuity at a time of continued technological progress in the Maldives. As the company prepares for its next phase under new leadership, it remains firmly positioned as a central contributor to the nation’s digital development. With an established legacy, a nationwide network and a clear strategic direction, Dhiraagu’s transition is being presented as a carefully managed process that supports stability, growth and the continued delivery of high-quality telecommunications and digital services for the Maldives and its global partners.
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