The Embassy of Sri Lanka in the United Arab Emirates and the Consulate General of Sri Lanka in Dubai and the Northern Emirates, in collaboration with Colombo Port City Economic Commission and CHEC Port City Colombo Pvt. Ltd., hosted Globalisation and the Sri Lankan Opportunity – From Recovery to Relevance: Sri Lanka’s Moment in the Evolving Global and Regional Economy, an invitation-only diplomatic and investment engagement at The Ritz-Carlton, Dubai International Financial Centre.

The forum brought together approximately 200 senior leaders from across UAE corporates and business chambers alongside Sri Lanka’s most senior diplomatic and investment representatives – among them senior executives from Sobha Realty, Binghatti, Oracle, Emirates Airlines, First Abu Dhabi Bank, JLL, Cushman & Wakefield, CBRE, IFS, Danube and Samana Developers – reflecting the depth of interest from the UAE’s leading industries in Sri Lanka’s evolving economic proposition.

Opening the forum, H.E. Prof. Arusha Cooray, Ambassador of Sri Lanka to the United Arab Emirates, set the tone for a morning of substantive dialogue, speaking to the depth and durability of the UAE–Sri Lanka partnership, one built on decades of trade, people, and shared economic ambition, and affirming Sri Lanka’s commitment to taking that relationship into a new chapter defined by what Sri Lanka can offer UAE businesses seeking to grow their presence across South Asia.

The keynote address was delivered by Mr. Ghanim Al Falasi, CEO of Falak Tayyeb Platinum and Senior Vice President/Director General’s Office for of Dubai Silicon Oasis (DSO), who drew on over a decade of senior leadership experience in the UAE’s innovation and technology ecosystem to frame the question of what South Asia’s emerging platforms offer to forward-looking UAE businesses. He noted that while Dubai provides global access to capital and logistics, Colombo offers strategic access to South Asia, and that together the two cities can function as complementary platforms serving different but mutually reinforcing roles in the regional economy.

H.E. Hanif Yusoof, Presidential Special Envoy for Foreign Investment of Sri Lanka, delivered strategic perspectives on Sri Lanka’s investment vision, underscoring the President and Government’s commitment to Port City Colombo as the flagship vehicle for the country’s long-term economic transformation. Yusoof positioned Sri Lanka firmly as a transformation story rather than a recovery story, emphasising that Sri Lanka today offers UAE businesses something rare in South Asia – a jurisdiction that combines regional proximity with genuine institutional credibility, anchored in a platform that is operational, investable, and ready. He invited UAE businesses to see Port City Colombo and Sri Lanka as a gateway to South Asia in the same way that Dubai serves as a gateway to the Middle East and North Africa, enabling businesses already established in the Gulf to expand their regional footprint without starting from scratch.

Mr. Harsha Amarasekera PC, Chairman of the Colombo Port City Economic Commission, provided a detailed overview of Port City Colombo’s current commercial momentum, the strong investment interest that has crystallised in the last 12-18 months resulting in significant visible progress. The Chairman emphasised that the project is designed as a complementary, supportive, and collaborative platform – one that offers UAE companies a footprint from which to expand into South Asia, rather than a competing proposition to the Gulf’s established business ecosystem.

Mr. Revan Wickramasuriya, Director General of the Commission, elaborated on the governance architecture underpinning Port City Colombo, highlighting the investor protection mechanisms, long-term tax incentives, and rules-based regulatory environment that distinguish the SEZ, noting that the framework was designed from inception to meet the expectations of internationally mobile capital.

The centrepiece of the forum was a moderated panel discussion that drew all these threads together, exploring the global reconfiguration of business operating models, the deepening relationship between the Gulf and South Asia, and Sri Lanka’s specific role within that emerging picture. Moderated by Kris Wadia, the panel featured experts in their respective industries – Aaron Russell-Davison, Skandan ‘Ramesh’ Mahalingam, Bapsy Dastur and Thulci Aluwihare – whose combined perspectives across international capital markets, legal and governance advisory, UAE business development, and real estate produced a substantive and wide-ranging conversation that resonated strongly with the audience.

With the aim of deepening investment ties in the Gulf region, the forum also marked the ceremonial onboarding of Mr. MujtabaShaikhani, Founder and Principal of MH Investments and Managing Director of Gulf O Flex, as a Strategic Partner and Director for GCC and Pakistan of CHEC Port City Colombo (Pvt) Ltd. With operations spanning the UAE, Saudi Arabia, and Sri Lanka, and recognised on the HVAC Power 30 list and as CEO of the Year by CBN Middle East.

The formal programme concluded with a vote of thanks delivered by Hon. Alexi Gunasekera, Consul General of Sri Lanka in Dubai and the Northern Emirates, who spoke to the significant potential he sees in UAE–Sri Lanka trade and his efforts to broaden interest across the Middle East and UAE in what Sri Lanka has to offer. He underscored that Sri Lanka had not come to Dubai to tell a story of the past, but to extend an invitation to be part of the story being written now – one in which UAE businesses and investors have a defining role to play.

