UAE, Libya team up to develop real estate and tourism projects

21-May-2008
Author : Jaidev

Shaikh Mansour Bin Zayed Al Nahyan (Left), UAE Minister of Presidential Affairs

A pact was signed to establish the Libyan-Emirati Holding Company (LEHC) at a total capital of $600 million (Dh2.2 billion) that would focus on developing various projects covering real estate, tourism, oil and gas and energy. The agreement was signed by Shaikh Mansour Bin Zayed Al Nahyan, UAE Minister of Presidential Affairs, and Hamid Al Hudairi, secretary general of the Libyan Social and Economic Development Fund (SEDF).

Shaikh Mansour Bin Zayed Al Nahyan, UAE Minister of Presidential Affairs said: "The new company is set to contribute significantly in enhancing trade and joint investments between the two countries."

Its maiden project will be Marsa Tarablus 'Tripoli berth', a mixed-use real estate development with residential, commercial and retail community, a hotel, an administration building and a yacht club in Libya. Last April, Shaikh Mohammad Bin Zayed visited Libya and met Colonel Muammar Al Gaddafi, leader of the Libyan revolution, and Saiful Islam Muammar Al Gaddafi and signed a joint venture with an initial capital of $500 million, to be shared equally by the two sides, focusing on developing various projects covering real estate and tourism in Libya.

Source : Gulf News

Latest News

03-Sep-2010 : Al Habtoor Leighton Group Wins Dh700m DIFC Contract
03-Sep-2010 : US Says It Doesn't Seek To Impose Solutions
03-Sep-2010 : Sharjah To Hike Taxi Fare From Oct 1
03-Sep-2010 : UAE's Gold Sales Slashes 15% In August
03-Sep-2010 : Abu Dhabi Crude Oil Prices Hit A New Price Range
02-Sep-2010 : Qatar forcing firms out of residential areas on office glut
02-Sep-2010 : Makkah gears up to receive pilgrims
02-Sep-2010 : Abbas, Netanyahu to relaunch peace talks
01-Sep-2010 : DIFC May Help Abu Dhabi Set Up Finance Hub
01-Sep-2010 : Branded Residences: Dubai's Fast Growing Asset Class