Colombo Marina Development nominated as primary venture in Port City

Thursday, 15 August 2024 00:20 - - {{hitsCtrl.values.hits}}

The Cabinet of Ministers on Monday approved the nomination of Colombo Marina Development Ltd., as a primary venture with strategic development status under the provisions of the Colombo Port City Economic Commission Act No. 11 of 2021. This designation will allow the company to receive specific incentives and encouragements pertinent to the project.

As part of this initiative, four plots of land within the Colombo Port City area have been leased to Colombo Marina Development.

The company, which operates under the sole authority of Browns Investment Private Company, is responsible for the ‘Recreation Port’ (MARINA) development project.

The project is set to create a state-of-the-art facility with the capacity to harbour 243 marine vessels. In addition to its core marina function, the development will feature exclusive guest clubs, dining options, retail outlets, recreation areas, event spaces and ample parking facilities.

The project is expected to significantly boost Colombo Port City’s attractiveness as a premier destination for marine tourism and recreation, contributing to the overall economic growth of the area.

The proposal for this strategic development, presented by President Ranil Wickremesinghe in his capacity as the Investment Promotion Minister received approval from the Cabinet of Ministers.