Tameer to undertake $20b project in Libya

SHARJAH — Tameer, the Sharjah-based UAE property developer, yesterday announced plans to undertake a project in Libya, North Africa, at a cost of 26 billion Libyan dinars ($20 billion). It represents the largest investment in North Africa by a Gulf investor to date and the largest Arabic investment in Libya.

By Lucia Dore (Senior Correspondent)

Published: Thu 10 Aug 2006, 10:07 AM

Last updated: Wed 8 Nov 2023, 3:24 PM

Tameer is the main developer of this ambitious project and is part of a strategic partnership also comprising Tatweer and the Arab Fund for Economic and Social Development, a government organisation that develops and invests in economic projects. The company will be known as Tatweer Property Company. The Libyan government will provide unlimited support.

Libya is witnessing huge development and Tameer's investment is designed to help achieve the future vision that the Libyan Government is striving to provide for its people, according to Tameer.

Speaking of this announcement, president of Tameer Holding, Omar Ayesh, said: "This project will be the gateway that combines both modern designs and the unique heritage of the Libyan culture. This project will be representative of the booming property, tourism, and trade sector in Libya."

The Libyan venture is also another step in widening Tameer's overseas property portfolio, after its multi-million dollar projects in Yemen and Jordan. Tameer aims to be a first mover both in its choice of location and investment.

He added: "Tameer is always willing to penetrate new markets where other companies have not yet entered. Our investment comes within this context, and we believe the significance of this step is that it will open the door for even bigger projects across the whole region."

The project is located in the Eastern Valley that borders the Libyan capital, Tripoli. It encompasses an area of more 40 square kilometres, and is distinguished by its beach, considered to be one of the most beautiful beaches on the coast of the Mediterranean. The city-sized project includes residential and commercial towers, business centres, and tourism facilities as well as schools, universities and hospitals. When completed the mega-development is expected to house more than half a million people.

There will also be a highly developed infrastructure, which will include smart homes, putting the city on a par with the world's leading international cities.

According to Tameer this development will serve all economic sectors and provide investment opportunities for the Libyan people in the fields of property investment, business development, construction and infrastructure. The project is also expected to provide ample job opportunities in different sectors.

The agreement was signed under the auspices of the Secretary of the General People's Committee, Dr Baghdadi Al Mahmoudi, Omar Ayesh, Tameer President, and Hamid Elhouderi general manager of the Arab Fund for Economic and Social Development.