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Construction industry’s present, challenges and future

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Today, the growth of Sri Lanka’s construction industry has become a hot topic. The housing construction sector in particular has seen rapid growth due to the rise in housing demand as well as government incentives for new housing projects. As office space continues to plummet, skyscrapers and high-rises have begun to mushroom. With the country wide expansion of infrastructural development which includes the massive US$ 40 billion Megapolis development plan, the construction industry is heading for a revolutionary change. In the construction industry, it is imperative to satisfy several key factors such as incorporating high quality raw material, cutting edge technology, skilled labour and a proper regulatory body, to constantly maintain highest quality and standard. Certain factions, engaged in importing and selling substandard cement, have ruined the faith placed by consumers. This has been further affected by the flaws found in standardization process of cement. Cement, sand, metals and steel are key materials used in the construction sector. Even though the construction sector utilize several other materials, these four elements – cement, metals sand and steel that are used for producing concrete –solely ensure the strength and durability of a building. Cement Out of the above mentioned elements, cement is the only material produced inside a factory under special quality controlled means. Only a Cement manufacturing company, who has a 100% local manufacturing facility with fully integrated plant, can maintain consistent quality and standard throughout the process of cement production, this consistent quality cement will lay a strong footing to local Construction industry. If standardization techniques can be further developed parallel to the growth of the local construction sector, the consumers will be able to buy the finest quality cement. It is essential to spread awareness amongst those involved in the construction sector and the general public of the importance of using high quality cement instead of importing and distributing low priced substandard cement. Sand Finding high quality pristine sand is one of the biggest challenges faced by the industry. This type of sand is not only rare but is also priced highly. One of the main reasons for the high price is the lack of resources as opposed to the escalating demands. Moreover, after considering the environmental impact, the government has imposed strict laws on sand mining. Due to this reason, certain individuals have focused on mining inland dunes. However, sand excavated from inland dunes contains higher percentage of cohesive sediment (mud) which exceeds the recommended limits, posing difficulty in controlling cracks and ruptures that may appear in structures made of such concrete.   Under such circumstances, it is imperative for both government and the private sector to intervene into the matter and prevent an imminent collapse in the construction industry. As an alternative, sand can be pumped from the deep sea and can be delivered after controlling salt levels. Currently Sri Lanka Land Reclamation & Development Corporation has taken the initiative on this regard, and with the collaborative supportfrom the private sector, it would be possible to meet the rising demands. Gravel and Sand Extraction of gravel and sand poses great difficulty for construction sector. Even though geographical mapping take place to certain extent, the problem remains unaddressed. Metals As the construction industry expands rapidly, a metal shortage will be imminent. Furthermore, high quality metal with standard sizes will become a rarity as well. With the boom in construction industry, demolition of old constructions takes place more frequently. It is important to devise a plan to recycle and reuse such waste debris following a demolition. For example, Galle Municipal Council has successfully up cycled debris waste and incorporated them in their constructions for more than 10 years. Galle Municipal council has set an ideal example to all other institutions in the country. Reinforcement The increasing demand for reinforcement causes a high competition in the market, which leads manufacturers to sell their products at economic rates. Industrial experts have warned that constructions that incorporate substandard reinforcement are likely to collapse in due course. New Technology Sri Lanka is hesitant about going beyond traditional construction boundaries, and the situation has critically deterred the progress of all sectors including financial management, technology and project management. In order to overcome this situation, the Construction Industry Development Authority should adopt stringent supervision, and uplift the industries with the collaboration of Contractors’ Union. In addition, it is also imperative to apply modern technology to alleviate problems related to raw material. Furthermore, local contractors should be given an opportunity to collaborate with international firms when implementing foreign funded mega projects. Government’s intervention is critical in such instances, which would help local contractors to enhance their knowledge, capabilities and skills. Skilled Labour Currently Sri Lanka is experiencing a shortage in skilled labour. Due to this reason, local contractors find difficulty in meeting project deadlines. According to the Central Bank reports, total value of construction contracts amount to Rs. 15 billion by 1995, while this value has increased to Rs. 200 billion by 2015, denoting a staggering increment of 1233%. However, in contrast to this hike, the skilled labour has only increased by a mere 8%. To overcome this issue, vocational training subjects should be included in the school curriculum from a lower grade, and only teachers with special training should be assigned for the relevant subjects. Even though there are majority of unemployed youth in the country with the potential to draw a higher income in the construction sector, it would be difficult to incorporate the youth without alleviating deep rooted misconceptions regarding the construction industry. The problem can be addressed to a great extent if the public and private sectors implement a joint program to address the issue on a broader perspective, present the recruits with new titles, uniforms, identity cards and offer bank loans while creating an employee-friendly working environment. Regulation of constructions Construction Industry Development Authority (CIDA) is responsible for regulating constructions within Sri Lanka. The institution is also involved in grading and registering contractors, training labourers and determining limitations of raw materials related to the construction industry. However, in its effort to fulfil these responsibilities, the CIDA is observed to have been facing certain issues. As per the 2014 clause 33 of the Construction Development Act, CIDA has been vested with the powers to properly regulate construction industry. However, the institute has not been able to perform as expected due to the lack of funds exclusively specified in the same Act. Once the shortcomings are resolved, regulatory measures can commence. And the National Construction Association of Sri Lanka (NCASL) is ready to extend its fullest support at all times towards any task that supports the development of the construction industry. Photo Caption: Athula  Galagoda, Chairman of Sri Lanka Construction Association

Sri Lankan shares post near 6-week closing low

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Reuters – Sri Lankan shares fell for the sixth straight session on Monday to post a near six-week closing low, but brokers said the slide is slowing down.

The Colombo stock index fell just 0.08 percent to 6,664.12, but it marked the lowest close since June 13, and its ninth fall in 10 sessions.

“The market came down over the last few days due to profit taking, but it looks like the profit taking has come to an end and the market is consolidating at these levels,” said Dimantha Mathew, head of research, First Capital Holdings.

Foreign investors bought shares worth a net 195.5 million rupees ($1.27 million) on Monday, extending the year-to-date net foreign inflow to 25 billion rupees.

Turnover was 502.6 million rupees, less than this year’s daily average of around 907 million rupees.

Shares of Hemas Holdings Plc fell 1.8 percent while Ceylon Cold Stores Plc closed 1.14 percent weaker.

