Libya opens its doors to financiers and speculators
The CEO of Libya’s leading construction company has been telling Dubai business leaders that the country offers huge business and investment opportunities stemming from the need to rebuild in the wake of the 2011 revolution.
Mario Zotelle, chief executive of Joint Libyan Construction Company (JLCC), told 150 representatives from 60 companies from the UAE, GCC, Europe and Africa that Libya is in urgent need of infrastructure upgrade and general housing and business reconstruction.
JLCC is owned by Asamer Holdings, which is one of the most experienced foreign investors in Libya and one of the first companies to return to Libya after the end of the revolution and restart production at its three cement factories there. It was invited by the Dubai Chambers of Commerce to share a first-hand account of the current business climate in Libya at the "Future Libya Development Forum 2012: Infrastructure & Rebuild" conference in Dubai last week.
“We have high expectations from the elections and the new political climate which should work to create a stronger institutional and business framework,” Zotelle said. “Libya needs education reform in order to meet the demand for professionals. It also needs reform of the banking sector and for security to be guaranteed throughout the country. Transport and the electricity and gas supply need to be improved. But the potential for both business and investment participation in the reconstruction of Libya is significant.”
Asamer owns and manages three cement plants in Libya. During the revolution, Asamer supported its workers, the revolutionaries and the Benghazi community with the delivery of humanitarian aid. The company paid 2011 salaries to its workers despite shutting down production during the crisis.
Asamer has invested more than EUR 100 million in the factories to increase efficiency, output, quality and labour standards, and to install an environmental protection system.
- 2014 in three words: deflation and lower returns
- How fear can be a good force in the workplace
- Housing and education costs eating away Dubai's tax-free benefits
- With World Cup under its sleeve, Qatar comes fourth in global slavery index
- The quiet overachiever: Is Oman going to do better than its GCC peers in 2015?