The deal was signed by Libya's Economic & Social Development Fund, the government-run Libyan Investment Corporation, and Mubadala Development Company, an investment arm of the Abu Dhabi government.

According to Libya's official Jamahiriya news agency, the agreement was signed during a one-day visit to Tripoli on 5 April by Sheikh Mohammed bin Zayed Al-Nahyan, crown prince of Abu Dhabi.

Further details of the agreement were not revealed. None of the parties to the agreement was available for comment.

The move is part of Mubadala’s drive to increase its investments in North Africa. On 1 April, the company acquired a 20 per cent stake in the UK/Dutch Shell Group’s exploration and production ventures in Algeria (MEED 1:04:08).

It is also developing a 700,000 tonne-a-year aluminium smelter in Algeria with state energy company Sonatrach (MEED 14:12:07).