Ceylon Institute Of Builders Honours LANWA with Green Building Certification

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Yet another accolade for its stance on sustainable development and becomes the 1st Steel Re-bar manufacturer to win this prestigious award. LANWA which have secured the green mark certification from the CIOB is the  largest steel manufacture in Sri Lanka for years time and it has earned the largest market share in the local steel market. LANWA  also boost the concept of ‘Towards a green Sri Lanka’ for the forthcoming Construction. By awarding,  the initiative taken and the keen interest shown by the LANWA  regarding the green concept were deeply appreciated. Ceylon Institute of Builders (CIOB) was established in 1961 by a most illustrious group of engineers and builders of Sri Lanka. It was a very active organization which contributed cohesive systems to the construction industry. The Ceylon Institute of Builders (CIOB), the premier professional body, offer the coveted CIOB Green Mark award certification  to further promote green buildings, green building products and green building services which actively help green constructions in the country, the green buildings concept in Sri Lanka.. The CIOB –  prestigious award ceremony was held in Colombo last week. Minister of Science, Technology and Research, Hon. Susil Premajayanth was the Chief guest of the ceremony. The award ceremony organizing annually with the core objective of giving a motivation to promote green building concept in Sri Lanka and also to appreciate the achievements of international benchmark quality standards.

Sri Lanka Economic Summit 2017 kicks off today

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The two-day Sri Lanka Economic Summit 2017 will be inaugurated this morning with the participation of Mr. Sanjeev Sanyal, The Principal Economic Adviser to the government of India, Dr. Indrajit Coomaraswamy, Governor of the Central Bank of Sri Lanka, Honorable Eran Wickramaratne, The State Minister of Finance, Dr. Harsha De Silva, Deputy Minister of Economic Planning and Mr. Rajendra Theagrajah, Chairman of the Ceylon Chamber of Commerce,.

The two-day event, which is the country’s foremost economic summit and organized for the 17th consecutive year will be held under the title of ‘Execute – Transform – Realize’.  Eight thematic sessions will be conducted during the summit, while the inaugural session will be held under the title of ‘Accelerating Growth and Pushing for Performance’.

Over 50 resource persons, consisting of high profile cabinet ministers, policy makers, business leaders and academics will take their seats to share insights and also make recommendations on how Sri Lanka can transform its economy to realize its true potential by right execution of plans.

17 foreign speakers, leaders in their respective fields will bring in an international perspective to summit discussions, which will be held at the Cinnamon Grand Hotel, Colombo.

In a message sent to the summit, Honorable Mangala Samraweera, the Minister of Finance and Mass Media said “In its 17th successive year, the Summit organized by the Ceylon Chamber of Commerce has consistently provided a forum for the generation and debate of new economic thinking and insights that help shape the national economic agenda”.

He also said, “I have always been impressed by the very high standards of intellectual debate at the sessions, whilst at the same time being grounded in practical reality and offering workable solutions”.

The summit will see the attendance of 400 participants and the majority consists of high profile corporate executives, senior public sector officials, academics and also sectoral representations.

Sunshine Holdings PLC comes in as the Platinum Sponsor of the event, Standard Chartered Bank enters the fray as the Gold Sponsor, Fonterra Brands as the Silver Sponsor and Dialog Axiata is the Telecommunications Partner. Whilst Janashakthi Insurance, Prima Group, Nestle Lanka, GS1 Lanka and Sri Lanka Convention Bureau join in as the strategic partners. Echo Wave comes is the Digital Events Platform Partner and OMD of OmniCom MediaGroup is the communications partner.

Bond commission’s term extended

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President Maithripala Sirisena has decided to extend the term of the Presidential Commission of Inquiry to investigate and Inquire into the Issuance of Treasury Bonds. The President has further enlarged the time by three months to submit the report of the issuance of Treasury Bonds from July 27 to October 27, 2017. The relevant gazette notification on the term extension is expected to be issued today (25). This is the second time that the commission’s term has been extended. The commission was initially due to conclude its proceedings on the April 27, but was extended till the July 27.

IFC Partners with Commercial Bank of Ceylon to Improve Access to Green Financing in Sri Lanka

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IFC, a member of the World Bank Group, is partnering with Sri Lanka’s Commercial Bank of Ceylon (CBC) to help the bank increase investments in local companies focusing on renewable energy and energy-efficiency projects.   IFC will help Commercial Bank develop a green-finance business—an emerging field in which banks provide credit to support a broad range of projects covering energy efficiency and renewable energy, cleaner production, green buildings, and resource efficiency, among others.   “There is substantial untapped potential in Sri Lanka for investments in green-energy projects,” said Jegan Durairatnam, Managing Director of Commercial Bank. “This work is part of our broader strategy to help clients mitigate climate-change risks and contribute to a cleaner, more sustainable environment.”   While Sri Lanka is a country with high electrification coverage, up to 70 percent of the country’s power requirement is met by thermal power. Tapping into increasingly feasible renewable-energy sources will help minimize overdependence on fossil fuel sources.   “We continue to strengthen our partnership with Commercial Bank as we partner with them on an initiative to build their green-finance portfolio,” said Amena Arif, IFC Country Manager for Sri Lanka and Maldives. “Investments in energy and resource efficiency are not just good for the environment, they are also good for business since they help reduce energy consumption, drive down costs, and make businesses more competitive.”   IFC’s Green-Finance Program is a global program that aims to increase private sector investments in green projects, including energy efficiency and renewable energy, by increasing banks’ capacities and confidence to lend to green projects through investment and advisory support. Over the last 15 years, IFC has worked with more than 125 financial institutions in 35 countries, to provide over $20 billion of private sector financing.   Commercial Bank has been in the forefront of promoting green finance facilities and offers special terms for both businesses and consumers on investments made on green projects.   Sri Lanka is a priority country for IFC. IFC’s committed portfolio in Sri Lanka covers projects across a range of sectors, including infrastructure, tourism, renewable energy, finance, and healthcare. IFC also provides advisory services to promote sustainable growth among small and medium enterprises by facilitating access to finance and by offering capacity-building and training opportunities.

Exclusive: Sri Lanka’s cabinet ‘clears port deal’ with China firm after security concerns addressed

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Reuters – Sri Lanka’s cabinet cleared a revised agreement for its Chinese-built southern port of Hambantota on Tuesday, the government said, after terms of the first pact sparked widespread public anger in the island nation.

The port, close to the world’s busiest shipping lanes, has been mired in controversy ever since state-run China Merchants Port Holdings , which built it for $1.5 billion, signed an agreement taking an 80 percent stake.

