CEB land to be leased to UAE company for luxury hotel project

27 Jun, 2023

Land in Maussakale under the Ceylon Electricity Board (CEB) is to be leased to a company in the United Arab Emirates (UAE) for a luxury hotel project.

The Cabinet has approved a proposal submitted by President Ranil Wickremesinghe to allocate land near the Maussakale reservoir on a long-term lease to Capital Investments LLC.

“Capital Investment LLC has submitted a project proposal 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, for a project to build and run a hotel complex,” the Government information department said.

The UAE company will invest USD 25 million on the luxury hotel project.

The Cabinet had taken the decision at its weekly cabinet meeting held yesterday (Monday), the Government said today. (Colombo Gazette)

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