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- Dubai 04:25 05:43 12:19 15:46 18:50 20:09
The fund would be equally shared between the two countries and would take advantage of massive investment opportunities arising from ongoing privatization in Libya. (FILE)
The UAE and Libya have agreed to set up a joint investment fund with a paid up capital of Dh11 billion to carry out projects in the two Arab countries, a Libyan official was quoted on Thursday as saying.
Jamal Al Lammouchi, General Secretary of the Directive Committee of the General Board of Privatization and Investment, said the fund would be equally shared between the two countries and would take advantage of massive investment opportunities arising from ongoing privatization in Libya.
Quoted by the semi-official daily Al Ittihad, he said Libya is also seeking UAE expertise in managing its new Tripoli airport and is ready to discuss with Dubai World its possible management of ports in the North African Arab nation.
He said the investment fund and other projects were discussed during the recent visit by UAE minister of economy Sultan Al Mansouri to Libya.
“The talks focused on ways to expand our economic links and the agreement to set up that fund was the first major move in this direction,” he said.
“The investment projects to be carried out by that fund would be in both countries according to the needs of each country.”
Lammouchi, who spoke during an investment seminar in Dubai, said 29 Libyan public enterprises to be privatized would be presented to UAE businessmen for investment, covering farming, industry, hospitality, tourism, and transport. He said around 50 per cent of these projects would be sold to the public while the rest would be equally shared by the government and their employees.
Lammouchi also revealed plans by Libya, a key OPEC oil producer, to invest a staggering $200 billion in infrastructure projects, including $100 billion to be spent until 2012. “The second investment programme will start in 2013, making Libya one of the largest investors in infrastructure.”
He said Libya has strong ties with the UAE but added their trade relations are below the available resources.
He urged UAE businessmen to benefit from investment opportunities in Libya, noting that his country aims to attract between $six billion and $12 billion foreign direct investment into real estate, trade, transport, construction and other sectors.
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