Under the new deal, which Reuters has examined, the Sri Lankan government has sought to limit China’s role to running commercial operations at the port while it has oversight of broader security.

Chinese control of Hambantota, which is part of its modern-day “Silk Route” across Asia and beyond, as well as a plan to acquire 15,000 acres (23 sq miles) to develop an industrial zone next door, had raised fears that it could also be used for Chinese naval vessels.

Sri Lankans demonstrated in the streets at the time, fearing loss of their land, while politicians said such large scale transfer of land to the Chinese impinged on the country’s sovereignty.

Details of the new agreement have not yet been made public. But according to parts of the document seen by Reuters, two companies are being set up to split the operations of the port and allay concerns, in India mainly but also in Japan and the United States, that it won’t be used for military purposes.

China Merchants Port Holdings will take an 85 percent stake in Hambantota International Port Group that will run the port and its terminals, with the rest held by Sri Lanka Ports Authority. The company’s capital will be $794 million.

A second firm, Hambantota International Port Group Services Co, with capital of $606 million, will be set up to oversee security operations, with the Sri Lankans holding a 50.7 percent stake and the Chinese 49.3 percent, according to the document.

China Merchants Port Holdings also agreed to reduce its stake in the joint venture running the commercial operations of the port to 65 percent after 10 years, the document says.

“The cabinet approved the deal and now it needs parliament approval. We will send it for approval this week,” cabinet spokesman Dayasiri Jayasekera said.

He didn’t provide details. A Chinese embassy spokesman said it had no comment to make on the deal. A source close to the Chinese Embassy in Colombo said both sides had reached a compromise and that Sri Lanka’s concerns had been addressed.

“They emphasised that they wanted to maintain balanced relations with other countries. But the deal is still beneficial for China in terms of revenue,” the source said.

The latest agreement relates to the port while the pact for the industrial zone will be handled separately, Sri Lankan officials said.

Two Sri Lankan sources familiar with the deal said the Sri Lankan Ports Authority would have the right to inspect ships entering Hambantota.

“Sri Lanka will have control over port activities including security, which various parties have raised concerns over earlier,” one source told Reuters. “The agreement clearly says no military ships will be allowed in the port.”

New Delhi in 2014 was alarmed when a Chinese submarine docked in Colombo, where another Chinese firm is building a $1.4 billion port city on reclaimed land.

India has long considered Sri Lanka, just off its southern coast, as within its sphere of influence and sought to push back against China’s expanding maritime presence. In May, Sri Lanka turned down a Chinese request to dock a submarine.

New Primary Issuance System for Treasury Bonds

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The Central Bank of Sri Lanka will introduce a new primary issuance system for Treasury bonds (T-bonds). Effective from July 27, 2017, the new system replaces the existing fully auction based issuance system for T-bonds, that has been in practice since February 2015. The main purpose of introducing the new system is to further enhance the efficiency and transparency of the domestic borrowings of the Government. The new system is more structured and includes regular monthly T-bond auctions. Each monthly auction offers two T-bond series of different maturities and tenures of the series are expected to match the resource availability in the market. Issuance under each series takes effect in three or less sequential phases depending on the outcome of each preceding phase. Phase I explores issuance of the entire announced volume in a competitive multiple price auction system through reasonable market bids. However, in the event of any under allocation at Phase I, the Phase II opens for voluntary, volume based bidding. Issuance under Phase II is made at Weighted Average Yield Rate (WAYR) determined at Phase I and is limited to any under allocation at Phase I vis-à-vis the offered amount. If oversubscribed, issuance at Phase II takes effect proportionate to performance of auction participants at Phase I. All Primary Dealers (PDs) and other authorized participants at primary issuances are eligible for submission of bids under Phase II. At Phase III, any under allocation at Phase I and Phase II, if any, is issued on a mandatory basis at WAYR only among PDs. However, execution of Phase III will only be limited to instances where accepting 60 per cent of the offered amount in minimum at Phase I. Issuance at Phase III to any PD is inversely proportionate to its ratio of success at Phase I and Phase II. In addition, a new performance review mechanism will be introduced to assess the effective participation of PDs. Meanwhile, in order to improve the investment planning of PDs and investors at large, a quarterly T-bond auction calendar will be published in the Central Bank of Sri Lanka website in advance.  

Sri Lankan shares hit 6-week closing low

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Reuters – Sri Lankan shares closed marginally weaker for a seventh straight session on Tuesday, but analysts expect sentiment to turn positive following cabinet approval for a Chinese-built port.

The Colombo stock index fell 0.03 percent to 6,662.34, marking its lowest close since June 13, and its tenth fall in 11 sessions.

Sri Lanka’s cabinet cleared a revised agreement for its Chinese-built southern port of Hambantota on Tuesday which will bring in around 1 billion dollar investment, after terms of the first pact sparked widespread public anger in the island nation.

“With the cabinet approval granted for the port deal and exchange control bill presented to parliament today, we might see some positive sentiment returning to the market,” said Dimantha Mathew, head of research, First Capital Holdings

Sri Lanka parliament on Tuesday debated a new exchange control bill.

Foreign investors bought shares worth a net 47.2 million rupees ($307,592.05) on Tuesday, extending the year-to-date net foreign inflow to 25 billion rupees.

Turnover was 359.8 million rupees, well below this year’s daily average of around 903 million rupees.

Shares of Ceylon Tobacco Company Plc fell 0.9 percent.

Fuel distribution declared an essential service

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The fuel distribution has been declared an essential service from midnight yesterday by a gazette notification and the government informs all the employees related to fuel distribution to immediately report for work.
When an essential service situation is declared, those who are not reporting to the service are considered as people who have left their jobs. In addition, the government informs the bowsers can collect fuel from stores as the government has already restored the fuel distribution.

PGC announces financial results for Q1 , F18.

