By: Staff Writer

May 01, Colombo (LNW): US$1 billion plus integrated resort development in central Colombo is set to be launched by Melco Resorts & Entertainment Limited (“Melco”) in partnership with John Keells Holdings PLC (“John Keells”), the largest listed conglomerate on the Colombo Stock Exchange,

As part of the partnership, the integrated resort, which had previously been branded “Cinnamon Life Integrated Resort”, will be rebranded as “City of Dreams Sri Lanka”.

City of Dreams Sri Lanka will be the first integrated resort in Sri Lanka and South Asia and is expected to revolutionize luxury hospitality, entertainment, and leisure in Sri Lanka, presenting an extraordinary architecture and design and a collection of iconic and unparalleled offerings including 800 hotel rooms, retail, food & beverage outlets, MICE facilities, and much more.

Additionally, a wholly-owned local subsidiary of Melco has been awarded a 20-year casino license by the Government of Sri Lanka. Melco will fit-out and operate the gaming area at City of Dreams 

Sri Lanka, and Melco will manage the top 5 floors of the hotel under its Nuwa brand of ultra high-end luxury rooms, which represents 113 of the 800 total hotel rooms at City of Dreams Sri Lanka.

Melco and John Keells have agreed all key commercial arrangements and expect fit-out of the casino area to begin shortly. The estimated initial investment in the casino is expected to be approximately US$125 million.

The non-gaming facilities of the integrated resort, including the 687 key Cinnamon Life hotel managed by John Keells, is in the final stages of completion and is expected to commence operations in the third quarter of 2024, while we expect to commence casino operations in mid-2025.

There is potential for further expansion of the gaming facilities, subject to performance and market conditions.

Mr. Lawrence Ho, Chairman and Chief Executive Officer of Melco, said, “We are thrilled to be part of this landmark development in Sri Lanka and to be in partnership with John Keells. We believe Sri Lanka has immense potential and this opportunity complements our existing portfolio of properties.

 Furthermore, City of Dreams Sri Lanka is expected to serve as a catalyst for stimulating tourism demand and promoting economic growth in Sri Lanka, drawing inspiration from the successful examples set by similar integrated resorts in other jurisdictions.We will continue to work closely with our esteemed partners and the Sri Lankan Government to ensure the success of this venture, and we expect to make a significant and positive impact on the local community and economy, John Keells officials said. 

By: Staff Writer

May 01, Colombo (LNW): The government is now compelled to transform the public sector employees into smart workers with the aim of unlocking the nation’s full potential and drive sustainable economic growth, former finance minister Ravi Karunanyake revealed. 

The delivery of public services is impaired by inadequate systems, low skills and limited competencies, and often interrupted by strike action of employees forcing the people to blame the government. 

Salaries for the month of April have been paid with the increased public employee allowance of Rs 10,000 outlined in the 2024 budget proposal.

This was not the first time that they received a salary increase despite the private sector works much better than the state sector even without any salary hike as they get adequate payment for their work done.

With the introduction of smart worker concept these employee will definitely receive high salaries or wages with the improvement of productivity in their institutions.  

In comparison to the private sector, public institutions have specific needs, often not operating as a typical business entity.

They require intelligent automation solutions that can support their particular strategic and organizational needs, which, in turn, can form the basis of continued digital expansion.

While there are many different kinds of intelligent automation and artificial intelligence solutions, undertaking tasks within nearly every function, it is essential to consider them as “smart  workers”; able to simplify and automate time-consuming manual processes.

Mr Karunanayake said that the main aim of this initiative is to eliminate official bureaucracy which has become a stumbling block for the country’ economic development and good governance.    

It will also ensure an efficient and productive public service without waste and corruption, he said adding that 90 percent of the government’s administrative issues could be solved via smart worker initiative, he added.

In the past public service in Sri Lanka was manned by persons with high degree of professionalism. They had the ability to assist the country’s leadership to set standards in managing human, financial and material resources to achieve effective good governance

The present public sector is tainted with mismanagement of the public interest and the present 1.5 million state work force or one public servant for every 14 Sri Lankans, has no concern for worker productivity as the whole sector is highly politicized.

President Ranil Wickremasinghe in his2024 Budget speech outlined plans for a “new growth model based on a digitalised social market economy.

 The plan also included effectiveness, equitability and green growth as key aspects of this new model with the aim of achieving a US $ 15 billion digital economy by 2030.

Successive governments have made various digital economy related Budget proposals allocating around Rs. 70 billion for digitalisation efforts over the past  eight-year period.

