The project will cover 6 square kilometres on the shore of Sabratha, a city 70km west of Tripoli and is intended to serve as a crossroads between the European, African and Arab markets.

The project involves the construction of a centrepiece project called Africa Tower, surrounded by specialised business clusters including an environmental and renewable energy advisory centre, an area dedicated to oil and gas producers, an area for shipping and trading companies, an area for energy service industries, and an area for downstream and infrastructure industries (MEED 09:01:08).

The Economic and Social Fund of Libya will have a consultative role on the project, as well as being an investor in the development.

Gulf Finance House Chairman Esam Janahi said: “Libya is undergoing an exciting commercial renaissance and the time is right to capitalize on this progress. It enjoys all the attributes necessary to host one of the world’s leading energy communities.”