Business | Construction
Energy City Libya plan unveiled
Gulf Finance House (GFH) on Sunday unveiled the master plan for Energy City Libya.
- Staff Report
- Published: 23:02 November 9, 2008
Manama: Gulf Finance House (GFH) on Sunday unveiled the master plan for Energy City Libya.
The $5 billion (Dh18.39 billion) Energy City Libya, the latest in their series of Energy City projects also located in Qatar, India and Kazakhstan, will take shape on six square kilometres of land on the shores of the Mediterranean city of Sabratha, 70 kilometres west of the capital Tripoli, integrating all the components necessary to deliver a truly world class energy hub.
Contemporary global energy demands are well documented and the industry is engaged in an unending search for new sources of oil and gas.
With approximately 40 billion barrels of oil, Libya boasts the largest proven oil reserves in Africa in addition to considerable gas resources, offering a multitude of commercial opportunities to the world's leading names in the energy sector.
Given Libya's strategic location at the crossroads between the European, African and Arab markets, it is a natural location for the primary regional energy hub. Energy City Libya will offer a world-class platform for businesses operating in every aspect of the energy sector.
Designed initially by internationally renowned architects MZ and Partners the centrepiece of the initiative will comprise the stunning and iconic Africa Tower surrounded by a number of specialised business clusters that will include a data centre, an environmental, renewable energy and regulatory advisory centre, dedicated clusters for oil and gas producers, service industries, infrastructure and downstream industries, shipping and trading, associations and media and a business process outsourcing centre.
Socio-economic benefits are at the core of the Energy City philosophy and the Economic and Social Fund of Libya will play a crucial investment and consultative role in the execution of the initiative.
Elements
Alongside the business components, Energy City Libya will offer a sophisticated range of residential, retail, leisure and entertainment elements all designed to offer the highest standards of living.
"We have very high standards and any initiatives we consider supporting must be able to demonstrate a clear vision, thorough due diligence and achievable goals. Energy City Libya has comfortably fulfilled each of these criteria," said Economic and Social Fund of Libya head Hamid Al Ihtheri.
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