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Libya, a fast growing economy in Africa, presents a wealth of opportunities
Opportunities 28 August 2010
The decision to renounce terrorism, its program of weapons destruction as well as the handover of the two suspects in the airline bombing case of Lockerbie, have all contributed to lifting of economic sanctions against Libya and the end of its diplomatic isolation, almost 6 years ago.
An OPEC member, Libya is home to the largest proven reserves of crude oil in Africa and this is one of the major magnets for foreign investments. Experts consider that Libyan oil and gas reserves are considerably higher than the officially listed figure of 41.5 billion barrels of crude and 51 billion cubic feet of gas. The country's crude reserves are also generally sweet and light and highly attractive to refiners. Libyan fields also have faster routes to customers in Europe and North America than Gulf producers.
As a result, some USD 10bn of foreign investments have flowed into Libya's oil sector since the end of 2003 when sanctions ended. Tens of thousands of kilometres of 2D and 3D seismic surveys have been carried out in the search for locations for exploration drilling. Italian ENI, British BP and Spanish REPSOL are among the most active energy companies in Lybia. The International Monetary Fund forecasts Libya's economy will grow by 5.4 percent this year, while the U.N. said foreign direct investment into the country quadrupled from $1 billion in 2005 to $4.1 billion in 2008 Libya’s construction sector is booming, with office and residential being among the largest developments. American company AECOM alone, is overseeing a USD 80 billion project to build 160,000 housing units throughout the country, about a quarter of which will be in the city of Benghazi, and refurbishing sewage and paving roads there. Overall, however, Libya plans to spend $500 billion over the next decade on a host of projects. The biggest infrastructure contracts in Libya have already been awarded to China and Russia. Russian Railways is moving fast ahead with its EUR 2.2 billion contract to build a 550 kilometer high-speed rail line on the Sirt - Benghazi route. Two even larger rail lines have been awarded the China Railway Construction Corp at an unknown cost. The government is allocating over EUR 100 million for the renovation of the country’s main international airport in the capital city of Tripoli. As for tourism, the country is attracting mostly affluent European travellers. The main destination is the capital city of Tripoli. There are four major international luxury hotel chains operating in Tripoli: Corinthia (owned by its Maltese parent company), Radisson Blu (owned by a local company) and Rixos (owned by its Turkish parent company). Currently under construction, there are three major luxury hotels: InterContinental (2011), Sheraton (2012) and JW Marriott (2011) hotels are under construction. The recently completed Palm City just outside Tripoli on the Mediterranean coast is the first premium residential complex with 413 luxurious units. Palm City offers a full range of services such as shops, restaurant, health club Another major investment is Medina Towers project, a 40 storey building in the center of Tripoli which will include 350 luxury apartments, A class offices space and 8.000 sqm retail gallery. Both projects are developed by joint venture company (Maltese and Kuwaiti). Given the overall economic development of the country, its upper middle class segment has been developing rapidly, growing into an important target base of premium products and services. There is also a segment of very wealthy individuals, especially those close to the ruling family of the country and those involved in oil and construction. That is why, in less than two years, the market will be ready to welcome major international luxury brands, especially from fashion and jewelry / watches. Oliver Petcu
As a result, some USD 10bn of foreign investments have flowed into Libya's oil sector since the end of 2003 when sanctions ended. Tens of thousands of kilometres of 2D and 3D seismic surveys have been carried out in the search for locations for exploration drilling. Italian ENI, British BP and Spanish REPSOL are among the most active energy companies in Lybia. The International Monetary Fund forecasts Libya's economy will grow by 5.4 percent this year, while the U.N. said foreign direct investment into the country quadrupled from $1 billion in 2005 to $4.1 billion in 2008 Libya’s construction sector is booming, with office and residential being among the largest developments. American company AECOM alone, is overseeing a USD 80 billion project to build 160,000 housing units throughout the country, about a quarter of which will be in the city of Benghazi, and refurbishing sewage and paving roads there. Overall, however, Libya plans to spend $500 billion over the next decade on a host of projects. The biggest infrastructure contracts in Libya have already been awarded to China and Russia. Russian Railways is moving fast ahead with its EUR 2.2 billion contract to build a 550 kilometer high-speed rail line on the Sirt - Benghazi route. Two even larger rail lines have been awarded the China Railway Construction Corp at an unknown cost. The government is allocating over EUR 100 million for the renovation of the country’s main international airport in the capital city of Tripoli. As for tourism, the country is attracting mostly affluent European travellers. The main destination is the capital city of Tripoli. There are four major international luxury hotel chains operating in Tripoli: Corinthia (owned by its Maltese parent company), Radisson Blu (owned by a local company) and Rixos (owned by its Turkish parent company). Currently under construction, there are three major luxury hotels: InterContinental (2011), Sheraton (2012) and JW Marriott (2011) hotels are under construction. The recently completed Palm City just outside Tripoli on the Mediterranean coast is the first premium residential complex with 413 luxurious units. Palm City offers a full range of services such as shops, restaurant, health club Another major investment is Medina Towers project, a 40 storey building in the center of Tripoli which will include 350 luxury apartments, A class offices space and 8.000 sqm retail gallery. Both projects are developed by joint venture company (Maltese and Kuwaiti). Given the overall economic development of the country, its upper middle class segment has been developing rapidly, growing into an important target base of premium products and services. There is also a segment of very wealthy individuals, especially those close to the ruling family of the country and those involved in oil and construction. That is why, in less than two years, the market will be ready to welcome major international luxury brands, especially from fashion and jewelry / watches. Oliver Petcu