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Piramal Glass Ceylon PLC has announced its results for the 1st Quarter of FY 2017-18 with Rs. 1,403 million of Revenue & Rs. 105 million of Profit After Tax showing a marginal decline when compared with the profitability of FY 2016-17 1st Quarter. The sale during the 1st three months of FY2017-18 was Rs. 1,403 million, which reflects a de-growth of was 17% when compared to the similar period of previous year The Domestic sale stood at Rs. 1,084 million as against Rs. 1,346 Million of the similar quarter of the previous year, reflecting a de-growth of 19%. A dip in the overall domestic market was experienced which impacted the sales in all segments. The Export sales for the quarter was at Rs. 319 million as against the Rs. 338 million received in the similar quarter of the previous year. The major decline in the export market was from export to India due to the changes in the tax structure with the announcement of GST implementation country wide. All other Geographical locations namely Australia, USA & Canada have showed positive growth figures during the period under review. Amidst the adverse sales impact the company showed marked improvement in its profitability indicators. The Gross Profit during the quarter under review was 25% as compared to 18% in the similar quarter whilst the operating profit moved up to 15% from 9% of the previous year. The incremental operational profit margin improvement was possible due to the reduction of trading sales. With the new facility now well stabilised the domestic market is being supplied mainly with in house manufactured bottles which has replaced the imported bottles. Last year due to capacity constraints a considerable portion of the domestic sale was done thru imports. Even though the operating profit has increased The Profit After Tax was subdued & PBT was effected due to the high interest cost resulting from the Long Term Loan of Rs. 3Billion borrowed for the funding of the project. The operations during the quarter were impacted by the heavy floods which occurred during the latter part of May. Though the company premises itself was not affected but access roads went under water hampering transportation of Raw Material & Energy & the despatch of bottles. Several customers’ premises & operations were also affected due to the floods which resulted in the off take and consumption of bottles. Further it is a very much a concern to note that the Ceylon Petroleum Corporation has not revised the rates of Furnace oil for past four years. The crude oil prices which hit a US$ 120 a barrel in 2011 is now hovering below US$50 since last four years and as at date is more than 50% reduction in the prices. Yet the corresponding Furnace oil prices has not been addressed accordingly. This state of affairs is affecting our competitiveness in the international market. The company has been requesting the government to introduce a formulae pricing based on international crude oil price which will be a fair transparent pricing mechanism.

UN’s Target 9.2 framework coming to Lankan industries

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UN’s specialized agency for industrial development is to usher Inclusive and sustainable industrialization framework to Sri Lanka. The new initiative of United Nation’s Industrial Development Organisation (UNIDO) is part of a vast array of strategic interventions under the Sustainable Development Goals (SDGs) agreed globally in 2015.   “SDG 9 involves the three I’s-Infrastructure, Industrialization and Innovation” said the visiting New Delhi based UNIDO Regional Representative Rene Van Berkel on 25 July in Colombo. UNIDO Representative Van Berkel was in discussion with the Minister of Industry and Commerce of Sri Lanka Rishad Bathiudeen on 25 July in Colombo. Joining the meeting were Head of UNIDO focal point office in Sri Lanka Nawaz Rajabdeen and Senior Advisor to Minister Bathiudeen Himali Jinadasa.   “SDG 9 focuses on building resilient infrastructure, promoting inclusive and sustainable industrialization and fostering innovation” said UNIDO Representative Van Berkel and added: “UNIDO has a long history of partnering with Sri Lanka. In recent times, it partnered in renewable energy and environment and waste management and cinnamon quality and trade promotion. Future interventions for Sri Lanka we aim to structure around inclusive & sustainable industrial development and investment, including SMEs. SDG9.2 (referred to as Target 9.2) promotes sustainable industrialization and raise industry’s share of employment and gross domestic product, and in in least developed countries, double industry share.  SDG 9 can assist proposed industrial reforms as per the vision of the Government of Sri Lanka. We can work on new industrial parks and also on sub-sectors of the economy-such as agri-business and farmer markets, farmer produce collection and storage, food processing and packaging, exports and stronger industry linkages to exports such as leather production.”   Minister Bathiudeen, responding to UNIDO Representative Van Berkel thanked UNIDO’s ongoing support to the country’s industrial development. “We are already working on some of the sub sector activities that you plan on-such as leather production and tannery upgrades. Still, I believe that we need to jointly develop an Industry Development Blueprint as part advancing UNIDO’s next country development program for Sri Lanka. This is a continuation of its tradition of support to our Five Year Industrial Development Plan introduced earlier. I commend UNIDO’s assistance in the setting up of National Cinnamon Training Academy of Sri Lanka for Lankan cinnamon industry which aims to go for $1 Bn exports, the pilot Good Manufacturing Practices (GMP) certification for cinnamon, and support for our renewable energy efficiency enhancement. These are more recent development in a support journey that began way earlier. Therefore we welcome SDG 9 introduction to our industries in your new strategic intervention. The industry reform vision of our Unity Government aims at taking our industries to next level such as robotics and high value addition manufacturing, where UNIDO’s support could help us greatly.”   UNIDO is UN’s specialized agency for industrial development.  During his first visit to Sri Lanka in February 2015, UNIDO Director General Li Yong hinted of bigger plans for UNIDO’s Sri Lanka operations in his meeting with Minister Bathiudeen. “Let me stress that it is time that Sri Lanka receives a fully-fledged UNIDO country programme. Sri Lanka is a very important member of UNIDO. The long history of national and international engagement by Sri Lanka is very commendable” DG Yong said.   From Left: Himali Jinadasa- Senior Advisor to Minister Bathiudeen, New Delhi based UNIDO Regional Representative Rene Van Berkel, Head of UNIDO focal point office in Sri Lanka Nawaz Rajabdeen meet Minister of Industry and Commerce Rishad Bathiudeen in Colombo on 25 July.  

