UAE tops Port City Colombo’s investor list as South Asia yet to make move

Thursday, 9 July 2026 05:56 - - {{hitsCtrl.values.hits}}

Investors from the United Arab Emirates (UAE) account for 19% of foreign investor interest in Port City Colombo, with Singapore, China, and the UK contributing 13% each, followed by the US (10%) and Australia (9%), according to the project’s latest investor profile.

While the figures point to growing confidence from some of the world’s most internationally connected markets, analysts say they also reveal a notable gap. South Asian countries, particularly India, are yet to emerge among Port City Colombo’s leading investor markets despite the project’s geographic proximity and regulatory advantages.

That presents what Port City officials believe could be one of the development’s biggest growth opportunities.

CHEC Port City Colombo Deputy Managing Director Thulci Aluwihare said the diversity of investor interest reflects growing international confidence in the project, but believes there is significant potential to attract businesses from South Asia.

“When you look at where our investors are coming from, you see mature international markets that are already familiar with doing business across borders. The opportunity now is to build that same level of awareness within South Asia, particularly India, where businesses are expanding globally and looking for internationally competitive platforms closer to home,” he said.

Unlike a conventional commercial development, Port City Colombo operates as an economically ring-fenced Special Economic Zone (SEZ) under the Colombo Port City Economic Commission Act. Businesses benefit from a dedicated regulatory framework, streamlined approvals through a single-window investment facilitator, unrestricted foreign ownership, transactions in 16 designated foreign currencies, and enhanced capital mobility.

For Indian companies in particular, Aluwihare believes the project offers a proposition that extends well beyond real estate.

“We shouldn’t be asking Indian businesses to invest in Sri Lanka simply because we are neighbours. The real proposition is that Port City Colombo provides a platform from which businesses can manage regional and international operations within a globally competitive regulatory environment,” he added.

The project also allows qualifying businesses to remunerate employees in foreign currency, offers long-term fiscal incentives for strategically important investments, and provides access to Sri Lanka’s network of double taxation agreements covering 44 jurisdictions.

Industry observers note that Port City Colombo is more and more positioned with established international business hubs such as Dubai, Singapore, and Abu Dhabi for investment, regional headquarters, and financial services, in addition to traditional property developments.

Aluwihare said the current investor profile demonstrates that international markets have already begun recognising Port City Colombo’s long-term potential.

“The encouraging story isn’t just where today’s investors come from, it’s where these investors could go with their businesses. South Asia remains one of the world’s fastest-growing economic regions, and we believe businesses here stand to benefit enormously from what Port City Colombo has been designed to offer,” he said.