TRIPOLI (Reuters) – Libya and Dubai have reached an agreement to set up a $3 billion joint investment fund to finance projects in Libya and the United Arab Emirates, Libyan officials said on Monday.
The officials named a $500 million joint real estate and tourism firm, a $400 million bank and water desalination plants among the projects.
Libya and Dubai were also looking into building a portfolio of joint projects in Africa, the officials said but gave no timetable and did not name countries or sectors
The agreement was reached following a visit to Libya by Dubai ruler Sheikh Moahmmed bin Rashid al-Maktoum at the weekend, the Libyan officials said.
The investment fund accord was the latest in a series of deals between Libya and the United Arab Emirates, including a $2 billion refinery upgrading agreement last January.
Gulf Arab ruling families have ploughed record oil revenues into real estate projects and new industries to reduce their reliance on the energy sector, but growth is slowing in many domestic sectors, prompting them to look further afield.