Middle-east Arab News Opinion | Asharq Al-awsat

Libya, Dubai Agree on $3 Billion Investment Fund - ASHARQ AL-AWSAT English Archive
Select Page

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.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

More Posts

Follow Me:
FacebookGoogle PlusYouTube