Cabinet approval has been granted to lease out a land adjacent to Maussakale Reservoir and a small island located in the same reservoir for a luxury hotel project.
United Arab Emirates Capital Investment LLC has submitted a project proposal to acquire the said land which are currently in the custody of the Ceylon Electricity Board, on a long-term lease basis.
The project will see the building and running of a luxury hotel complex by using USD 25 million as a direct foreign investment.
Accordingly, the Cabinet of Ministers approved the proposal made by the President in his capacity as the Minister of Investment Promotion to allocate those lands to the said company on a long-term lease basis to implement the proposed project by obtaining the agreement of the relevant institutions.
