Business | General
Qatar and Libya set up new company
Qatari Diar Real Estate Investment Company has signed an agreement with the Libyan government to formally establish the Libyan-Qatari Real Estate and Tourism Company (Joint Stock).
- Staff Report
- Published: 00:08 February 18, 2008
Dubai: Qatari Diar Real Estate Investment Company has signed an agreement with the Libyan government to formally establish the Libyan-Qatari Real Estate and Tourism Company (Joint Stock).
The new company, with a total capital of 10 million Libyan dinars, will be based in Tripoli, Libya. Its immediate focus will be to develop, build and operate utility services, touristic and industrial projects, and infrastructure and related activities in Libya.
This will include purchasing and developing residential, commercial, and tourist real estate investment projects.
The Libyan-Qatari Company will also be devoted to improving the infrastructure and quality-of-life of Libya's urban areas, by providing them with necessary services such as water desalinisation and treatment solutions, in addition to energy and power generation.
Qatari Diar CEO Nasser Al Ansari said: "We are excited by the growth and development of Libya in recent years, and look forward to initiating a variety of sustainable community development projects that will help reinvigorate its tourism industry and contribute to its economic revitalisation. Qatari Diar takes great pride in being at the forefront of investing in rapidly emerging countries such as Libya."
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