Libya to turn into ‘Dubai of the Maghreb” ?

Published January 12th, 2012 - 08:29 GMT
Libya
Libya

Libya boasts such strong economic fundamentals that they can lead it “within 3 to 5 years to become the ‘Dubai of the Maghreb.” This comment was made by Sami Zaptia, the CEO of KnowLibya, a consultancy specializing in training Western businesses to navigate the Libyan cultural and commercial environments.

“Libya is very rich,” stressed the expert. In the medium term, the North Africa country will rely on investment and on increasing oil production, Zaptia conveyed. However, he stressed the existence of a young population, who maintains positive cultural readiness and huge aspirations that can make them the engine of growth for the country in the years to come.

According to the economist, Tripoli may become “an important hub for air transport in Africa, Maghreb, Middle East and Europe, just as the case now of the UAE.” Zaptieh mentioned that there are still many unexploited areas which have a growth potential as they are considered attractive investment opportunities for Western companies. These sector include mainly “tourism and light industry.”

Do not underestimate also the opportunity of renewable energy projects, he was quoted as saying. Libya weather conditions made the country a strong candidate to become “a provider of solar energy at low cost,” the consultant concluded. (Source: www.yallafinance.com)

 


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