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Signing of cooperation agreement between Libya 's stock exchange
market and London stock exchange market.
16-10-2007
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A cooperation signing of cooperation agreement between Libya 's stock exchange market and London stock exchange market was signed in London . The agreement stipulates training the officials of Libya's stock exchange market in Libya and London in order to be qualified to manage the market and check its basis, system and development from time to time and to participate in the seminars and conferences organized by London stock exchange market.
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Libya to Sell Stake in Al-Wahda Bank
17-10-2007
As part of its plans to expand the private sector's role in Libya 's economy, Libya 's Central Bank said it is offering for sale a stake in the country's fifth-largest state-owned bank, the Al Wahda Bank, and set October 31 as a closing date for would-be bidders to send their interest offers.
The Bank picked Rothschild & Cie as its adviser on the sale of a minority share of the bank as a first step, before expanding it to 51 percent share later on.
"The Central Bank offers 19 percent of the 73 percent stake the (state) Social Development Fund owns in Wahda bank for sale to a strategic investor," it added.
The Central Bank said that, "The strategic investor would be granted the right to increase its stake to 51 in the mid term.
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In July the Libyan government selected BNP Paribas as strategic partner for Sahara Bank in the first partial privatisation deal for the country, the central bank has said, adding that BNP Paribas had offered 145 million euros for a 19 percent stake, valuing the bank at 3.6 times its current book value.
BNP will get management control and has the right to increase its stake to 51 percent in three to five years.
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Palm City – Corinthia’s latest project that is set to receive its first
tenants in
October 2008.
October 2008
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Francesca Vella was a guest at the Corinthia BAB Africa Hotel in Tripoli, to get
a feel of what the place is really like.
The company’s latest project – Palm City Residences – is further proof of Corinthia’s success in Libya over the past few years.With an investment of about EUR80 million (Lm34.3 million), Palm City is set to
cater for expatriates, all facilities being exclusive to residents.
The self-contained complex includes a central piazza, a supermarket, other retail outlets, restaurants and sports and entertainment facilities, as well as a private beach.
More than 50 per cent of the structural work now having been completed, and with the remaining work progressing very well, the company is expected to start receiving the first tenants in October next year.
The beauty of the project lies mostly in the way the layout of the residential units was planned – with each terraced house, bungalow, apartment, maison-ette, penthouse or villa enjoying an open sea view.
This layout was created by means of terraced levels that are sustained by retaining walls built between each level.
The residential units are finished and fitted to the very highest specification. The interior design is modern and the Maltese architect responsible for the project’s design, Ray Demicoli, has ensured that space, comfort and practicality are maximized.
Moreover, all the units are equipped with the necessary amenities, including air-conditioning systems, LCD TV sets with an array of satellite options and wireless internet connectivity.
Fully-fitted kitchens, equipped with modern appliances, are standard in each home. Each residence is furnished with a dedicated telephone and line and a separate internet connection, to ensure that tenants remain connected at all times.
Palm City has engaged consultants of international repute to design and plan the construction of the 408-unit compound in Janzour, which is less than half-an-hour west to the capital, Tripoli.
Considered to be one of the most beautiful cities in the Mediterranean, it is no wonder that Corinthia chose “Palm City” as the name for their latest project, since Janzour is a resort town with lots of sandy beaches lined with palm trees.
A team of qualified architects and engineers are involved on site in the planning and management of the construction and infrastructure, that is now in full swing, and the site has been meticulously organised in 11 different zones in order to allow different work to proceed concurrently.
Malta based Corinthia Group of Companies announced that the construction of a large exclusive residential complex, the first of its kind, is well underway on a one kilometer coastline just outside the city of Tripoli, Libya. Spread over 140,000 square meters, Palm City will offer 408 residential units supported by extensive leisure and recreational facilities.
Corinthia has engaged a team of architects and engineers of international repute to design and manage the construction of this project.
Civil and foundation works are now complete, and more than half the value of the entire works has been awarded.
The residential development comprises a mix of accommodation including villas, bungalows and apartments set across the site in lush gardens. The village style compound is focused around a central piazza, home to a host of amenities, including a 1,000 square meter supermarket, a laundry, boutique retail stores, cafes as well as a medical and beauty centre.
At a distance from the residential units, but still within the compound, there is a multi-purpose club house, incorporating a health and fitness centre, sauna, squash court, kids’ play area, a number of treatment rooms and an indoor swimming pool.
Complementing the development is a restaurant, set on a private beach. A large landscaped pool has been carefully carved into the rock formation, offering 450 square meter of swimming area.
