The Cabinet of Ministers at its meeting on Monday approved a $ 25 million luxury resort proposed by United Arab Emirates Capital Investment on Maussakale Reservoir.

Cabinet nod was for the investor 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, on a long-term lease basis.

The proposal to Cabinet was by President Ranil Wickremesinghe in his capacity as the Investment Promotion Minister to allocate those lands to the UAE company on a long-term lease basis to implement the proposed project by obtaining the agreement of the relevant institutions.

SLAITO warns against reintroduction of MRR