Managing Director of State Electric Company Limited (STELCO) Ahmed Shareef has stated the company is seeking new business ventures such as the real estate market to reduce its dependency on the revenue generated from electricity services.
Managing Director Shareef said efforts are underway to establish revenue for the company through multiple businesses. As such, Shareef noted the company is seeking entry to the real estate business, as well as production of drinking water. He noted establishing additional forms of revenue will reduce STELCO’s dependence on electricity services, which would enable the prices of the service to be lowered.
Moreover, Shareef said real estate is guaranteed to bring in a large income for the company. He noted the two housing towers developed by STELCO in Hulhumale’ Phase II proves the company can be successful in real estate business. He revealed that STELCO is currently undertaking research to enter the business of luxury housing. Shareef also noted STELCO has the capacity to capacity to enter the market of water production.
In addition, Shareef said STELCO plans to enter the marketing and advertising business, noting the company has decided to install LED TVs in different areas of Male’. He added the company also plans to enter the market of generating and supplying power to resorts, as well as providing engine setup, servicing and wiring.
These additional modes of revenue will enable STELCO to bring positive changes to the current prices of electricity services. As such, the company will be able to subsidise its services by up to 50% of current prices, according to Shareef.