Delegation of UAE investors led by royalty visits Sri Lanka’s Port City.
The Morning: A delegation of investors from the UAE, led by UAE Finance Minister and Dubai Deputy Ruler Sheikh Mohammed Bin Maktoum Bin Juma Al Maktoum, visited Port City Colombo on 14 January 2023, during a special visit to Sri Lanka for the purpose, Port City officials said in a statement recently.
Accordingly, discussions were held between the members of the delegation, representatives from the Colombo Port City Economic Commission (CEPC) and Port City Colombo (PCC) with a view to attracting foreign direct investments to the project.
The delegation was given a comprehensive overview of Port City Colombo’s development and plans for the future which the delegation commended, followed by a tour of the PCC Marina.
Expressing his views on the visit and the progress of discussions, CHEC Port City Colombo (Pvt.) Ltd. Deputy Managing Director Thulci Aluwihare said: “We’re very pleased to have had the opportunity to host this delegation, led by His Royal Highness, and showcase the potential of the Port City Colombo development project. This visit is a clear indication of the growing interest in what we have to offer, and we look forward to welcoming more investors and partners in the future. We are also anticipating the PCC Duty-Free Shopping Complex to open on schedule by April 2023.”
The UAE delegation also included Advisor to Sheikh Maktoum Luke Sellwood, and efiscal Partner/Investor Ivan Shkarba (who also invests with Sheikh Maktoum in other business opportunities), Personal Assistant to Ivan Shkarba Jekaterina Kamilov, efiscal International Expansion Vice President Damir Makhmutov, Ska Group Director Rahmy Morcos, Sheikh Maktoum’s Business Development Manager Mustafa Usman Aripandhra, and Eram Group – UAE and Saudi Arabia Chairman and Managing Director Dr. Siddeek Ahamed.
Port City Colombo is Sri Lanka’s biggest FDI-funded development project. With infrastructure development slated for completion in 3Q of 2023, of the $ 1.4 billion committed by the project company, $ 1.2 billion has already been invested into Port City Colombo, and a further $ 1.5 billion is expected to be invested during the vertical development phase, which is expected to commence as soon as regulations are finalised.
OSL take:
Sri Lanka’s Port City project in Colombo is an emerging business/investment opportunity in the country. Many foreign businesses/investors have expressed interest in investing in the Colombo Port City project. With Sri Lanka working towards becoming an emerging business destination in the South Asian region, an investment in the island would definitely yield quick return on investment. Sri Lanka’s geographical positioning in the Indian Ocean and the many trade agreements as well as trade concessions enjoyed by the country have also helped boost Sri Lanka as a growing business destination. The resilience shown by the country’s economy despite facing many internal and external challenges as well as the growth and profits recorded by Sri Lanka’s private sector during the same period are also indicative of the growth and business potential in Sri Lanka.
| Article Code : | VBS/AT/22022023/X_1 |