Shangri-La Hotels Lanka‘s “The Mall at One Galle Face” signs mega deal with Odel

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Shangri-La Hotels Lanka Pvt Ltd has inked an agreement to partnership with Odel, Sri Lanka’s premier fashion and lifestyle department store owned and managed by ODEL PLC, a subsidiary of Softlogic Holdings PLC. The Mall at One Galle Face is part of a mixed development project comprising a 450-room hotel, 390 luxury apartments and 38 levels of office tower space. Targeting to open in June 2019, The Mall at One Galle Face boasts 490,000 square feet of net lettable space in the heart of Colombo, and will provide an exclusive retail offering to shoppers. Comprising 7 floors, it will boast a 9-screen cinema hall, a 17,000 square feet food court that will bring the best of local street food and international cuisines together, a gourmet super market, and close to 300 units of retail, entertainment and dining options to suit a wide variety of preferences. The Mall at One Galle Face will be a one-stop shopping destination for the whole family, and will bring beloved home grown brands together with renowned international brands under one roof. We are now seeking interesting concepts and ideas for The Mall at One Galle Face. Odel Department Store, among the first of these retail partners, will occupy three levels within The Mall whilst a regional cinema operator will be occupying Level 6 of the mall. Mr Ashok Pathirage, Chairman of Softlogic Holdings PLC said: “We are delighted to partner with Shangri-La on this momentous occasion and open the Odel department store within its premises. Shangri-La is no stranger to luxury and we see a perfect fit in extending their guests with a unique and unparalleled shopping experience requisite with the best of both local and international fashion brands. With tourism set to grow in leaps and bounds in Sri Lanka, Odel is fully geared to tap into the growth opportunities that are opening up and we are very confident and invigorated that this partnership would reap great results for both parties.” Mr Wilfred Woo, Executive Director of Shangri-La Hotels Lanka Pvt Ltd, said: “We are indeed thrilled to have Softlogic Holdings PLC’s Odel Department Store to be among the first of these retailers to partner with us. As the leading department store operator in Colombo, Odel is a good fit for the mall as it understands the local as well as international needs and behaviour of its shoppers. We have also confirmed the cinema operator, details of which we will be releasing soon. We see immense growth potential in Colombo and are excited to be part of this growing emerging economy. We look forward to a successful partnership providing the best of retail, dining and entertainment that Sri Lanka has to offer, all within one exclusive address.” Caption: Mr Ashok Pathirage, Chairman of Softlogic Holdings PLC and Mr Wilfred Woo, Executive Director of Shangri-La Hotels Lanka Pvt Ltd commemorate the partnership between Odel and The Mall at One Galle Face.

Spa Ceylon wins big at World Luxury Spa Awards 2017

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Global Winner Best Luxury Ayurveda, Continent Winner Best Luxury Spa Group & Regional Winner Best Luxury Urban Escape Spa Ceylon, the world’s largest luxury Ayurveda chain, yet again stamped its global dominance in the segment by clinching 3 major awards at the prestigious World Luxury Spa Awards 2017 annual gala held in Hanoi, Vietnam. Clinching global awards for the 3rd successive year, this year saw Spa Ceylon winning the global award for best luxury Ayurveda spas, the continent award for best luxury spa group & the regional winner for best luxury urban escape. The World Luxury Spa Awards is acknowledged as the world’s foremost platform for recognizing excellence in the global spa industry, which spans 140 countries and sets the benchmarks in quality, innovation and service for spas around the globe. It is established as the world’s leading Awards initiative for luxury spas. Awards are presented on a country, continent and global basis based on the votes and evaluation of global spa-goers and industry experts. The winning spas are considered the top tier of the international luxury spa industry and are promoted globally by the World Luxury Spa Awards. Commenting on the award, Shiwantha Dias, Managing Director, Spa Ceylon stated, “We are truly honoured to be recognized for the 3rd consecutive year. These awards help reinforce our brand leadership and will further strengthen our international expansion”. Co-founder & Director Shalin Balasuriya stated “these awards are a reflection of the continued commitment of our team to create exceptional experiences for our clientele. Our brand promise is built around a royal indulgence and making our customers feel like royalty and we value the efforts of our team that work toward exceeding customer expectations at every point”. Continuing their rapid international expansion, 2017 will see Spa Ceylon opening 10 more new spas in locations in Lucknow & Bangalore in India; Kuala Lumpur in Malaysia; in the Maldives and further expansions across Sri Lanka in Kandy, Galle, Colombo and Negombo. New standalone boutiques are planned in Saigon, Vietnam; Kuala Lumpur, Malaysia; Istanbul, Turkey; Gold Coast, Australia and Nicosia, Cypress.  In total, the second half of 2017 will see more than 20 new doors opening, growing the Spa Ceylon presence to more than 80 branded locations internationally. With their products now approved for sale in the European Union, the brand is planning a European roll-out in Italy & Eastern Europe next year, while further expanding their Asian footprint with new market openings in China, Indonesia, Philippines, Taiwan & in other existing markets, to reach their targeted 100 worldwide Spa Ceylon locations in 2018. Founded in May 2009 by brothers Shiwantha Dias and Shalin Balasuriya, ‘Spa Ceylon’ has fast become a dynamic force in the global luxury wellness sector and has taken its luxury Ayurveda brand to the world, with a global presence of nearly 60 branded stores & spas situated in Ginza, Tokyo, Japan; Melbourne, Australia; Singapore; Seoul & Ulsan in Korea; Kuala Lumpur, Malaysia; Istanbul, Turkey; Mumbai, Chennai, Goa & Hyderabad in India; Karachi, Pakistan and across Sri Lanka. Spa Ceylon also operates in Kiev, Ukraine, Nicosia, Cyprus & the Maldives. Spa Ceylon captures the romance of old Ceylon combined with ancient Ayurveda wisdom to create their range of majestic spa rituals & royal spa formulae designed to soothe, calm & relax the body, mind & soul. Spa Ceylon now produces over 450 all-natural Ayurveda inspired personal care, wellness & home aroma products. Their complete range comprises prestige skin, body, bath, scalp & hair care preparations, oils, balms & potions, home aroma blends, candles, diffusers, incense, herbal infusions & teas, handmade stoneware, bath accessories & a range of tropical resort wear. Photo Captions : Spa Ceylon Directors Shiwantha Dias & Shalin Balasuriya receiving the global award for Best Luxury Ayurveda Spas at the Awards Gala in Hanoi Vietnam.

Colombo Coffee Company promotes ‘Coffee Culture’ at Hotel Show and National Barista Championship 2017

