Global real estate major Emaar Properties has further expanded its geographic reach in North Africa by joining hands with Libya’s leading development zone, the Zowara-Abou Kemash, to set up a joint venture company in the country.
The joint venture company will act as the main developer of Phase 1 of the Zowara – Abou Kemash area including Farwa Island. It will develop residential, commercial, industrial, educational, healthcare, leisure and entertainment components that are planned to attract foreign investment and generate employment opportunities for Libyans.
Mr Mohamed Ali Alabbar, Chairman, Emaar Properties, and Engineer Al Saadi Moaamar Al Qazafi, Chairman of the Board of Directors of the Zowara-Abou Kemash Development Zone signed the MoU today in the presence of senior officials of Libya and representatives from Emaar.
“Through this joint venture in Libya, Emaar is consolidating its presence in North Africa as we have already launched several landmark projects in Egypt and Morocco,” said Mr Alabbar. “Libya, as an emerging market, holds great potential for growth. The country has announced a series of steps including plans for privatization that are the key pillars in its transition to a more free market economy.”
He added: “Emaar is privileged to partner with Zowara-Abou Kemash Development Zone, which has the state’s mandate to develop the Zowara – Abou Kemash area, encourage foreign investments and create a tourism, industrial and commercial environment that sustains long-term growth.”
Engineer Al Saadi said: “We are focused on developing the country’s infrastructure to further support the trade, tourism, industrial and services sectors, which will create economic alternatives and reduce dependence on oil revenues. Through our partnership with Emaar, we want to leverage on the company’s proven track-record in conceptualizing and delivering mega projects. These projects will energize the local economy by creating more employment opportunities and strengthening foreign investment.”
The new joint venture company will soon start work on the masterplan of the special zone. “We have already initiated steps for all the necessary strategic, financial, marketing and technical studies required for the master plan,” said Mr Alabbar. “The joint venture will also take all necessary measures to implement the master plan by entering into contractual agreements, raising finance and helping in attaining the goals of the Zone.”
Ever since Libya partially liberalized rules on foreign investment, there has been a marked increase in the country’s inward capital flows. Principally driven by the hydrocarbons sector, the country is now taking concerted steps to open up several other economic sectors including real estate and tourism.
Emaar’s international expansion and diversification plans are in line with its Vision 2010 to become one of the most valuable companies in the world. The property developer has announced projects in Saudi Arabia, Egypt, Morocco, Syria, Turkey, Jordan, India and Pakistan, and is also diversifying into education, healthcare and retail.
