Gulf Finance House plans to sell the development west of Tripoli
Local contractor Al-dar Al-Watnia expects to have completed the first phase of infrastructure works on Libya’s $5bn Energy City development by the end of 2010.
The first stage of the work involves site levelling and erecting fences around the borders of the project.
Contracts for the next phase of the project will be tendered towards the end of the year.
Energy city is a joint venture between Gulf Finance House and the Economic and Social Development Fund of Libya. The development is located 60km from west Tripoli on the Mediterranean sea, and will contain offices for businesses in the energy sector, chalets, hotels, educational units and a suburb for entertainment.
Gulf Finance House is having financial difficulties due to the fall of the regional property market and a drop in asset values, and as a result is planning to sell some of its assets. Energy City in Libya is one of the assets it plans to sell (MEED 25:2:10).