Investor delegation led by UAE Royalty holds talks on FDI for Port City

A delegation of investors from the United Arab Emirates, led by His Royal Highness Sheikh Mohammed Bin Maktoum Bin Juma Al Maktoum, visited Port City Colombo on the 14th of January 2023, during a special visit to Sri Lankato explore investment opportunities, officials said.

Discussions were held between the members of the delegation, representatives from the Colombo Port City Economic Commission (Commission) and Port City Colombo (PCC) with a view to attracting foreign direct investments to the project.

The delegation was given a comprehensive overview of Port City Colombo’s development and plans for the future which the delegation commended, followed by a tour of PCC Marina.

Port City Colombo is a large-scale development project covering an area of 269 hectares of reclaimed land. It aims to serve as a new economic hub for the country, offering a range of commercial and residential opportunities.

The project is expected to bring significant economic benefits to Sri Lanka, including job creation and increased foreign investment.

Expressing his views on the visit and the progress of discussions, Thulci Aluwihare, Deputy Managing Director of CHEC Port City Colombo (Private) Limited said, “We’re very pleased to have had the opportunity to host this delegation, led by His Royal Highness, and showcase the potential of the Port City Colombo development project.

This visit is a clear indication of the growing interest in what we have to offer, and we look forward to welcoming more investors and partners in the future. We are also anticipating the PCC Duty-Free Shopping Complex to open on schedule by April 2023.”

The UAE delegation also included Mr. Luke Sellwood – Advisor to His Highness Sheikh Mohammed Bin Maktoum Bin Juma Al Maktoum, Mr. Ivan Shkarba – Partner and investor in efiscal. Mr. Ivan also invests with His Highness in other business opportunities.

Having added 2.69 square kilometres to Sri Lanka’s sovereign territory, Port City Colombo is Sri Lanka’s biggest FDI-funded development project.

With infrastructure development slated for completion in Q3 of 2023, of the USD 1.4 Billion committed by the project company, USD 1.2 Billion has already been invested into Port City Colombo.

A further USD 1.5 billion is expected to be invested during the vertical development phase, which is expected to commence as soon as regulations are finalized.

A USD 7-million Duty-Free Shopping Complex, the first of its kind in South Asia and expected to be a magnet for shopping and tourism, will also open its doors at Port City Colombo in April 2023.