Business
Sri Lanka seeking to boost economic ties with Saudi Arabia
The State Minister of Regional Cooperation of the Ministry of Foreign Affairs, Tharaka Balasuriya, and State Minister of Foreign Employment and Market Diversification, Priyankara Jayarathna, and Delegation undertook an official visit to the Kingdom of Saudi Arabia to promote economic and commercial activity and to attract foreign direct investments to Sri Lanka as well as to boost and enhance employment for Sri Lanka nationals in Saudi Arabia, amongst others. The primary objectives of the State Ministry of Regional Cooperation are to aggrandise and to boost trade, particularly exports, attract investments and expand economic activity with other countries, thus encompassing the sphere of Economic Diplomacy.
During the High-level visit to Saudi Arabia, State Minister Tharaka Balasuriya and Delegation had discussions, meetings, calls and engagements with both the political leadership and with the corporate captains of Industry, amongst others. State Minister Balasuriya had meetings and engagements with the Minister of Investments; Minister of State for Foreign Affairs; Chairman and CEOs of large diversified conglomerates and with leading Business Chambers based in Riyadh, amongst others. Both the Minister of Investments, Khalid Al-Falih, and Minister of State for Foreign Affairs, Adel bin Ahmed Al- Jubeir, expressed and voiced interest to look at Sri Lanka at this critical juncture with great interest and keenness, given the strategic location of the country, the thrust areas that Sri Lanka projects for foreign investors, educated and highly trainable workforce of Sri Lanka and access to a mega market consisting of over 1.8 billion people in South Asia since Sri Lanka has FTAs and multilateral trade arrangements, amongst others. Minister of Investment, whom State Minister Balasuriya met first, immediately scheduled and coordinated a high-profile meeting with corporate and industry leaders of the level of Chairmen and CEOs of some of the largest Business Houses in the KSA. This meeting was attended by nearly 25 top most executives of companies in Saudi Arabia having a combined net market capitalization of well over USD 1.4 trillion. Most of them were keen and eager to consider Sri Lanka as an investment destination and to conduct commercial activity.
State Minister for Foreign Affairs of Saudi Arabia articulated that the large Sri Lankan migrant populace in Saudi Arabia has markedly and manifestly contributed to the advancement and augmentation of the Kingdom, over the years, during the Luncheon hosted by him in the honour of State Minister Balasuriya and Delegation. State Minister Balasuriya placed on record the sincere appreciation and gratitude of the Government and the peoples of Sri Lanka for assistance, cooperation and facilitation as well as aid and grants extended to Sri Lanka, during the last four decades, which have significantly and pointedly contributed in elevating the socio-economic landscape of the country. He further added that Sri Lanka was most grateful and obliged to Saudi Arabia for supporting Sri Lanka in multilateral forums, during the past, mainly at the Human Rights Council.
State Minister Balasuriya met with Ali Al Hazmi, Group CEO, and Board of Directors of a highly diversified and global corporate, Ajlan & Bros Holdings Group. During this meeting, each of the Directors of the Ajlan Group expounded and illustrated their myriad of expertise in realms of power, environment, oil and gas, tourism, logistics, healthcare, education and technology, amongst others. They conveyed their interest to engage, pro-actively, with Sri Lanka, at this critical and seminal cross road of geo-economic and geo-strategic transformation of international business and commerce in the region. State Minister Balasuriya was accompanied by the Ambassador of Sri Lanka to Saudi Arabia P. M. Amza, Additional Secretary of the Ministry Prof. A. Saj U. Mendis and Minster (Commercial) of the Embassy, Sanjeewa Pattiwila, during all engagements and meetings in Riyadh. State Minister Balasuriya and delegation met with LUCID Corporate, which has specialized in manufacture of Electric Vehicles. The Head Office of LUCID is based in California and State Minister Balasuriya discussed the proposition of sourcing graphene from Sri Lanka, since it is a material imperative for batteries for Electric Vehicles, amongst others. Sri Lanka has the purest graphene in the world. Obviously, LUCID expressed palpable interest in this business solicitation.
State Minister Balasuriya had a high-level Forum at the Federation of Saudi Chambers of Commerce, which was attended by a number of prominent and elite industry and corporate leaders. Both State Minister Balasuriya and Ambassador Amza addressed the Forum by accentuating the six thrust areas of Sri Lanka, which were tourism, ICT, pharma, logistics, textiles and minerals, amongst others. State Minister Balasuriya and Delegation had a highly focused meeting with the Chairman and Board of Directors ACWA Power, one of the largest power-generating companies in the world with a value of over USD 65 billion. The Company generates over 40,000 MW of power on an annual basis and is present in over 15 countries. They have already expressed interest in Sri Lanka to construct six solar power projects and two wind power projects at an estimated cost of USD 800 million. Each of these eight projects would generate approximately 100 MW of power and the Company is 50% owned by the Public Investment Fund (PIF) of Saudi Arabia, amongst the five largest Sovereign Wealth Funds (SWF) in the world. The senior executives of ACWA Power were met in Sri Lanka in order to strategize the most efficacious courses of action to execute the project before State Minister Balasuriya left to Saudi Arabia for the two-day visit. During all meetings, calls and engagements, State Minister Balasuriya emphasised and enunciated that this was the best time to establish a business and/or investment presence in Sri Lanka when many other countries, both in the region as well as in Europe and the US, are already present in the country.