But most of them were implementing in snail phase as the public sector was not ready to quickly accustom to new systems, Mr Karunnayake said adding that this lethargic attitude and their corrupted mind set should be changed for the betterment of the country soon.       

Many such digitization projects are still relevant but most of them have either completely halted and some of them are still in progress without proper monitoring and evaluation for effectiveness.

President Ranil Wickremasinghe has as unveiled a comprehensive national digital strategy for Sri Lanka titled “Digital Sri Lanka 2030” along with an implementation plan which will address all these issues, he claimed.

The vision for 2030 is to have a digitally empowered Sri Lanka for innovation, inclusion and sustainable growth with smart public sector work force he added.

By: Staff Writer

May 01, Colombo (LNW): The International Monetary Fund (IMF) wants Sri Lanka to work on governance issues and to also stick to the IMF supported program.

Krishna Srinivasan, IMF Director of the Asia and Pacific Department noted that Sri Lankans faced a very difficult challenge when they embarked on the IMF program.

“And so far, what we’ve seen is performance under the program has been pretty good, and that is reflected in the outcomes.

 For example, GDP growth has been better than it had been forecast. You see some bottoming out, some green shoots, as I would say. Inflation is coming down quite sharply from 70 percent to, you know, well below. — what’s the number now? I forget the right number, but it’s coming down very sharply.

 Reserves are building up. So overall, the country is doing well under the program, and the reform measures your country has taken are pretty significant,” he told reporters Tuesday.

However, he noted that the road ahead is not easy and there are many more things to be done.

They’ve also moved on issues like governance and reducing corruption and so on, which as are part of the government’s program.

But going forward, the challenges remain. You have to stick to this program so that you can make a durable exit, and the economy comes out of the crisis on a durable basis, comes out of the crisis.

So it’s important to make sure that you work on the fiscal adjustment package, on governance issues which are part of the program,” he said.

Srinivasan said that if the Government continues with adhering to the program there will be much better results down the road.

He noted the fact that growth has come back stronger than expected, and inflation is lower than many people expected are very good signs that the program is delivering.

By: Staff Writer

May 01, Colombo (LNW): A leading Sri Lankan businessman, through his company Supreme Global Holdings, has entered the race to acquire the national carrier, SriLankan Airlines.

The Expression of Interest (EOI) process, which concluded today, saw the surprising participation of Supreme Global owned by R.M. Manivannan signaling a potentially transformative shift in the airline’s ownership and management.

Supreme Global has formed a robust consortium including MBS Investments, the investment arm of the Private Office of Sheikh Nayef Bin Eid Al Thani of Qatar, and Sherisha Technologies Private Limited, formerly known as SunEdison Energy India Private Limited.

This strategic alliance is set to bring considerable financial and operational prowess to the table, potentially tipping the scales in favor of Supreme Global’s bid to take over SriLankan Airlines, Supreme Global said in a statement.

The privatization of SriLankan Airlines comes at a critical time for the carrier, which has faced numerous challenges over the years, including financial losses and strategic misalignments.

The introduction of experienced and financially capable players like Supreme Global is expected to inject much-needed vigor and direction into the airline, Supreme Global said.

This bid is particularly noteworthy given the current geopolitical dynamics in the Indo-Lanka region.

Whilst it is believed strongly that Sherisha is backed by the Government of India, the involvement of a Sri Lankan company, alongside a powerful Indian firm and significant financial backing from a Qatari entity, symbolizes a strengthening of ties and mutual interests among these regions, Supreme Global said.

Qatar’s immense wealth and strategic investments globally make it a pivotal player in this arrangement, potentially offering Sri Lankan Airlines the chance to leverage these relationships for expanded routes, enhanced operational capabilities, and better financial stability.

Furthermore, Supreme Global Holdings has already demonstrated its commitment to Sri Lanka’s stability and growth during the recent energy crisis. The company provided a lifeline by extending over USD 1.5 billion in credit to the financially beleaguered country, along with innovative payment solutions, such as accepting Sri Lankan rupees for oil payments, which helped avert a deeper economic crisis.

The prospective acquisition of SriLankan Airlines by Supreme Global Holdings could serve as a cornerstone for further economic recovery and development in Sri Lanka. The combined expertise and resources of the consortium—spanning Sri Lanka, India, and Qatar—promise not only to revitalize the airline but also to enhance its competitive edge in the international aviation market.

As stakeholders and observers watch closely, the unfolding developments could very well redefine the future trajectory of SriLankan Airlines, turning it into a model of successful multinational cooperation in South Asia.