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Coffee was once a thriving cultivation in Ceylon. The British began large scale commercial production and by 1860, the country was amongst the major coffee-producing nations in the world. Decades later “coffee” is being revived and at the forefront of is the Colombo Coffee Company. Sri Lanka’s premier total coffee solution provider the Colombo Coffee Company (CCC) holds the franchise for Italy’s favourite Lavazza Coffee and recently was the “Official Coffee Partner” for the 12th Hotel Show 2017 which was held at BMICH from the 30th June – 2nd July. The Hotel Show is one of the largest gatherings of the hospitality sector in South Asia and draws many buyers from hotels, restaurants and cafes in the region. It also serves as a platform for suppliers to display the latest and best of their products and services. CCC, the preferred coffee partner for the best known hotels in Colombo also introduced a 100% locally produced coffee brand at the event. “Toscana Ceylon” is roasted to an Italian recipe and strives to give “Sri Lankan Coffee” a new identity. This venture supports more than 50 families directly involved in coffee cultivation, and hundreds of others involved indirectly. It also strives to empower women entrepreneurs and educate children in these plantations to uplift their living standards. Speaking at their colourful stall at the Hotel Show General Manager of the Colombo Coffee Company Lien Keerthisinghe noted, “The Colombo Coffee Company is proud to be at the forefront of reviving the coffee industry in Sri Lanka. As the complete coffee solutions provider for the hospitality industry, we are striving to also extend a brand new coffee culture to the nation. Toscana Ceylon is our first project that gives a lease of life to the local farmers while our partnership with the Hotel Show and National Barista Championship shows our commitment to uplifting an entire industry.” Speaking further on the exponential growth of the brand Keerthisinghe added, “As the authorized agent for world-class Lavazza coffee in Sri Lanka CCC has held a strong position in the market for the last 7 years. With recent rebranding we have also expanded into many new areas and introduced products that truly makes us the coffee specialist in Sri Lanka” The coffee specialist in Sri Lanka partnered with the Hotel Show for the fourth consecutive year  as the “Official Coffee Solutions Partner”. The stall promoting complete coffee solutions drew enthusiastic crowds from the hotel industry and households alike. Coupled with a coffee knowledge centre that enlightened visitors on the benefits of coffee and the products that make it easier to enjoy your favourite drink, the Colombo Coffee Company also displayed some of their latest wares. Among the key highlights showcased at the Hotel Show, in addition to world famous Lavazza coffee were leading machine brands such as La Cimballi, Nuova Simonelli, WMF and Gaggia etc. Not limiting themselves to coffee alone, some of the new products also included freshly brewed bulk iced-tea for a refreshing break to Sri Lanka’s wavering heat and an Italian Gelato machine that makes home-made ice cream a breeze. Colombo Coffee Company was also the official sponsor of this year’s National Barista Championship that was held in conjunction with the Hotel Show. Six world-class Baristas chosen from the cafes, hotels and restaurants in Sri Lanka for their skill and expertise, used Colombo Coffee Company’s high quality coffee and machines to show-off their skills. To ensure that World Barista Championship standards were adhered to, Colombo Coffee Company also flew down internationally acclaimed coffee connoisseurs to judge the competition. Free training and free coffee was also provided to the participants. Thuwan Surajdeen from the Barista coffee-house chain brewed his way to victory and received a Gaggia professional espresso machine worth 100,000 rupees from the Colombo Coffee Company. He will now be prepped and prepared for the Asian Barista Championship to be held in Singapore later this year. Photo caption: (Above) The Colombo Coffee Company Stall at Hotel Show 2017

Easy Gelato Machines (left) and Walter’s Bay Iced-Tea


Etihad Airways introduces next-generation Boeing 787 between Abu Dhabi and Beirut

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  • Upgrade to wide-body 787 Dreamliner provides significant capacity increase on key route
  • Aircraft features industry-leading, award-winning cabins
  • Acclaimed Flying Nanny service now available on 787 Dreamliner flights to Beirut
Etihad Airways today introduced the Boeing 787-9 on its scheduled daily service from Abu Dhabi, the capital of the United Arab Emirates (UAE), to Beirut, Lebanon. The new 787 Dreamliner service replaces the Airbus A321 aircraft previously operating the airline’s EY535/EY538 flights to and from the Lebanese capital. The Boeing 787-9 features Etihad Airways’ next-generation Business and Economy Class cabins and is configured with 299 seats – 28 Business Studios and 271 Economy Smart Seats. Mohammad Al Bulooki, Etihad Airways Executive Vice President Commercial, said: “Beirut was the first international destination served by Etihad Airways in 2003 and it is fitting that we introduce the state-of-the-art 787 Dreamliner to this key market today. “The new two-class 787-9 provides an increase of 125 seats per flight, with 4,186 weekly seats now offered in both directions. This reflects the strong demand to Lebanon from Abu Dhabi and the entire UAE, where a large Lebanese expatriate community resides. “Additionally, a significant proportion of our customers travelling to Lebanon originate in Australia, home to a considerable Lebanese Australian community, with the vast majority based in the Sydney area. They can now enjoy an upgraded, seamless flying experience, connecting from A380 services via Abu Dhabi onto 787 Dreamliners onwards to Beirut.” The Boeing 787 is the backbone of Etihad Airways’ modern fleet of aircraft, boasting innovative, award-winning cabin designs and products, complemented by the airline’s acclaimed service and hospitality offering, which on Beirut flights now includes a Norland approved Flying Nanny in Economy Class to provide extra specialised care for families with young children. The Business Studios offer direct aisle access, a fully-flat bed of up to 80.5 inches in length, and an increase of 20 per cent in personal space. Upholstered in fine Poltrona Frau Leather, the Business Studio is equipped with an in-seat massage and pneumatic cushion control system which enables guests to adjust the firmness and comfort of their seat. Each Business Studio has an 18-inch personal touch-screen TV with noise-cancelling headsets. Guests can also enjoy mobile connectivity, onboard Wi-Fi and seven satellite channels of live TV. Economy Smart Seats provide enhanced comfort with a unique ‘fixed wing’ headrest, adjustable lumbar support, a seat width of approximately 19 inches and an 11.1” personal TV monitor on each seat. The aircraft has been designed with enhancements including humidity controls while air pressure levels are set to ensure a smoother flight, allowing guests to arrive feeling fresher. The airline’s Boeing 787 fleet is equipped with the latest inflight entertainment system featuring over 750 hours of movies and programmes, as well as hundreds of music choices and a selection of games for both adults and children. Boeing 787 schedule to Beirut, Lebanon, effective 25 July 2017: Flight   Origin               Departs            Destination      Arrives            Frequency       Aircraft EY 535  Abu Dhabi      09:20                Beirut               12:35                Daily                Boeing 787-9 EY 538  Beirut              14:20                 Abu Dhabi      19:20                Daily                 Boeing 787-9 To meet peak season demand, Etihad Airways will add four extra weekly frequencies to Beirut, between 2 August and 10 September 2017, operated by an Airbus A320 aircraft on Monday, Wednesday, Friday and Sunday. About Etihad Aviation Group: Etihad Aviation Group (EAG) is a diversified global aviation and travel group comprising five business divisions – Etihad Airways, the national airline of the United Arab Emirates, Etihad Airways Engineering, Etihad Airport Services, Hala Group and Airline Equity Partners. The group has minority investments in six airlines: airberlin, Air Serbia, Air Seychelles, Alitalia, Jet Airways and Virgin Australia. From its Abu Dhabi base, Etihad Airways flies to, or has announced plans to serve, more than 110 passenger and cargo destinations in the Middle East, Africa, Europe, Asia, Australia and the Americas. The airline has a fleet of over 120 Airbus and Boeing aircraft, with 204 aircraft on firm order, including 71 Boeing 787s, 25 Boeing 777Xs, 62 Airbus A350s and 10 Airbus A380s. For more information, please visit: etihad.com

