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Oman, Libya Sign $500 Million JV Deal

The company will invest in economic, real estate, tourism, industrial, service and energy projects and will also set up joint stock companies to undertake different projects, according to a joint statement.

The State General Reserve Fund will represent Oman in the Oman-Libya Investment Holding Company.

The agreement was signed on behalf of the Sultanate by Dr Qasim bin Mohammed al Salhi, Oman’s Ambassador to Libya, and Abdulamir bin Mohammed bin Said, Deputy Executive Director of the State’s General Reserve Fund, while Hamid al Arabi al Hudhairi, board chairman and Director General of the Fund for Economic and Social Development, signed for the Libyan government.

Salhi said the signing of the pact was “a clear indicator that Oman-Libya relations are witnessing tangible development.” He added that an Omani business team would visit Libya shortly “to have a close look at investment opportunities there.”

He called upon Libyan businessmen to take the opportunity to invest in the Sultanate which, he stressed, was working to diversify sources of its income through the establishment of mega projects worth billions of dollars, including a liquefied gas project and petroleum-based industries.

Salhi said Oman’s current Five-year Plan envisaged the setting up of an integrated city, with a large spectrum of services in the wilayat of Al Duqm at a cost of $7 billion, adding: “The government, in order to attract foreign investment, has worked to liberalise the economy and draft laws to reinforce investor confidence.”

ktravi@omantel.net.om