Libya, Abu Dhabi in $3bn fund JV
Tripoli, April 8, 2008
Libya and Abu Dhabi have reached an agreement to set up a $3 billion joint investment fund to finance projects in Libya and the UAE, Libyan officials said.
The officials named a $500 million joint real estate and tourism firm, a $400 million bank and water desalination plants among the projects.
Libya and Abu Dhabi were also looking into building a portfolio of joint projects in Africa, the officials said but gave no timetable and did not name countries or sectors.
The agreement was reached following a visit to Libya by Abu Dhabi Crown Prince Mohammed bin Zayed al-Nahayan at the weekend, the Libyan officials said.
The investment fund accord was the latest in a series of deals between Libya and the UAE, including a $2 billion refinery upgrade agreement last January.
Gulf Arab ruling families have ploughed record oil revenues into real estate projects and new industries to reduce their reliance on the energy sector, but growth is slowing in many domestic sectors, prompting them to look further afield.-Reuters