Libya, UAE sign $500 mn deal

April 6th, 2008 - 7:49 pm ICT by admin  

Tripoli, April 6 (IANS) Libya and the United Arab Emirates (UAE) have signed an agreement for a $500 million joint venture for development projects in the African country, WAM news agency reported Sunday. The agreement was signed here Saturday between the Libyan Social and Economic Development Fund (SEDF) and the Abu Dhabi-based Al Mibar International for Investments in the presence of Mansour bin Zayed Al Nahyan, UAE’s minister of presidential affairs.

Al Nahyan is on a working visit to Libya.

The joint venture with an initial capital of $500 million, to be shared equally by the two sides, will focus on developing various projects covering real estate and tourism in Libya.

The SEDF also signed an agreement with Abu Dhabi Executive Council for cooperation and joint investments in energy production in Libya and in third countries.

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