All the units will be leased on a medium- to long-term with all the necessary support services, including logistical assistance for re-location, security, janitorial, maintenance and gardening. It is expected that the first units will be on the market in the middle of 2008, with completion by the end of the year.
The financing arrangements for the project are supported by a consortium of banks led by ABC Bank International from the United Kingdom and BAWAG Bank from Austria, Bank of Valletta from Malta, Gumhouriya Bank from Libya and Tunis International Bank from Tunisia.
A signing ceremony took place in Tripoli on 18th March. Present for the ceremony were Mr Abdulfatah Sharif, Chairman of Libyan Foreign Investment Company, Mr Alfred Pisani, Chairman of Corinthia Group, Mr Jamil Sultan, Chairman of NREC, Mr Abdelmajid Breish, Deputy Chief Executive of ABC Bank International, Dr Harald Raffay, Vice President of BAWAG Bank, Mr Tonio Depasquale, CEO of Bank of Valletta, Mr Hamed Houderi, Chairman of Gumhouriya Bank and Mr Mohammed Fekih, Deputy Chairman and Managing Director of Tunis International Bank. Also present were Mr Mustafa Khattabi, Vice Chairman of Corinthia Group, Mr Joseph Fenech, Managing Director of Corinthia Group whilst Mr Simon Naudi, Mr Ali Bani and Mr Reuben Xuereb represented Palm City.
Libya has been experiencing unprecedented growth in the last few years, and there has been a steady flow of foreign interest in the future of this country, with a strong demand for expatriate status accommodation.
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Ranhill project value US$2.4 billion in Libya.
03-09-2007
  An interview with Ranhill president and Chief Executive Officer Tan Sri Hamdan Mohamad
Please give an update on your contract to build apartments in Libya?
It is a housing project where we would build 40,000 units of two-storey and four-storey apartments at three locations.
The project is valued at US$2.4bil, but the design has somewhat changed as the client wanted an upgrade on the quality, size of apartments and a basement car park.
We are finalising the revised pricing and will make the necessary announcement soon.
The first phase involves a block of 10,000 units to be built in the suburb of Tajura, which is 15km from Tripoli .It is a new township and we have begun the earthworks.
Is Ranhill assured of the payment from the Libyan project?
Libya is a rich country and all the big boys of the energy and construction sectors are operating there. Doing business in Libya is good.
For the job, we got a 13% advance payment and the rest is via progress payments that are claimed against an irrevocable revolving letter of credit. Just to secure the job, we had to compete with Chinese and Turkish contractors. It feels really good to have won the contract.
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Libya Plans to Build Pilot City
29-08-2007
Libya plans to build a pilot city near the mausoleum of the Libyan martyr, Omar Mokhtar, in the north eastern town of Seloug, officials said.
Engineers in charge of implementing the pilot city project, which will be built on an area of 681 hectares, have indicated that it will comprise 5,000 houses, including 3,928 villas and 34 four-storey buildings.
The project will also include public service buildings, notably crèches, basic, secondary and vocational schools, health assistance units, a hospital, a university, a conference centre, a sporting club, community halls, a post office, a market, an administrative complex, a central library, a popular security centre, a civil protection station and a petrol station.
Streets, sanitation, communication, electric power, water and gas facilities are also part of the project.
The building works entrusted to the South Korean company "Hyundai" will start in September 2007 and 2,000 houses will be completed by the 40th anniversary of the 1st September Revolution in 2009.
Land clearing, which concern also the promotion and improvement of Omar Mokhtar's mausoleum, have already started.
The secretary of the Libyan People's General Committee for Housing has, on that occasion, indicated that the promotion works in the area, where the mausoleum is located, consist in the building of a museum on the Libyan Jihad, especially that of the oldest Martyr and epitomising sufferings endured by Libyans in the concentration camps in the Italian colonial rule.
He has also said that the pilot city's housing project has been designed in accordance with the specimen of the Libyan house, which matches the country's culture and social life.
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Establishment of Libyan Qatari joint investment fund
29-08-2007
Libya agreed to establish Libyan Qatari joint investment fund for two billion dollars equally with Qatar Investment Corporation.
The Libyan corporation which was established in August 2006 with capital 250 million dollars manages and invests funds of long run investment wallets, Libya Africa investment wallet, fund for economic and social development, Libyan financial investment company and financial investment company.
Also GPC secretary signed two agreements in Doha on July 2007 for establishment of joint investment fund between Qatar investment corporation and Libyan investment corporation as well as establishment of Libyan Qatari bank between Qatar investment corporation and Libyan central bank. Also an agreement was signed concerning establishment of joint company for real estate development between Al-Diar real estate investment company ( Qatar ) and Libyan foreign investment company.
