Press briefing of Cabinet Decision taken on 2023-06-26

Vesting of lands to the Capital Investment LLC of United Arab Emirates on long term lease basis to implement a luxury hotel project

- The Capital Investment LLC of the United Arab Emirates has submitted a project proposal for obtaining a plot of land bordering the Maussakelle Reservoir currently under the custody of the Ceylon Electricity Board and a small island located within the said reservoir for a project to build and run a hotel complex, having invested a sum of US$ 25 million as a fully direct investment. As such, the proposal made by the Hon. President in his capacity as the Minister of Investment Promotion to vest the said land plots to the aforementioned Company on long term lease basis in order to implement the said project with the concurrence of the relevant institutions, was approved by the Cabinet.