Cabinet approval has been granted for the allocation of lands in the custody of the Ceylon Electricity Board (CEB) to United Arab Emirates Capital Investment LLC for executing a luxury hotel project.
According to the government, United Arab Emirates Capital Investment LLC has submitted a project proposal to acquire land adjacent to Maussakale Reservoir and a small island located in the same reservoir which belongs to the CEB.
The lands are to be acquired on a long-term lease basis, for a project to build and run a hotel complex by using USD 25 million as a direct foreign investment.
The proposal in this regard was submitted to the Cabinet of Ministers by President Ranil Wickremesinghe in his capacity as the Minister of Investment Promotion.
Accordingly, the Cabinet has approved the proposal 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. (NewsWire)