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GPC held a special meeting for follow up of files of internal and external trade, program for enlarging joint ownership base, exports development center and national supply corporation.
GPC agreed on liberalization of quantitative export restrictions except restrictions concerning cement, steel, subsidized commodities and scrap. It decided to encourage non oil exports such as marine wealth products so that private sector will have a main role in this field.
Regarding import the committee agreed to liberalize restrictions on import until its cancellation to achieve stability in prices and costs to create employment opportunities and facilitate arrangements.
GPC permitted liberalization of local products from compulsory restrictive system and to limit prices of consumable commodities, medicines, electricity and oil products.
Regarding internal trade file, it was decided to prepare competitiveness law scheme, to treat monopoly and consumers protection law scheme and agreed to set mechanism for follow up and control of commodities prices every day and importers should establish maintenance and services centers after sale.
Regarding enlargement of joint ownership base, GPC agreed to check all companies which its ownership was transferred through public property authority for ownership transfer of companies and public economic units in respect of value, status, employees and management for submission to high committee for ownership transfer at the earliest possible convenience.
It authorized development bank, agricultural bank, economic and social development fund and joint stock companies to study the mechanism for entry of foreign partner in these companies and inform the companies to close their accounts in the limited periods.
GPC ascertained the importance of benefiting fro excess in local products such as fish, dates and citrus by exporting to new markets abroad.
It agreed to develop local production to find acceptance and to compete in external markets and decided to set policies and arrangements to support export and prepare studies on national industry and products which will be exported.
It agreed to liberalize remaining subsidized commodities and pay cash as substitution and decided to find policies for availability of food security.
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82.8 billion dollars for development in Libya
25-08-2007
| Saif Al-Islam Gaddafi president of Al-Gaddafi development foundation revealed that the plan for economic and social development will cost 82.8 billion dollars for development in Libya.
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Libyan-Maltese Workshop in search and rescue Field
25-08-2007
Scientific
sessions on the Libyan-Maltese Workshop in searching and rescue
field was taking place yesterday the chief of the marine
operation unit, a responsible of marine and air operation at the
Maltese armed forces has delivered a lecture. During the lecture
he reviewed the Maltese search and rescue centre and its tasks
that are executing. Chief of Search and Rescue Department of
Civil Aviation and member of marine armed people offered a joint
paper on the search and rescue in Libya They clarified that the
Libya has many search and rescue centers in the Tripoli
international airport and branches in Sirt, Benghazi and Sebha.
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The opening of the second largest water reservoir in the world
25-08-2007
"Saif al-Islam Opened yesterday Reservoir of Omar Mukhtar at the green basic people's conference in Benghazi . Omar Mukhtar reservoir is total capacity of (24 million cubic meters) of water GMMRP which is the second largest water reservoir in the world and in Amid the celebrations of the Libyan people the Great 38th anniversary of the Great Revolution.
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Hill International Say It was Selected by Libya as Program
Manager
for Bardiyah Development
24-08-2007
According to a press release issue on Thursday, Hill International, the worldwide construction consulting firm, said that Birdi Tourism Investments Co
manager for the Bardiyah Development, a multi-billion-dollar waterfront development program located east of Tobruk, Libya.
The initial 18-month contract for phase one of the program has an estimated value to Hill of approximately $6.0 million.
The first phase of the project entails master planning and conceptual design. Birdi plans to develop the shoreline from the city of Tobruk up to the Libyan/Egyptian border, a distance of more than 200 kilometers (124 miles).
High-end resorts and entertainment facilities are planned for the beachfront which includes magnificent bays of the Mediterranean Sea.
During the first phase, Hill's services will include program management, management and administration of consultant contracts, prequalification and evaluation of international planning firms, schedule control, cost control, quality control and contract administration.
"Bardiyah will have a tremendously positive impact on the Libyan economy, especially on tourism," said Raouf S. Ghali, President of Hill's Project Management Group (International).
"We look forward to participating in this program to make it a success for our client and for the people of Libya," Ghali added.
Hill International , the worldwide construction consulting firm, announced today that it has been awarded a contract by the Organization for Development and Administrative Centers (ODAC) to provide project management services in connection with the $2 billion multi-campus expansion of Al Fateh University in Tripoli, Libya. The 28-month contract has an estimated value to Hill of approximately $55.9 million.
Founded in 1957, Al Fateh University is the largest and most respected institute of higher education in Libya. Expansion of Al Fateh includes new facilities, extensions to existing facilities and general infrastructure improvements to support the facilities upgrade.
