Tripoli passes law to develop area from Melita to Ras Ijdair
Tripoli has passed a new law allowing the development of a special economic zone in an area stretching from Melita to Ras Ijdair on the Tunisian border.
The news was announced by Libyan leader Muammar Gaddafi’s son Saadi on 1 February. The leader’s third eldest son is the chairman of the Zawara Ras-Ijdair Zone Development Project.
The zone will include primary, lower and appeal courts. English and Arabic will be official languages. Libyan investments will be prioritised, but foreign investment will also be encouraged.
In November 2006, UAE-based developer Emaar signed a memorandum of understanding to set up a joint venture in Libya. The company was to act as the main developer of phase 1 of the Zwara Abu Kemash zone, as it was then called. The plans at the time included residential, commercial, industrial, educational, healthcare, leisure and entertainment areas.
Emaar is still involved in the latest guise of the project. Saadi Gaddafi is now seeking further support for the scheme from investment banks, according to a source close to the scheme,
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