Manama: Bahrain-based real estate company Tameer has announced plans to develop a $20 billion (Dh73 billion) mixed-use project in Libya the largest Arab investment in the North African country.
Tameer said the project costing 26 billion Libyan dinars would include a city of residential and commercial towers, business centres and other facilities on 40 square kilometres in the eastern valley bordering the capital, Tripoli.
The complex will be home to more than 500,000 people, with access to schools, universities, hospitals, entertainment centres, clubs and gyms.
“This project will represent the booming property, tourism and trade sectors in Libya,” said Omar Ayesh, president of Tam-eer Holding.
“Tameer is always willing to enter new markets to invest in,” he said. “We believe in the significance of this step as it will open the door for even bigger projects across the region.”
Ayesh said the city would serve all sectors and provide investment opportunities for Libyans in property, business, construction and infrastructure.
Tameer will develop the project in partnership with Tatweer Property Co., Tameer International and the Arab Fund for Economic and Social Development, and with support from the Libyan government.
Tameer Holding was set up in 1991 by Al Rajhi Investment Group and Tameer Property Establishment. The company’s total investment exceeds Dh40 billion.
Its UAE projects include the Princess Tower and the Elite Residence in Dubai Marina, Regal Tower in Dubai’s Business Bay and Al Ameera Village in Ajman.
Tameer is also a shareholder of Bahrain Financial Harbour Company.
It also offers services in conceptualisation, evaluation, management, planning, development, design, construction, operation and maintenance in the real estate sector in Middle East and North Africa.