State Ministry of Regional Cooperation, Ministry of Foreign Affairs, Colombo
Business
Low-floor buses launched to boost accessible public transport for differently-abled
A new low-floor bus service that gives priority to persons with disabilities and special needs was launched last Tuesday (21) from the Makumbura Multimodal Center (MMC).
The service was inaugurated under the patronage of Minister of Transport, Highways and Urban Development, Bimal Rathnayake.
Accordingly, ten specially designed low-floor buses have been introduced into the transport service today. These buses are specially designed so that wheelchair users, visually impaired passengers and also expectant women can board the bus with ease, the Transport Ministry said.
Each bus has 30 passenger seats and separate seating areas have been allocated for passengers using wheelchairs.
The pilot project operates on routes from Makumbura to Colombo Fort and from Makumbura to Kadawatha. These routes also cover major hospitals including the Colombo National Hospital and the Maharagama Apeksha Hospital.
Speaking at the event, Subject Minister Bimal Rathnayake stated that while these buses prioritize the differently-abled community, they will also provide a comfortable and reliable transport service for all passengers.
He also noted that 122 low-floor buses are planned to be introduced into service before the end of this year, and that in the future the service will be expanded to areas such as Kandy, Batticaloa, Matara and Jaffna.
Business
Nestlé Lanka Announces Change in Leadership
Nestlé Lanka Limited has announced the appointment of Manav Sahni as its Chairman and Managing Director effective 01 May 2026. He will be succeeding Bernie Stefan, who will be transitioning to a new global role within the Nestlé Group. Bernie Stefan led Nestlé’s Sri Lankan operations through a particularly challenging time since 2023 – and has successfully guided the company through a strategic turnaround, positioning it on a axis for sustainable growth.
Speaking on his tenure at Nestlé Lanka, Bernie commented “Leading Nestlé Lanka has been a deeply meaningful chapter in my Nestlé journey. I am grateful to have worked alongside an amazing and resilient team that continues to make a difference for Sri Lankans across the country. On a personal note, it was an amazing opportunity to live on this beautiful island and experience firsthand the openness, warmth and kindness of its people, which has been the highlight of my Nestlé career to date. As Nestlé Lanka marks 120 years of enriching Sri Lankan lives, it is especially humbling to reflect on the role we have played in building on this legacy – positively touching individuals and families, strengthening community partnerships, and advancing our sustainability commitments. I am thankful to my colleagues, partners and stakeholders for their collaboration and trust, and to the wider business community, including through my role as a Board Member of the Ceylon Chamber of Commerce, for the opportunity to reinforce Nestlé’s commitment to responsible corporate citizenship. I leave very confident in the strength of the team and the journey that lies ahead.”
Manav Sahni brings with him over 18 years of experience in the FMCG & Telecom sector. Prior to taking on the role as Chairman and Managing Director of Nestlé Lanka Limited, he has been heading Nestlé’s Dairy business for the South Asia Region, where he expertly managed a highly diverse portfolio, driving sustainable business transformation.
“I am thrilled to take on the role of Chairman and Managing Director of Nestlé Lanka at such a pivotal moment in its journey. Nestlé has been part of Sri Lankan households for generations, and I am excited to work with the team to continue delighting consumers with tasty and nutritious products, while strengthening the positive impact we create through our brands and initiatives.”
Business
Majestic Cineplex Returns Bigger Better and More Immersive
Ceylon Theatres will unveil the newly revamped Majestic Cineplex on the 29th of April 2026, beginning a new chapter for one of Sri Lanka’s best known cinema destinations. Located at Majestic City Colombo, Majestic Cineplex returns with major technology upgrades, enhanced comfort, and a range of premium viewing options, reinforcing Ceylon Theatres’ long standing reputation for raising the bar in cinema entertainment experiences in Sri Lanka. Accordingly, the upgraded Cineplex will be completely open to the public from 29th April 2026 onwards.
For generations of moviegoers, Majestic Cineplex has been a landmark venue in Colombo, and its latest transformation brings together the nostalgia of a familiar name with the excitement of a modern cinema experience. Leading the new screen line up is Majestic Platinum, which introduces Sri Lanka’s first and only digital LED cinema screen. Designed to deliver sharper visuals, deeper contrast, richer colour, and outstanding clarity, the auditorium features a 3D 4K Tricorne LED Cinema Screen together with Dolby Atmos surround sound. Majestic Platinum offers 226 seats, including 18 VIP recliner seats for those chasing a premium cinema experience.
The cineplex also features three additional theatres, each designed to offer a high quality movie experience. Majestic Superior includes Barco 2K projection, 3D capability, and 7.1 surround sound, with seating for 150 patrons. Majestic Ultra features the same advanced projection and audio systems with 149 seats. Majestic Gold offers a more private luxury setting with Barco 2K projection, 3D capability, DTSX surround sound, and 30 leather recliner seats, ideal for those looking for the most premium and exclusive experience.
Patrons can also enjoy an upgraded café experience with freshly prepared and ready to eat food available for purchase at the counter, along with convenience of being served to your seat. The new café experience, together with the upgraded theatres make for a more relaxed, enjoyable, and fulfilling experience for everyone.
Discussing the relaunch, Ganga Rathuvithana, General Manager Operations at Ceylon Theatres said, “Majestic Cineplex has always been a special part of Colombo’s cinema culture, and we are proud to welcome audiences back with an experience that reflects the future of movie entertainment. We have always believed in investing in the best available technology, from introducing Sri Lanka’s first 3D cinema to now launching the country’s first digital LED cinema screen. Our revamped Majestic Cineplex is designed to give movie lovers something truly special.”
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