Etihad Airways Flying Nanny

Etihad Airways 787 Business Studio

Hayleys Puritas Sathdiyawara delivers clean water to Meegassegama and Pahala Kedithokkuwa

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 ~ Sath Diyawara reaches a total of 18 villages, providing 33,000 people with 130,000 liters of drinking water, daily Continuing to expand to create a positive impact on the nation’s growing CKD concern, the Hayleys Group’s – Puritas Sath Diyawara endeavour has now extended its clean drinking water project with two more Reverse Osmosis plants. One plant was recently installed in Meegassegama, Thalawa, sponsored by Alumex PLC The second plant was installed in Pahala Kedithokkuwa, Nochchiyagama, sponsored by Hayleys Agriculture, where in addition to the RO Plant, a mixed cultivation of fruits and moringa was also initiated with the expertise of Hayleys Agriculture, in the 1 acre land owned by the CBO (Community Based Organization) of Pahala Kedithokkuwa. Both villages were also gifted with a knowledge hub, each consisting of computers with internet access and a library. These projects are the second villages which both Alumex and Hayleys Agriculture have committed to, thereby further strengthening their long-term pledge to this cause. Speaking at the event, Managing Director of Alumex PLC, Mr. Rohan Peris commented, “This is the second Sath Diyawara village which we have adopted. As part of the Hayleys Group, we strongly believe in how Puritas Sathdiyawara has benefitted these marginalized people, and we have seen firsthand, how providing clean drinking water to CKD afflicted areas has resulted in reduction and reversal of the illness. This encourages us to continue investing in this cause to save more affected lives as well as the lives at risk.” Addressing the gathering, Ms. Jayanthi Dharmasena, Deputy MD of Hayleys Agriculture stated that Hayleys Agriculture is committed to uplifting rural livelihoods of the community, and that this initiative is an extension of their holistic CSR strategy.  Mr. Rizvi Zaheed, Managing Director, Hayleys Agriculture commenting on the project, stated, “While this is the 2nd RO plant which we have commissioned, we have also added to the initiative by supporting the livelihood of the villagers by sharing our expertise and knowledge on agricultural best practices to support them with the cultivation of fruits and moringa on an acre of land. We will continue to support Sath Diywara which is our Group’s flagship CSR project.” The village of Meegassegama in Thalawa, is home to 2500 people with 76 confirmed CKD patients. While Pahala Kedithokkuwa in Nochchiyagama with a resident population of over 2,097 has 60 CKD patients. Both villages face one common problem – lack of clean drinking water and a growing number of people suffering from Chronic Kidney Disease (CKD) of which collectively over 200 cases are under investigation for suspected CKD. Each village was fitted with a Centralized Water Treatment plant, including a Plant house, an RO treatment system with a capacity of 10,000 liters a day and water storage cum distribution tower. And a water distribution and delivery mechanism consisting of two wheeler tractor pulled bowser (of 1, 000 liters) and 10 docking stations of 1, 000 liters each. Elaborating further, Managing Director, Haycarb and Puritas, Mr. Rajitha Kariyawasan added, “Since 2014, Sath Diyawara has grown to become a highly sustainable and long-term endeavour which has reaped very clear results. We now provide over 30,000 people with 130,000 litres of drinking water a day. Our single-minded focus lies in eradicating CKD. But we are also consciously supporting these villagers whose grim conditions are exacerbated not only by this debilitating illness but also by drought, dry arid conditions and harsh weather, including floods, which deny them of basic access to drinking water, for day to day survival.” Speaking on the initiative the Community Based Organisation (CBO) Secretary of Meegassegama, Thalawa, Wijerathne commented. “This gift of life which we have received today signifies a renewed hope for our future. While CKD is a huge concern with more and more CKD patients being diagnosed in our villages, we have also suffered through the severe lack of quality drinking water. We have to travel miles and miles to collect water, which to most is just a basic amenity, but to us is a luxury which we only dreamed of.” Wijerathne is a disabled soldier who lost his leg in the war. He continues his service to the country even after being disabled, as the Secretary of the CBO, which is done on a voluntary basis without any remuneration. The Hayleys Group is humbled to be able to lighten the burden of this hero and his fellow villagers. Hayleys installed its first Reverse Osmosis (RO) plant in Maithreepura, Padaviya, one of the villages worst affected by CKD. Since 2014, the Hayleys Group has installed 13 Reverse Osmosis (RO) water purification plants across four districts covering eighteen villages. Access to clean drinking water has proven to be the only known long term remedy for CKD, with the alternative being an organ transplant. Commenting on the commitment to clean drinking water, the Chairman of the Hayleys Group, Mr. Mohan Pandithage said, “We have visited a large number of villages in the North and North Central provinces, working at the ground level to identify the most severely affected villages. We have gone above and beyond what we originally set out to achieve, through the Puritas Sath Diyawara program by additionally supporting the communities with livelihood development opportunities. These two villages have suffered through the lack of drinking water and a rise in CKD affliction. When I look around and see the hopeful faces of these beautiful children and their families, I feel blessed that we have been able to transform their lives and give them hope for a better, healthier future.” To date Puritas Sath Diyawara has provided clean drinking water to over 33,000 men, women and children across eighteen villages in the North and North Central provinces since 2014. Each project is sponsored by a Group Company, and to-date the Hayleys Group has invested more than Rs. 56 million in this initiative. It consists of formalized water distribution network through a bowser and multiple docking stations throughout the village to ensure all villagers have equal access to purified water. Surveys are conducted on a regular basis to monitor the benefits of this initiative.

