Real Estate & Construction

The Libyan operations of the Egypt-based Arab Contractors Company (ACC) have been halted by the interim authorities until the assets of its Libyan partner are investigated, according to a local press report.
One of India's largest construction and engineering firms hopes to restart several projects later this year in Libya, and says it has already renegotiated a number of contracts. 
Libya's interim government has published a new resolution outlining the procedure for claiming and calculating compensation for buildings damaged during the 2011 conflict.
The National Transitional Council (NTC) has appointed a new director for Libya's Real Estate Registry, which plays a vital role in land and property transactions.
Recent results published by the Malta-based Mediterranean Investments Holding (MIH) show a dramatic improvement in the performance of its Palm City residential complex in Tripoli.
The Housing and Infrastructure Board (HIB) and the Organisation for the Development of Administrative Centres (ODAC) are included on the list of entities whose assets have been frozen by the interim government.
Abu Dhabi’s Al Maabar will continue work on its Al Waha project in Tripoli, according to the company’s managing director Yousef Al Nuwais. 
Nasser al-Mana, the official spokesperson of the National Transitional Council (NTC), said last week that the Housing and Infrastructure Board (HIB) has authorized some 248 contracts relating to maintenance of state-owned housing projects.
Malta-based Mediterranean Investment Holdings (MIH) has released a statement saying it will restart preparatory work on its planned Medina Tower development in central Tripoli.
In a weekly news conference held on 18 April, Libyan transitional government spokesman Nasser al-Mana said the Ministry of Housing would evaluate offers to supply 6,500 prefabricated housing units.
Around 70% of the units in Tripoli’s Palm City Residences have been leased to some 600 people, according to a press release by its developer, Mediterranean Investments Holding (MIH).
A representative of Al Maabar, an Abu Dhabi-based real estate developer, said construction on its Al Waha project in Tripoli would begin in the first quarter of 2011. 
Mohamed Haweij, Secretary of the GPC of Industry, Economy and Trade, has announced the establishment of a new housing investment and development fund with a capital of LD29bn ($23.2bn), according to Oea Libya.
The Savings and Real Estate Investment Bank financed a total of LD4.4m ($3.5m) in housing in the Al Quarshaa area of Benghazi, Al Fajar Al Jadeed reported. The loans were granted to 89 families.
The Libyan government has agreed to fund 78% of the investment required for a housing project to be located in Al Fatih city, outside of Cairo, Reuters reported.