Investors has signed a memorandum of understanding with Libya to create the firm, with each holding 25 per cent and the remainder sold to strategic investors, the company said in a statement on the Kuwait bourse website.
A company official, who declined to be identified, told Reuters the company would be set up within two months.
He said both sides would be targeting institutional investors in several countries in the Middle East in a private placement for which details had still to be decided.
The new company will undertake several large projects, including energy investments in Libya and other countries in North Africa and the Middle East.
Investors said a committee would look at potential deals in tourism, real estate, financial services, transport and telecommunications.