03 January 2012

South Africa's Sun City to Invest $800mn in Biggest Ever Leisure Development in Sri Lanka

03rd January 2012, www.lankabusinessonline.com

South Africa's Sun City gaming and resort group will invest 800 million dollars in the biggest ever leisure development in Katana, north of the capital Colombo the island, a media report said.

"Sun City of South Africa is now going to make an $800 million investment in a 200-acre private property," Nalaka Godahewa, head of Sri Lanka's tourism development agency was quoted as saying by Reuters, a news agency.

Sun City Resorts is run by South Africa's Sun International Ltd. Reuters said a group official had declined to comment on the plan until next year.

Sri Lanka is promoting a tourist city in Katana with incentives for hotels, shopping and a convention centre in the site.

Sri Lanka is expecting 830,000 tourists in 2011 and 950,000 in 2011. This year the industry is expecting to earn 850 million dollars.

Tourism has been booming after the end of 30-year civil war in 2009 and has been attracting large volumes of local and foreign investments.

Related Info :

Sri Lanka in Citi's 3G Economies. Global Growth Generators Identify 11 Countries with Most Promising Growth Prospects. BRICS Displaced

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