Abu Dhabi: An agreement was signed on Tuesday to establish the Libyan-Emirati Holding Company (LEHC) at a total capital of $600 million (Dh2.2 billion).

The agreement was signed by Shaikh Mansour Bin Zayed Al Nahyan, UAE Minister of Presidential Affairs, and Hamid Al Hudairi, secretary general of the Libyan Social and Economic Development Fund (SEDF).

Following the signing ceremony, Shaikh Mansour said the agreement was concluded under the directives of President His Highness Shaikh Khalifa Bin Zayed Al Nahyan and General Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Sup-reme Commander of the UAE Armed Forces. "The new company is set to contribute significantly in enhancing trade and joint investments between the two countries," he said.

The new company will focus on developing various projects covering real estate, tourism, oil and gas and energy.

Its maiden project will be Marsa Tarablus 'Tripoli berth', a mixed-use development with residential, commercial and retail community, a hotel, an administration building and a yacht club.

Shaikh Mansour also attended signing of an agreement between LEHC and one of the world's leading investment funds. The agreement entails cooperation in exploring investment opportunities in the fields of oil and gas, clean energy solutions and environment protection.

Last April, Shaikh Mohammad Bin Zayed visited Libya and met Colonel Muammar Al Gaddafi, leader of the Libyan revolution, and Saiful Islam Muammar Al Gaddafi.

During the visit, an agreement was signed between SEDF and the Abu Dhabi-based Al Mibar International for Investments to set up a joint venture with an initial capital of $500 million, to be shared equally by the two sides, focusing on developing various projects covering real estate and tourism in Libya.

The SEDF also signed an agreement with International Petroleum Investments Company (IPIC) for cooperation and joint investments in energy production in Libya and in third countries.

Investments by Emirati companies in Libya's development projects are estimated at $5.1 billion.