HNB’s Corporate Banking Project Finance Team arranges funding for Wind Force (Pvt) Ltd’s 10 MW Solar Power Project in Vavuniya

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The Project Finance Team of HNB’s Corporate Banking Division congratulates the remarkable success of Wind Force (Pvt) Ltd on completion of their 10 MW Solar Power Project in Vavuniya under the name of Vydexa (Lanka) Power Corporation (Pvt) Ltd. The significant achievement in this project is the record breaking commissioning period of only 64 days. Majella Rodrigo, Head of Project Finance , stated that HNB as the largest private bank in Sri Lanka, is proud to be associated with Wind Force (Pvt) Ltd having multiple investments into renewable energy projects over the years and also to be the sole funding partner of this particular triumphant renewable solar power project. He also commented that this is the country’s fifth mega scale Solar Power Project to be commissioned to the national grid and HNB is pleased to be the financing partner in two of these significant projects. The Vydexa (Lanka) Power Corporation (Pvt) Ltd is also the second Solar Power Project in Sri Lanka to utilize the most innovative technology, which uses the ‘Single Axis Tilting Facility’ to track the movement of the sun to optimize the positioning of solar panels.  Majella concluded by indicating that the HNB’s relentless commitment to develop and support solutions driven by Green Energy Concept and Green Initiatives, makes this project important to the Bank. It is a clear indication of the HNB’s allegiance to projects of national interest. Ruwan Manatunga, DGM Corporate Banking elaborated that HNB’s Corporate Banking Project Finance Division has supported over 30 large scale renewable power projects both locally and overseas amounting to a total capacity of over 110 MW. HNB has continuously been in the forefront in investing in its product depth and service proposition pertaining to renewable power sector in Sri Lanka varying from hydro, wind, solar, biomass and is now poised to further develop project investments in the space of ‘solid waste to power’ sector. HNB will continue to lead the market in providing innovative solutions to this vital area of investment and corporate clientele. HNB’s Project Financing is a total service offering business ranging from origination and arrangement to underwriting and syndication of project related transactions The Project Financing team plays a lead role in providing financing solutions for the country’s infrastructure projects covering key development projects which includes Manufacturing, Water Purification, Healthcare, Education, Tourism, Construction, Highways and Bridges etc. The team’s deep understanding of specialised market knowledge also enables it to support clients across all sectors. The ongoing ‘Lending’ portfolio of the Bank’s Project Financing business is well over Rs. 100 billion, a testament of the HNB’s commitment to support the country’s infrastructure and project finance transactions. Photo caption: Ruwan Manatunga, Deputy General Manager, Corporate Banking – HNB (left) and Majella Rodrigo. Head of Project Financing Business – HNB

Sri Lankan shares recover from 6-wk closing low on bargain hunting

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Reuters – Sri Lankan shares edged higher on Wednesday, ending a seven-session losing streak as investors bought battered down shares a day after the cabinet granted approval for a Chinese-built port lease deal.

The Colombo stock index rose 0.1 percent to 6,669.05, recoding its first gain in eight sessions. On Tuesday, the index had recorded its lowest close since June 13.

Turnover was at a near two-month low of 319 million rupees, around a third of this year’s daily average of around 898.9 million rupees.

Sri Lanka’s cabinet cleared a revised agreement for leasing its Chinese-built southern port of Hambantota on Tuesday which will bring in around 1 billion dollar inflow, after terms of the first pact sparked widespread public anger in the island nation.

“Bargain hunting in blue chips drove the market as people saw prices are attractive after two weeks of slump,” said Reshan Kurukulasuriya, chief operating officer, Richard Pieris Securities (Pvt) Ltd.

Analysts said positive sentiment is returning to the market after the cabinet granted approval for the port deal and exchange control bill presented to parliament.

Foreign investors bought shares worth a net 38.8 million Sri Lankan rupees ($252,686) on Wednesday, extending the year-to-date net foreign inflow to 25.1 billion rupees.

Shares of conglomerate John Keells Holdings Plc rose 0.8 percent while DFCC Bank Plc ended 1.2 percent firmer and Commercial Leasing and Finance Plc rose 3.45 percent.

Amana Bank doubles its capital. Rights Issue oversubscribed

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~ Capital reaches LKR 10 Billion ahead of time Amãna Bank was infused with over Rs. 4.75 billion to its capital base, when its shareholders expressed confidence in the Bank resulting in its recent rights issue being oversubscribed. In doubling its capital, the Bank issued 1,250,695,567 ordinary voting shares in the ratio of one new share for every share held at an issue price of Rs. 3.80 per share. With the fresh capital input, the Bank has comfortably met the statutory capital requirement of Rs. 10 billion, well ahead of the January 2018 timeline. Subscribing to the Rights Issue, IB Growth Fund (IBGF) together with their ultimate parent company Islamic Development Bank (IDB), have increased their shareholding to 29.9% of the Bank, showing strong confidence on the Banks future and the country’s economic progress and future prospects, despite Sri Lanka being a non-member country of the IDB. Along with IBGF and IDB, a number of other local and foreign shareholders have also subscribed to the issue, which resulted in the issue being oversubscribed. Commenting on the successful rights issue campaign, the Bank’s Chairman Osman Kassim said “The oversubscription of the Bank’s Rights Issue signifies the confidence our shareholders have in Amãna Bank’s journey and we are really honoured and grateful to have their support and commitment. This capital infusion will take the Bank to greater heights.” Also sharing his views, Chief Executive Officer Mohamed Azmeer said “Having turned around in 2015 to start making profits, and the fresh capital that has just come in, the Bank is now in a strong and healthy position to pursue its expansion and growth plans in line with our 5 year strategic plan. I am very optimistic of our future and look forward to the excitement and challenge as we enter our next phase of growth.” Amãna Bank is the country’s first Licensed Commercial Bank to operate in complete harmony with the globally growing non-interest based banking model. With the mission of Enabling Growth and Enriching Lives, the Bank reaches out to its customers through a growing network of 28 branches and 3800+ ATM access points and has introduced a bouquet of customer conveniences such as Internet & Mobile Banking, Debit Card with SMS alerts, Saturday Banking, Extended Banking Hours, 24×7 Cash Deposit Machines and Banking Units Exclusively for Ladies. Fitch Ratings, in October 2016, affirmed the Bank’s National Long Term Rating of BB(lka) with a Stable Outlook. The Bank was recognized as the Best ‘Up-and-Comer’ Islamic Bank of the World by ‘Global Finance Magazine’ at the 18th Annual World’s Best Banks Award Ceremony held in Washington DC, USA. The Bank was also bestowed the coveted title ‘Islamic Finance Entity of the Year 2016’ at the inaugural Islamic Finance Forum of South Asia Awards Ceremony. Photo caption: Osman Kassim – Chairman Amana Bank (left) and Mohamed Azmeer – CEO Amana Bank 
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