The cabinet has approved the allocation of two plots of land at Maussakele to Capital Investment LLC of the United Arab Emirates on a long-term lease basis for a luxury hotel project.
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.
The project to build and run a hotel complex will cost USD 25 million as a direct foreign investment.
Ministers approved the proposal submitted by the president in his capacity as the minister of investment promotion to allocate those lands to the said company by obtaining agreement of the relevant institutions.
