News & market updates

FAO Representative urges Sri Lanka to rebuild farming after Cyclone Ditwah with a resilience-focused reform agenda rather than simply repairing damage. Priorities include diversified cropping, build-back-better irrigation and roads, expanded crop insurance and rapid disaster financing, and stronger early-warning-to-action systems.

IHCL signed an agreement to develop a 220-key Taj-branded beachfront hotel in Weligama, Sri Lanka, including 80 luxury apartments and multiple F&B, spa and event facilities, in partnership with Beryll Group.

Ajay Banga (World Bank) warns 1.2 billion young people will enter the workforce in the next 10–15 years while only about 400 million jobs are expected, creating a vast shortfall. The World Bank proposes a three-pillar jobs strategy (infrastructure and skills, business-friendly rules, and scaling businesses) focused on infrastructure, agribusiness, healthcare, tourism and manufacturing.

Marriott reported record APEC development in 2025—187 organic deals adding more than 28,000 rooms to its pipeline—and confirmed a Ritz‑Carlton Reserve planned for Pottuvil, Sri Lanka (est. opening 2032).

NDB Investment Bank (part of the NDB group) acted as exclusive financial adviser and arranger to raise $40m for Maldives Airport Company to refinance part of the capex for a new passenger terminal. Hatton National Bank (lead bank and facility agent) and Nations Trust Bank were other lead lenders in the syndicated facility.

Prime Minister Dr. Harini Amarasuriya met ADB Country Director Shannon Cowlin on 10 Feb; ADB reaffirmed readiness to support Sri Lanka's post-Cyclone Ditwah recovery, including rebuilding and reconstruction and assistance for the education sector.

Tokyo Cement reported 3Q turnover of Rs.14,523m (vs Rs.11,639m) and profit after tax of Rs.332m (vs Rs.1,006m), citing volume growth but lower selling prices, higher input and currency costs and capitalisation of expansion and a vessel; expects demand lift from reconstruction and infrastructure spending.

Tokyo Cement Group reported Q3 turnover of Rs.14,523 million (25% YoY) and PAT of Rs.332 million (down from Rs.1,006 million YoY), citing volume growth but pressure from lower selling prices, higher raw material and currency costs, and capitalisation of expansion and a vessel; expects demand support from post-cyclone reconstruction and planned government capex.

Indian Acting High Commissioner Dr. Satyanjal Pandey said Sri Lanka can leverage India’s growing trade and investment network to boost ports, renewable energy, connectivity and integrated supply chains. He highlighted Colombo Port’s handling efficiencies and urged aligning policies with India to diversify beyond apparel and tourism.

ADB has appointed Shannon Cowlin as its new Country Director for Sri Lanka, and she assumed office in Colombo today. Cowlin, with 26+ years' experience including work on energy, climate and public health, said ADB will support Sri Lanka's recovery and resilience, including cyclone damage.

M.G. Hemachandra, Chairman of the Urban Development Authority, has been appointed a Non-Executive Director of On’ally Holdings PLC.

President Anura Kumara Dissanayake launched the Mahaiyawa underpass in Kandy (RDA project costing Rs. 699.6 million, due in 273 days) and formally resumed the stalled Kandy–Gatambe flyover (restarted with Rs. 12.27 billion in domestic funds, due in 22 months). The main flyover will be 374m with a 172m auxiliary link to bypass the railway crossing.

A Centre for a Smart Future report finds Colombo's green-living property boom is eroding wetlands and driving suburban land prices up about 30–40% annually in areas like Kaduwela, Malabe and Thalawathugoda. The study notes 65% of listings use nature-linked marketing and weak environmental oversight.

JAT Holdings posted 7% YoY revenue growth in Q3 to Rs. 8.1bn, with gross profit up 14% and GP margin rising to 36%. PAT fell 23% to Rs. 774m due to Ditwah-related sales losses and higher taxation, while the company completed the acquisition of Mirotone (NZ) to expand its international footprint.

