Barwa to build hotel in Libya

08 July 2008
Qatar’s Barwa International is to build a 4 star hotel in Libya.

The project is part of a mixed-use development which will cover an area of 3,000 square metres and will include villas, residential compounds and offices, as well as the hotel.

Barwa will take a 49 per cent stake in the project, with the remaining 51 per cent to be held by the Libyan Development & Investment Company. The deal, which was signed on 26 June, is worth $2bn.

Barwa has said it will also invest in an energy project in the country.

A new $2bn joint investment fund will be set up by Qatar and Libya, along with a new bank with capital of $500m.

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