Business
Russian entrepreneur targeting over Rs. 7 billion investment in SL’s healthcare sector
By Ifham Nizam
In a significant development for Sri Lanka’s tourism and healthcare industries, a Russian investor has announced ambitious expansion plans, running into over Rs. 7 billion, following the success of the Palm Garden Ayurveda Resort, Group’s Consultant Dr. Sohan Harsha Fernando told The Island Financial Review.
The Palm Garden Ayurveda Resort, a 6 million USD project, includes a separate spice garden which supplies produce for its dedicated Ayurveda center, spearheaded by the same investor. It has emerged as a beacon of wholeness in the country’s tourism sector.
Building upon this success, the investor now intends to invest a staggering Rs. 7.2 billion in further ventures across the country.
The Palm Garden Ayurveda Resort, nestling just 600 meters from Kabalana Beach, epitomizes tranquility and relaxation. Boasting an outdoor swimming pool, spa and wellness center and luxurious accommodation, the resort has set a new standard for wellness tourism in Sri Lanka.
Its success is a testament to the investor’s commitment to excellence and dedication to promoting holistic wellbeing, tourism sources said.
With the Palm Garden Ayurveda Resort serving as a blueprint for success, the investor aims to replicate this model across five additional locations in Sri Lanka, it is learnt.
‘These new Ayurveda resorts will not only enrich the country’s tourism offerings but also create job opportunities, promote Sri Lankan Ayurveda and stimulate economic growth in the region, Fernando said.
Fernando added: ‘Moreover, the investor’s plans extend beyond the hospitality sector. In a groundbreaking move, he intends to establish a Russian medical school in Sri Lanka, signaling a significant advancement in the country’s healthcare infrastructure.
‘This initiative promises to elevate medical education standards and foster collaboration between Russian and Sri Lankan medical professionals, ultimately enhancing healthcare delivery nationwide.
‘Additionally, the investor’s exploration of medical herb cultivation for pharmaceutical purposes underscores his commitment to innovation and scientific advancement.
‘By harnessing the therapeutic properties of medical cannabis and other indigenous plants, he seeks to develop cutting-edge treatment and bolster Sri Lanka’s pharmaceutical industry.
‘As the Russian investor’s multi-million-dollar expansion plans unfold, they are poised to make a transformative impact on Sri Lanka’s economy and society. Their visionary approach and substantial investment reflect a deep belief in the country’s potential as a hub for tourism, education, and medical innovation.
‘With the Palm Garden Ayurveda Resort as a shining example of success, these new ventures are sure to generate excitement and anticipation among stakeholders across various sectors, paving the way for a brighter future for Sri Lanka.’
Business
ComBank tops banking sector in LMD’s first Corporate Happiness Index
The Commercial Bank of Ceylon has been ranked No 1 among Sri Lankan banks in the inaugural Corporate Happiness Index (CHI) just released by LMD magazine.The Bank has also been ranked one of Sri Lanka’s “happiest second homes” taking fifth place overall in the ranking, following the high positions it achieved in the 16 attributes that made up the survey conducted by PepperCube Consultants for this pioneering initiative.
Remarkably, Commercial Bank was the highest-ranked bank in 14 of the 16 attributes, leading the banking sector in several fundamentally-important aspects related to employees, such as ‘Remuneration scales,’ ‘Rewards & Perks,’ ‘Career progression,’ ‘Work environment,’ ‘Gender balance,’ ‘Health & wellbeing,’ ‘Work-life balance,’ ‘Workplace diversity,’ and ‘Workplace flexibility.’
Commercial Bank was also ranked No 1 in the banking sector for ‘Financial stability,’ ‘Corporate leadership,’ ‘Workplace camaraderie,’ ‘Open culture’ and ‘Recreational facilities.’
Besides its emphatic leadership in the banking sector, the LMD Corporate Happiness Index ranked Commercial Bank among the top five corporate entities in Sri Lanka across all sectors, in 10 of the 16 attribute rankings, and among the top ten overall, in 15 of the attribute rankings.
The Bank was ranked second overall for the attributes of ‘Financial stability’ and ‘Workplace camaraderie,’ third for ‘Career progression’ and fourth in Sri Lanka for ‘Workplace diversity’as well as ‘Workplace flexibility.’
“The importance of workplace happiness cannot be over-emphasised in today’s fast-paced corporate environments, and we welcome this groundbreaking effort by LMD magazine to redefine understanding of workplace wellbeing and to rank companies on their progress in this sphere,” Commercial Bank Managing Director/CEO Sanath Manatunge said. “At Commercial Bank, a lot of attention is devoted to creating a workplace culture that ensures that employees can achieve their full potential as they build their careers. Our biggest strength is our people, and there is intense focus on their wellbeing, including minimising work-related stress which can negatively affect the health of employees as well as the productivity of the organisation.”
Commercial Bank also has the distinction of being in the Top 10 of the LMD 100 ranking of Sri Lanka’s leading listed companies, which is primarily based on turnover, every year since the ranking was first published 31 years ago.
Business
Ceylinco Life closes 2024 with 13 awards for financial reporting and brand excellence
Sri Lanka’s life insurance market leader Ceylinco Life has brought 2024 to a close on a victorious note, winning a total of 13 awards, 11 for distinction in financial reporting and two for brand excellence.
The company’s annual report for 2023 received accolades from four prestigious local and international bodies – CMA Sri Lanka, CA Sri Lanka, the South Asian Federation of Accountants (SAFA) and MerComm Inc., the presenter of the prized ARC Awards.
Titled ‘The Core of Trust,’ Ceylinco Life’s integrated annual report for 2023 was recognised as one of the ‘Top 10 Excellent Integrated Reports’ in Sri Lanka at the CMA Excellence in Integrated Reporting Awards 2024, and was adjudged the first runner-up in the Insurance category. CMA Sri Lanka is the national professional management accounting body.
The Annual Report also won the Silver award in the Insurance sector, the Bronze for Corporate Governance Disclosure, and three Certificates of Recognition for Sustainability Reporting, Integrated Reporting and Digitally Transformative Reporting respectively, at the 2024 edition of the CA Sri Lanka Annual Report Awards, now branded the ‘TAGS’ Awards.
Business
Queen’s Hospital Medical Centre Opens in Ratmalana, Offering Affordable and Advanced Healthcare
The newly opened Queen’s Hospital Medical Centre in Ratmalana is revolutionizing private healthcare with state-of-the-art facilities and compassionate services. Equipped with advanced medical technologies, including ultrasound, echo, and X-ray machines, the hospital ensures accurate and timely diagnoses for patients. A team of experienced medical officers, nurses, and healthcare professionals is dedicated to providing exceptional care, said a release.
Patients can access OPD treatments for just Rs. 550, and until 31 January 2025, enjoy a 50% discount on X-rays and hospital charges for ultrasound or echo tests. On 29 January, the hospital will host a special medical camp offering free screenings for cholesterol, diabetes, and heart conditions. Pre-registration is required to secure a spot.
Queen’s Hospital also introduces a daycare service for elderly parents, allowing families to attend to their commitments while ensuring their loved ones are cared for in a safe, professional environment. Serving Ratmalana and surrounding areas like Kalutara, Dehiwala-Mount Lavinia, Moratuwa, and Maharagama, the hospital eliminates the need to travel to Colombo for quality care. Convenient e-channeling services enable patients to choose their preferred doctor and save time and money.
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