Turning the tide: Sri Lanka’s remarkable investment renaissance in Abu Dhabi and Dubai

UK's former PM David Cameron ((right) in discussion with Nirj Deva Aditya at the forum in United Arab Emirates last week

www.khaleejtimes.com (Abu Dhabi/Dubai): In an extraordinary turn of events, Sri Lanka’s economic and financial prospects, long neglected and recently marred by default, witnessed a remarkable resurgence in Abu Dhabi and Dubai on 26 September. 

The most influential Chairmen and CEOs from approximately 90 corporations, accompanied by 300 potential investors, property developers, hotel owners, and leaders in the hospitality and real-estate industry, converged in the iconic settings of the Ritz Carlton in Abu Dhabi and the Armani Hotel at Burj Khalifa in Dubai. 

This elite gathering took place in the august presence of the ruling families of UAE, united by a common purpose: to explore, understand, and assess the investment potential of Sri Lanka, with particular emphasis on the transformative Port City Colombo project. The distinguished gathering had the distinct privilege of participating in a meticulously orchestrated dialogue, guided by the Right Honourable David Cameron, the erstwhile Prime Minister of the United Kingdom. Cameron eloquently expounded upon the compelling rationales that underscore the imperative of directing investments towards the nation of Sri Lanka.

This momentous event was orchestrated by a coalition of distinguished figures and institutions, including Niranjan de S. Deva Aditya, former British and European MP and Deputy Lieutenant to King Charles III for the Lord Lieutenancy of London. Currently serving as the Presidential Advisor on behalf of the President of Sri Lanka, Ranil Wickremesinghe, Aditya played a pivotal role in organising the event. He was joined by the Port City Commission and CHEC Port City, with the invaluable support of the Sovereign Wealth Fund Institute, representing an astounding $ 12 trillion in assets. 

Rt. Hon. David Cameron, the former Prime Minister of the United Kingdom, assumed the role of a true luminary. With magnificent enthusiasm, an unwavering grasp of every detail, and an unshakeable conviction in the success of the Port City, he brought an indefatigable energy of purpose that radiated goodwill and warmth to all the investors he encountered. 

Cameron’s presence at both events was nothing short of awe-inspiring. His commitment to the Port City project was palpable, and his energy was infectious. He approached every interaction with investors, whether one-on-one or in group discussions, with the same level of enthusiasm and dedication. 

One of the most memorable moments of the events was the exchange of views between David Cameron and Nirj Deva. Deva, a former British and European Member of Parliament and a key organiser of the events, served as the interlocutor during this captivating dialogue. The stage came alive with their dynamic conversation, characterised by insightful questions and thought-provoking responses.

Cameron’s deep understanding of the Port City project, its potential, and its significance on the global stage shone through during these exchanges. His ability to articulate the compelling reasons for investing in Sri Lanka, and in particular, the Port City Colombo, left a lasting impression on all in attendance. 

In the grand tapestry of these events, Rt. Hon. David Cameron emerged as a central figure—a beacon of enthusiasm and conviction, a catalyst for meaningful discussions, and a symbol of the Port City’s promise. His contributions will undoubtedly leave an indelible mark on the journey of Sri Lanka’s resurgence and the Port City’s transformation into a global economic powerhouse.

The Commonwealth Union, representing 56 Commonwealth countries, played an integral role, as did KPMG and the Khaleej Times. The UK-UAE Trade and Business Council, spearheaded by the Rt. Hon. Alistair Burt, former UK Foreign Minister and Minister for the Middle East, also contributed significantly to the event’s success. Ambassador to the UAE Udaya Indrarathna, and State Minister of Investment Promotion Dilum Amunugama represented Sri Lanka, while Seyed Ansar Moulana from the Investment Promotion Ministry played a crucial role in facilitating the UAE Roadshow.

The UAE Roadshow was a watershed moment, thrusting Sri Lanka into the limelight of the UAE investor community. This community, known for its global wanderings in search of the most competitive investment opportunities, suddenly found its focus squarely on Sri Lanka. The unique and pioneering rules and regulations governing the Port City, overseen by an all-Sri Lanka Commission, captured their attention. These regulations were hailed for their transparency, efficiency, and accountability, qualities often elusive in other jurisdictions.

The Port City Legislation, in certain aspects, is considered more advanced than other financial hubs, such as the DIFC – Dubai International Financial Centre. An exemplary feature is the exclusive use of foreign currency within the Port City’s development—a distinction that sets it apart. With President Wickremesinghe’s plans to rename it as the Colombo International Financial City, the Port City is poised to offer investors an exceptional gateway to the rapidly expanding Indian market, just 40 miles away from Sri Lanka—a market boasting a staggering 1.4 billion consumers and unparalleled growth potential.

Sayed Ansar Moulana, the Country Representative for Investment Promotion in the UAE, stated, “This event represents a historic milestone, unparalleled in the South-east and South Asian regions. The distinguished attendees, including members of the Emirati Ruling Families, ultra-high-net-worth individuals (UHNWI), sovereign wealth management firms, global asset management corporations, and prominent property developers such as Emaar Property, Damac, Shoba Realities, Al Habtoor, Deyaar, Omniyat, Danub, DP World, Dubai Holding, DIFC, BlackRock, and SWFI, provided commendable endorsements and expressed unwavering support for our transformative flagship project. We firmly believe that this initiative is strategically positioned to influence the trajectory of Sri Lanka’s development in emerging markets across Asia.”

In sum, the UAE Roadshow for Port City Colombo was not just an event but a pivotal moment in Sri Lanka’s history—a moment that not only caught the attention of the world but also demonstrated the immense potential and transformative power of strategic investments in emerging economies. As Sri Lanka emerges from the shadows of neglect, it stands ready to embark on a new era of prosperity and growth, thanks to visionary initiatives like the Port City Colombo project.

(Source: https://www.khaleejtimes.com/business/turning-the-tide-sri-lankas-remarkable-investment-renaissance-in-abu-dhabi-dubai)