UAE's Emaar to build free zone in Libya

15/11/2006

[Getty Images] Kadhafi

Dubai-based Emaar Properties and Libya signed a Memorandum of Understanding on Monday (November 13th) for setting up a joint venture for establishing a duty free zone in western Libya near the Tunisian border. The zone would be open to local and foreign investors and would create jobs in order to reduce unemployment from around 13%, Saadi Kadhafi, who signed the deal on behalf of the Libyan government, told reporters.

"This programme aims to establish development projects and create economic activities including trade, industry, tourism, the environment, and investment in order to encourage transit trade and freight operations," a joint press-release said. According to Kadhafi, the project is very important for the country as it part of its efforts to decrease dependence on oil as primary income. (Middle East Online)