Mr. Xiong Hongfeng, Managing Director of CHEC Port City Colombo (Pvt) Ltd, reflected on the significance of the forum for Port City Colombo’s regional outreach. “The interest we have seen at this forum from some of the UAE’s most significant businesses and investors is a reflection of what Port City Colombo represents: not just a development in Sri Lanka, but a platform for South Asia; one that offers the regulatory clarity, physical quality, and regional connectivity that globally mobile businesses and capital have been looking for.”

The forum marks a significant step in Sri Lanka’s structured engagement with the Gulf investment community, and reinforces Port City Colombo’s positioning as the institutional platform through which South Asia’s next chapter of growth becomes accessible to UAE businesses and investors. The event was the culmination of close coordination between the Consulate General of Sri Lanka to Dubai and the Northern Emirates and Port City Colombo, with the Consulate General’s office playing an instrumental role in ensuring the successful delivery of an engagement that reflected the depth and ambition of the bilateral relationship.

For more information on investment opportunities within the Colombo Port City Special Economic Zone, please visitwww.portcitycolombo.lk. For details on the regulatory framework, Single Window Investment Facilitation services, registered businesses, and application procedures, please visitwww.portcitycolombo.gov.lk.

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Orders made under the Colombo Port City Economic Commission Act No. 11 of 2021, published under the Gazette Notice 2339/31, were approved by the Parliamentary Committee on Public Finance (COPF). 

According to a Parliament statement, a lengthy discussion was held regarding the 10 business companies active in the Colombo Port City and attention was paid to the problematic situations regarding the signing of contracts by these companies.

It was disclosed that these companies have entered into contracts under 3 methods. That is prior to the preparation of the port city, during the period of preparation of the port city, and post-preparation of the port city.

The COPF Committee pointed out that this agreement was not made according to one system with any legal basis and as a result, recommended that the opinion of the Attorney General be sought within 4 weeks and the Committee be informed about it.

The Committee Chair, MP Harsha de Silva pointed out that it is important to check the constructions carried out by these companies in this area.

Following a lengthy discussion in this regard, approval was obtained when the Committee on Public Finance met in Parliament on Tuesday (Oct 24) under the Chairmanship of MP Harsha de Silva.

Moreover, the Committee was informed that the Port City Commission had given permission to run two cryptocurrency exchanges, After which the Committee recommended to inquire on the said from the Central Bank and obtaining their opinion. (NewsWire)

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Key players in the development of the Colombo Port City have finalised a groundbreaking US$ 1.565 billion deal in China, advancing phase two development, the Port City of Colombo announced.

The Port City of Colombo said the phase two development encompasses the Marina Project, Marina Hotel, and the Colombo International Financial Centre Project.

Meanwhile, President Ranil Wickremesinghe has also held discussions in China today (Oct 19) on the development of the Colombo Port City.

The President conducted significant deliberations on key focal points including the development of the Port City as an international financial centre, the formulation of new financial regulations specific to the Port City and the establishment of judicial and arbitration mechanisms exclusively applicable to the Port City.

According to the President’s Media Division (PMD), the President also engaged in discussions with distinguished representatives from several major Chinese corporations, including China Communications Construction Corporation, Sinopec Company and BYD Company.

These discussions placed considerable emphasis on the exploration of prospective investment opportunities and avenues within Sri Lanka. 

The PMD said the dialogue also encompassed various sectors, including the electrification of Sri Lanka’s transportation systems, electric vehicle assembly and electric train services.

The corporate representatives of these esteemed companies have expressed their unwavering commitment to extending optimal support for advancing Sri Lanka’s economy and seizing the investment prospects the country offers.

President Ranil Wickremesinghe was accompanied by the Sri Lankan delegation during these significant discussions, the PMD added. (NewsWire)

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Sri Lanka passport holders returning from abroad and resident diplomats will be allowed to buy up to 5000 US dollars worth of goods at a duty-free mall in the Colombo Port City.

As per the new rules introduced by the Colombo Port City Commission, the permitted passport holders would be allowed to buy one laptop, a tablet, a desktop and two cameras a year.

The permitted passport holders will also be allowed to purchase 36 pieces of apparel, 10 kilograms of confectionery, two bottles of perfume and 5 units of make-up products.

Tourists will not have a value limit but will be imposed a volume limit per visit, and will also be allowed to purchase more to be picked up at the airport. 

According to the Colombo Port City Commission, the allowance would be independent of any other allowance at airports and the goods purchased cannot be resold or exchanged in Sri Lanka, while it is purely for self-consumption. 

The new rules allow Sri Lankans travelling abroad to buy goods outside of the limit to be picked up at the airport, while the duty-free outlets are also permitted to sell online unlimited quantities to overseas customers.

The Colombo Port City Commission also expects to dollarize (multiple currencies) the special economic zone at the Colombo Port City. (NewsWire)

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