Business News

Libya to host $5b energy
business hub
Agence France-Presse . Tripoli

Gulf Finance House, a Bahrain-based Islamic investment bank, on Sunday unveiled plans for a 5 billion dollars energy sector business hub at Sabratha, 70 kilometres west of Tripoli.
Energy City Libya is the latest in a series of projects, which already includes Energy City locations in Qatar, India and Kazakhstan, the bank said.
The six square kilometres coastal development will include a data centre and an environmental, renewable energy and regulatory advisory centre, plus a dedicated cluster for oil and gas producers.
Alongside the business components, the city will include homes, shops and leisure facilities, the company said.
Issam Janahi, GFH chairman, said the project will be 60 per cent financed by his bank and 40 per cent by the Libyan economic and social development fund, through a joint venture.
Work is expected to start early next year and construction is likely to take three to five years, he said at a news conference.
The first stage, lasting 18 months, will focus on developing infrastucture at a cost of 400 million dollars. ‘The bank is working on raising more funds,’ Janahi said.
With approximately 40 billion barrels of oil, Libya has the largest proven oil reserves in Africa, in addition to considerable gas resources.