Grand Hyatt Colombo to be ready by March 2018
The Sri Lanka Insurance Corporation (SLI) has tied up with Gulf Insurance and Reinsurance Company (GIRI) in Kuwait to offer a comprehensive insurance cover for Sri Lankans employed in the Middle East. Joint Managing Director T. M. R. Bangsa Jayah SLI told the Daily News Business that they are already launching this scheme in Kuwait with GIRI. “It is very successful and we have very positive comments from it.”
He said soon they will be entering the UAE and Saudi Arabian market and the whole of the Middle East would follow. He said that the biggest advantage in this scheme is that the Sri Lanka employee does not have to pay for this insurance.
“When a house maid is being requested from the Gulf, the Employer has to pay for the insurance.The SLI gets a commission and this will further help our bottom line.”
He said that in addition in case of an emergency GITI also pays for litigation and the Sri Lanka employee will get paid in the Gulf itself.
It is estimated that there are over one million Sri Lankan migrant workers employed in the Gulf. Sri Lanka’s expatriate workers, mainly housemaids and unskilled labourers,send back around $7 billion annually.
Asked to comment the Hyatt Hotel he said that it would be ready by 2018 March. “It will have 556 keys including apartments and would consist of 44 floors.” The Brand value of Hyatt will be Rs. 21 billion.
Grand Hyatt Colombo is a project undertaken by Canwill Holdings and is owned by Sri Lanka Insurance Corporation (SLIC), Employees’ Provident Fund (EPF) and Litro Gas Lanka (which is also a subsidiary of SLIC). SLIC has a successful track record of investing in hotels both public and privately held. These include SLIC’s investment in Club Robinson (now known as Club Bentota) which SLIC exited in 2002.
EPF has also turned positive on the tourism sector, and has invested into many hotels. Other projects it has invested in recently include Marriott Weligama.
Hyatt Hotels Corporation is a leading American hospitality company and manages hotels under several brands/categories. ‘Grand Hyatt’ is the flagship brand reserved for large properties in major cities and major holiday destinations
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