Saudi Arabia to invest in Lankan tourism sector
 

by Anjana Gamage

Visiting Saudi Prince Al Waleed Bin Talal Abdulaziz Alsaud yesterday assured President Chandrika Bandaranaike Kumaratunga that Saudi Arabia was committed to assist Sri Lanka's reconstruction programme in the long term and also make substantial investments in the tourism sector.

"We are willing to invest in Lanka's tourism on a large scale," Prince Al Waleed, Chairman of the Kingdom Holdings Company of Saudi Arabia, told President Kumaratunga.

The Prince and the Saudi Arabian delegation met the President at President's House.

The Prince informed the President that Saudi Arabia was wiling to invest heavily in Sri Lanka as it emerges anew from the tsunami disaster. He specifically mentioned his interest in further developing the Colombo Hilton. He also noted the economic contribution made by the 350,000 Sri Lankans working in the Kingdom.

The Prince stressed that Saudi Arabia was helping Sri Lanka to re-develop all tsunami hit areas. It has already granted Rs.300 million as reconstruction aid which will be utilised for building 1,000 houses in Kirinda and other areas decided by the Sri Lankan Government.

President Kumaratunga thanked Prince Al Waleed for the assistance granted to Sri Lanka in the aftermath of the tsunami catastrophe. She briefed the visiting prince on the post-tsunami reconstruction programme.

The Prince also met Prime Minister Mahinda Rajapakse. They discussed reconstruction activities in the coastal areas and further areas on which the two countries can cooperate. They also discussed investment opportunities for Saudi Arabia in Sri Lanka.

He met Finance Minister Dr. Sarath Amunugama and Tourism Minister Anura Bandaranaike. Speaking to the media after his meeting with Prince Al Waleed, Minister Anura Bandaranaike said: "There are no large scale Saudi Arabian investments in Sri Lanka. He expressed willingness to invest in tourism here on a big scale.

They want to build a large hotel in Colombo and also show a keen interest in investing in the Colombo Hilton."

Board of Investment Chairman Saliya Wickramasooriya who also participated in the discussions said that specific areas for Saudi Arabian investments will be identified later. It would take three years to complete the tourism resort. The Secretary to the Ministry of Tourism Dr. P. Ramanujam and the Secretary to the Ministry of Investments Dr. U. Vidanapathirana also participated.