Cabinet nod for UAE firm’s $ 25m luxury resort on Maussakale Reservoir
Wednesday, 28 June 2023 00:20 – – 40
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 a 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.