Add MEEF to
MEEF - Middle East Projects News & Analyses - previous page
Emaar establishes joint venture with Libyan
Properties has further expanded its geographic reach in North
Africa by joining hands with Libya's leading development zone,
the Zowara-Abou Kemash, to set up a joint venture company in the
The joint venture company will act as the main developer of
Phase 1 of the Zowara-Abou Kemash area including Farwa Island.
It will develop residential, commercial, industrial,
educational, healthcare, leisure and entertainment components
that are planned to attract foreign investment and generate
employment opportunities for Libyans.
Mohamed Ali Alabbar, Chairman, Emaar Properties, and Al Saadi
Moaamar Al Qazafi, Chairman of the Board of Directors of the
Zowara Abou Kemash Development Zone signed the MoU yesterday in
the presence of senior officials of Libya and representatives
from Emaar. "Through this joint venture in Libya, Emaar is
consolidating its presence in North Africa as we have already
launched several projects in Egypt and Morocco," said Mr Alabbar.
"Libya, as an emerging market, holds great potential for growth.
The country has announced a series of steps including plans for
privatisation that are the key pillars in its transition to a
more free market economy."
added, "Emaar is privileged to partner with Zowara Abou Kemash
Development Zone, which has the state's mandate to develop the
Zowara Abou Kemash area, encourage foreign investments and
create a tourism, industrial and commercial environment that
sustains long-term growth."
Al Saadi said, "We are focused on developing the country's
infrastructure to further support the trade, tourism, industrial
and services sectors, which will create economic alternatives
and reduce dependence on oil revenues. Through our partnership
with Emaar, we want to leverage on the company's proven
track-record in conceptualising and delivering mega projects.
These projects will energise the local economy by creating more
employment opportunities and strengthening foreign investment."
The new joint venture company will soon start work on the
masterplan of the special zone. "We have already initiated steps
for all the necessary strategic, financial, marketing and
technical studies required for the master plan," said Alabbar.
"The joint venture will also take all necessary measures to
implement the master plan by entering into contractual
agreements, raising finance and helping in attaining the goals
of the zone." Ever since Libya partially liberalised rules on
foreign investment, there has been a marked increase in the
country's inward capital flows.