The parties to the strategic cooperation agreement
Ajlan and Brothers Holdings inked a strategic cooperation agreement with CHEC in Riyadh on December 8, forming a strategic partnership to jointly develop Port City Colombo and several key pilot developments worth more than USD 1.3 billion. The developments include, Colombo International Financial Centre (CIFC) Phase 1, Marina Waterfront Commercial and Marina Hotel, Super Luxury Villa and Golf Development within the coming years, kick- starting the much-anticipated vertical development and business activities with the Port City Special Economic Zone (SEZ), a joint press release issued by the Colombo Port City Economic Commission and CHEC Port City Pvt. Ltd. said.
The release adds: ‘Ajlan and Bros Holding Group (or Ajlan in short) is one of the largest comprehensive conglomerate holding groups in the Middle East. Ajlan has established its presence in more than 25 countries around the world, with 75 companies in the fields of power, environment, industrial manufacturing, healthcare, tourism, technology, retail, real estate, garments and textiles, mining, water, FMCG, logistics, finance & fintech and entertainment and gaming, etc. Ajlan is a well-known Saudi garment manufacturer and trading company, as well as one of the largest real estate developers in Saudi Arabia.
‘Port City SEZ is the first of its kind export oriented SEZ for modern services within the region, catering for ICT, Financial Services, Professional Services, Logistics and Maritime Services, Digital Education, and Tourism and MICE. To date, a few regulations regarding company registration have been finalized and other regulations forming the ecosystem of the SEZ are expected to be realized within the next few months. Coupled with the future-ready infrastructures and internationally competitive policy framework, Port City SEZ is expected to drive the economic and social development of Sri Lanka for the post-crisis era, attracting MNCs and FDIs to unlock the potential of the strategic location and high quality workforce of the island nation as a high-end service hub for Asia Pacific.’