Sri Lanka approves UAE firm’s $ 25 million luxury resort on Maussakale Reservoir
Daily FT: The Cabinet of Ministers at its meeting on Monday approved a $ 25 million luxury resort proposed by United Arab Emirates Capital Investment on Maussakale Reservoir.
Cabinet nod was for the investor to acquire land adjacent to Maussakale Reservoir and a small island located in the same reservoir, which are currently in the custody of the Ceylon Electricity Board, on a long-term lease basis.
The proposal to Cabinet was by President Ranil Wickremesinghe in his capacity as the Investment Promotion Minister to allocate those lands to the UAE company on a long-term lease basis to implement the proposed project by obtaining the agreement of the relevant institutions.
OSL take:
The steady growth in tourist arrivals to the country and the overall expansion in Sri Lanka’s tourism industry is indicative with the interest shown by foreign businesses/investors to enter the industry. The growth and business potential in Sri Lanka’s tourism industry, especially in the leisure and hospitality sectors, continues to expand with the need for new businesses/properties in keeping with thr new tourism concepts adopted by the country. Sri Lanka has gained much publicity in the foreign media as a must visit tourist destination and local tourism authorities have also carried our aggressive promotional campaigns targeting new tourist source markets. Given the expanding tourism industry, foreign businesses/investors could explore the growing opportunities in leisure and hospitality sectors or even look at developing supplementary infrastructure facilities required by the fast-expanding tourism industry.
| Article Code : | VBS/AT/20230707/Z_7 |