Construction is expected to begin in September 2007 and be completed by September 2009. The
project comprises approximately 1.66 million square meters (17.9 million square feet) of new space in 39 buildings.
"Al Fateh University is undertaking a huge expansion on a tight schedule," said Raouf S.
Ghali, President of Hill's Project Management Group (International). "We are proud to have been selected to help the University expand its capabilities to serve the students of Libya," Ghali added.
International, with 1,500 employees in 70 offices worldwide, provides program management, project management, construction management, and construction claims services. Engineering News-Record magazine recently ranked Hill as the 10th largest construction management firm in the United States. This press release may include certain statements that fall within the definition of "forward-looking statements" under the Private Securities Litigation Reform Act of 1995.
Any such statements are subject to risks and uncertainties, overall economic and market conditions, competitors' and clients' actions, and weather conditions, which could cause actual results to differ materially from those anticipated, including those risks identified in Hill's filings with the Securities and Exchange Commission. Accordingly, such statements should be considered in light of these risks. Any prediction by Hill is only a statement of management's belief at the time the prediction is made. There can be no assurance that any prediction once made will continue thereafter to reflect management's belief, and Hill does not undertake to update publicly its predictions, whether as a result of new information, future events or otherwise.
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SNC Lavalin Nexacor wins deal to build new Libyan airport
23-08-2007
 SNC Lavalin Nexacor of Canada on Wednesday won a 400-million Euro (541-million dollar) bid to build an airport in Libya 's Mediterranean city of Benghazi , the official news agency JANA said.
It should take two years to build the airport that will be able to handle five million passengers a year and 45 aircraft an hour, JANA said after Saif Al-Islam, son of Libya’s leader Moamer Gaddafi, inaugurated the project late Tuesday.
Benghazi is 1,000 kilometers (600 miles) east of the capital Tripoli, where Libya said on Monday that work had begun on a new one billion Euro airport which will be able to handle 20 million people a year.
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Saif Al-Islam laid down a foundation stone to execute
31 Thousand housing units
23-08-2007
Benghazi celebrated with laying down the foundation stone to execute 31thousand housing units in Gonfoda, Algwharesh, Alkhadrah and Gmens in this Shabia amidst the grand popular celebrations marking the 38th anniversary of Great Al-Fateh Revolution.
This project cost 4 billion Libyan Dinars. The coordinator of the social people's leadership in Benghazi shabia, the secretary of general people's committee, the secretary and members of the execution of housing projects and facilities body moreover, the secretaries of people's congress and planning council were attended this laying down the foundation stone.
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Boustead In S$300M JV Contract To Build Township In Libya
23-08-2007
Boustead Singapore Ltd. (B04.SG) said Wednesday it has entered into a S$300 million joint-venture contract to design and build a township in Libya.
Boustead said in a statement it will hold a 65% interest in the contract, which it entered into with joint-venture partner General Construction & Building Co.
General Construction & Building is the largest government construction company in Libya, Boustead said.
The township will comprise 1,164 single-storey semidetached houses and supporting infrastructure at a 465-hectare site in the municipality of Al Marj
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Laying foundation stone of Al-Mawg tower and Benina
International airport
22-08-2007
| Yesterday the Qaddafi Foundation for Charities and development Saif al-Islam, son of Colonel Muammar Gaddafi in the city of Benghazi laying the cornerstone of the complex project "Al-mawg tower" investment cost of 300 million dinars.
This is a complex venture, which laid the basis of the presence of Secretary of the General People's Committee d. Baghdadi Mahmudi, and a number of members of the Committee and Director of Branch retirement fund in Benghazi joint venture between the company retirement fund investments, and fund economic and social development.
It will take a period of the implementation of the project which will be held on Waterfront city of Benghazi 28 months.
This complex consists of three towers of the investment includes the tower first five-star hotel and II buildings and administrative offices luxurious with a third tower and luxury housing units.
Allocated land of towers for large commercial markets.
A Saif al-Islam Gaddafi yesterday also laid cornerstone of new airport presence of the Secretary General People's Committee and secretary of the General People's Committee for Communications and Transport and the Secretary of the GPC Benghazi
The Canadian company SNC Lavalin Nexacor has 24 months to build the new airport.
The new airport will comprise a passenger station of a capacity of 5 million travelers per year and its construction plan provides for an extension depending on growth in air traffic industry.
It will be equipped with 20 operational gates at rush hours expected to reach a capacity of 4,000 travelers per hour, in addition to 10 secondary tarmacs for parking planes.
The airport will also comprise a freight station of 150,000 tonnes per year, as well as landing runways that can host 45 planes per hour and empowered to receive planes of the latest Airbus 330 type.
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