DUBAI (Reuters) – Dubai’s Emaar Properties expects to clinch a deal in three months to build a residential and industrial zone in Libya, with one of Libyan leader Muammar Gaddafi’s sons, a Dubai newspaper reported on Thursday.
Emaar, the largest Arab property developer by market value, said in June it was finalising a masterplan zone on proposals from three U.S. firms and a Singaporean company, describing the project as the biggest in its $100 billion portfolio.
It has not said when the project would be completed or how much it would cost.
The deadline for a deal on the 38,000 hectare (93,900 acres) project on the Libyan coast was extended in June by six months.
“An agreement with Libya is expected to be done in the course of the next two to three months,” Al-Khaleej reported, citing an Emaar presentation to investors.
The Zowara-Abou Kemash Development Zone, which is chaired by Saadi Gaddafi, a businessman and commander of the Libyan military’s special forces, will include leisure, commercial, and entertainment facilities, Emaar said.
The zone, near the western border with Tunisia, will be open to local and foreign investors, Gaddafi has said.
Among Emaar’s projects is King Abdullah Economic City, the largest private sector investment in Saudi Arabia, and the $20 billion Burj Dubai complex, which includes the world’s tallest tower.