Senok Group has been reappointed as JCB's Authorized Dealer for the full JCB product range in Sri Lanka and remains reseller in the Maldives, restoring the partnership and offering nationwide sales, spare parts availability and after-sales service for construction and industrial machinery.

Kristall Spaces Lanka will retain long-term operational control of All-Suite Resort Talpe Heights through its associate All-Suite Resorts Lanka, offering 10-year management contracts and targeting 8–11% annual rental returns and 5–10% annual capital appreciation. It projects 120 nights occupancy in Year 1.

Sterling Steels Limited signed a Memorandum of Understanding with the University of Moratuwa to collaborate on applied research and innovation in steel building construction, focusing on cold-formed steel design and performance.

World Bank Executive Director Parameswaran Iyer visited Sri Lanka to strengthen development cooperation and reviewed World Bank-supported initiatives with the Treasury secretary. He highlighted priority areas for jobs and growth: infrastructure, agribusiness, healthcare, tourism and value-added manufacturing.

Cabinet approved tenders to install independent battery storage at 16 substations—10 MW/40 MWh each (total 160 MW/640 MWh) under a BOO model to boost solar integration and grid stability; 153 bids were received after the tender period was extended.

Cabinet approved the Renewable Energy Resources Development Plan 2025–2030 to target 70% of Sri Lanka’s electricity from renewables by 2030 and carbon neutrality by 2050. The plan outlines land prioritisation, a Renewable Energy Map, floating solar projects and stakeholder consultations on environmental and land-use concerns.

CT Land Development PLC appointed former Auditor General W.P.C. Wickramaratne as an Independent Non-Executive Director effective 3 February 2026. He will join the Audit, Related Party Transactions Review, Nominations & Governance and Remuneration Committees and holds no CTLD shares as at appointment.

Home Lands will launch 1,000 brand-new resort-style apartments across four projects at a property investment roadshow on 8 Feb, with five banks (Commercial Bank, HNB, Sampath, NDB and DFCC) offering up to 100% financing and flexible payment plans.

Port City Colombo Investor Forum in Singapore on 27 January positioned Port City Colombo as the centrepiece of Sri Lanka's economic transformation, attracting close to 100 senior invitees and promoting a services-led, export-oriented investment platform. Organisers and officials highlighted the CPCEC governance framework, fiscal incentives, FX exemptions and visa facilitation to boost foreign investment.

LANKATILES opened its 58th showroom (its second in Galle) at No. 145, Matara Road, Pettigala Watta on January 28, 2026. The company says the outlet will strengthen its Southern market presence and support residential and tourism‑led projects, including hospitality and heritage restorations.

Alpha Fire Services PLC unveiled a new logo and outlined growth plans, including regional service centres across Sri Lanka, a trading arm to enter the Maldives, and relocation to a newly acquired facility in Polgasowita. Management cited stronger governance, operational efficiency and rising construction-led demand for fire safety products.

A Sri Lanka delegation led by Deputy Minister Chathuranga Abeyasinghe met Saudi Arabia’s Public Investment Fund in Riyadh on 25 Jan 2026 to pitch investment opportunities in Sri Lanka and its capital market. PIF outlined its 2026–2030 strategic plan and both sides agreed to open follow-up channels and pursue a bilateral investment protection agreement.

Deputy Minister Chathuranga Abeysinghe led a Sri Lankan delegation to meet Saudi Public Investment Fund officials in Riyadh to present investment opportunities, capital-market reforms and discuss a Bilateral Investment Protection Agreement; both sides agreed to continue talks.

India's 2026-27 Budget offers foreign cloud providers a 20-year tax holiday until 2047 on revenues from services sold abroad if those services are delivered from data centres located in India. It also introduces a 15% cost-plus safe harbour for related-party data-centre services and expands electronics/semiconductor incentives, while flagging power and water constraints for capacity expansion.