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Saudi firm to build vessel repair facility in Galle harbour

A Saudi Arabian investor has come forward to build a US$ 44 million worth yacht, boat and pleasure craft repair facility in the Galle Harbour. The BOI said on June 29, 2012, it has already signed an agreement with the Saudi based Hadi Hamad Al-Hammam Group, which will invest on this project. The agreement was signed between BOI Chief M.M.C Ferdinando and Hadi Hamad Al-Hammam, President of the Hadi Hamad Al-Hammam Group of Saudi Arabia. Seagulf Shipyard (pvt) Limited, a newly formed company coming under the Saudi Arabian firm will spearhead the project. Officials say, the main attraction for the Saudi investor was the strategic location of Sri Lanka, which is at the crossroads of many of the world’s shipping lines, which makes the Port of Galle suitable for ship repair and shipbuilding. “One possibility is for the Galle facility to service Maldivian vessels, which currently sail as far as Indonesia and Thailand for their maintenance” added the BOI statement. The project is expected to generate 1500 jobs. http://www.news360.lk/business-finance/news-sri-lanka-investments-29-06-2012-saudi-firm-to-build-a-vessel-repair-facility-in-the-galle-harbour-76854