GFH unveils Energy City Libya masterplan
Manama, November 9, 2008
Gulf Finance House, the Islamic Investment Bank renowned for the conception of world class economic infrastructure initiatives has unveiled the master plan for $5 billion Energy City Libya, the latest in its series of Energy City projects.
It will take shape on a six sq km of land on the shores of the Mediterranean city of Sabratha, 70km west of the capital Tripoli, integrating all the components necessary to deliver a truly world class energy hub.
Contemporary global energy demands are well documented and the industry is engaged in an unending search for new sources of oil and gas.
With approximately 40 billion barrels of oil, Libya boasts of the largest proven oil reserves in Africa in addition to considerable gas resources, offering a multitude of commercial opportunities to the world's leading names in the energy sector.
Given Libya’s strategic location at the crossroads between the European, African and Arab markets, it is a natural location for the primary regional energy hub.
Energy City Libya will offer a world-class platform for businesses operating in every aspect of the energy sector.
Designed initially by MZ and Partners the internationally renowned firm of architects, the centerpiece of the initiative will comprise the stunning and iconic Africa Tower surrounded by a number of specialised business clusters.
These include a data center, environmental, renewable energy and regulatory advisory center and a dedicated cluster for oil producers and gas producers.
It also comprises a dedicated cluster for service industries, infrastructure and downstream industries, shipping and trading, associations and media and a business process outsourcing center.
Socio-economic benefits are at the core of the Energy City philosophy and the Economic and Social Fund of Libya will play a crucial investment and consultative role in the execution of the initiative.
Alongside the business components, Energy City Libya will offer a sophisticated range of residential, retail, leisure and entertainment elements all designed to offer the highest standards of modern living to the people and families who will bring Energy City Libya to life.
A source from the National Oil Company commented said, 'The efficient harvesting of our national oil and gas resources will deliver far-reaching socio-economic benefits throughout Libya for generations to come.'
'Energy City Libya is the ideal platform upon which to realise this goal and we look forward to the eyes of the region falling upon our shores as the definitive African energy center,' he noted.
Head of Economic and Social Fund of Libya Hamid El Ihtheri said, 'Our principal goal is to nurture projects that offer tangible benefits to the people of Libya and sustainable growth within the wider economy.'
'We have very high standards and any initiatives we consider supporting must be able to demonstrate a clear vision, thorough due diligence and achievable goals. Energy City Libya has comfortably fulfilled each of these criteria and the entire domestic economy will soon reap the benefits,' he added.
GFH chairman Esam Janahi pointed out that Libya was undergoing an exciting commercial renaissance and the time was right to capitalize on this progress.
'It enjoys all the attributes necessary to host one of the world’s leading energy communities. This is our vision and we are delighted to be working alongside a Libyan Government that shares our goals as we move forward with the delivery of Energy City Libya.”
Hesham Al Emadi, CEO of Energy City International, said Energy City Libya will provide a significant stimulus to the fast emerging Libyan economy and a world class energy hub for the region.
'The Energy City concept is built entirely around the needs of the global energy community and every