UAE firm to invest US$ 25mn in hotel near Maussakelle Reservoir

The Cabinet has cleared the path for United Arab Emirates (UAE)-based Capital Investment LLC to invest US$ 25 million to build a hotel complex in a land adjacent to Maussakelle Reservoir including a small island belonging to the Ceylon Electricity Board (CEB).

President Ranil Wickremesinghe in his capacity as the Minister of Investment Promotion sought the approval of the Cabinet Ministers to allocate the land adjacent to Maussakelle Reservoir along with a small island which are currently in the custody of the Ceylon Electricity Board, on a long-term lease  basis, for the proposed project.  The Government Information Department said Capital Investment LLC has agreed to invest US$ 25 million as a foreign direct investment to build and run the proposed hotel complex.