Tameer anticipates overwhelming response to Wadi Al Sharqi
Property developer Tameer Holding recently revealed that is expects overwhelming investor response to its new $20-billion "Wadi Al Sharqi" residential and tourism project planned for Libya.
Tameer representatives said that they were taking advantage of economic liberalization trends in Libya to develop the new city, which will have Dubai-style mixed-use developments, according to Gulf News. Wadi Al Sharqi's architecture, however, will reflect Libyan history and culture.
It will reportedly take between six to eight months to complete the design of the unique project, which will cover approximately 40 square kilometers. The city will be completed in around 15 years. Half of residential property buyers are expected to be Libyan locals, while the rest will mainly be from the Gulf.
"This is the largest project in Libya. When fully developed, there will be 500,000 people living in this city," said Tameer's chief executive officer for international business, Abdullah Hageali.
"The city will have high-rise buildings, five-star hotels, schools, universities and shopping centers," Hageali said.
The project is Tameer's biggest undertaking thus far. Its partners in Libya will be a Libyan government entity, Dubai Holding company Tatweer as well as the Arab Fund for Economic and Social Development which encourages investment in Arab economies.