UAE firm eyes multi-million dollar new business boost in Libya
Trade Allianz General Trading FZE (TAGT), a leading regional supplier of machinery, construction materials and waste-water products, is targeting up to $15 million worth of new business annually by expanding its operations into Libya.
The company is one of 17 UAE-based firms which have signed up to November’s ‘UAE in Libya’ exhibition during the last four weeks. This late surge of interest was generated by the involvement of several high-profile brands and takes the total of participating businesses to 63.
“We already trade with Libya and we’re confident this exhibition will help us expand in the region,” said Mr Ravi Bhat, director, TAGT. “Future business in the country could be worth between $10 million and $15 million (DHS37.7 million - DHS55 million) following our participation in the event.”
The Arab Bank for Investment and Foreign Trade (ARBIFT), which has a long history of working in Libya, has announced it will be one of the main sponsors of the event and will offer its range of products and services to exhibiting companies looking to win contracts or set up base in the region.
“ARBIFT is ready to extend its support and looks forward to developing commercial exchanges between the UAE and Libya,” confirmed Mr Ibrahim Nasser Rashid Lootah, general manager and member of the board of directors.
With Emirates also on board as the official carrier, ‘UAE in Libya’ will provide a unique opportunity to interact with Libya’s most influential bodies including ministries and government departments, embassies and trade commissions.
“Although interest in the Libyan market is clearly at an all-time high, we’re pleasantly surprised by increasing number of high-calibre companies eager to promote their products and services through participation in ‘UAE in Libya’,” said Laith Kubba, director, Streamline Marketing Group
“The opportunities in the country, now that trade and UN sanctions have been lifted, are immense and this is especially true for construction and manufacturing firms as well as those providing financial services to support the expanding markets,” added Kubba.
The event is organised by Dubai Chamber of Commerce and Industry, Dubai Tourism and Commerce Marketing and Jebel Ali Free Zone Authority. It is supported by the Tripoli Chamber of Commerce in Libya and the Tripoli International Fairgrounds Authority.
Other local companies signed up to exhibit range from training and educational facilities to food manufacturers and healthcare and medical centres to hotel suppliers.