Real Estate & Construction

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.
Concrete works for the Housing and Infrastructure Board’s (HIB) 5,000 housing units in the Al Khadra area of Benghazi have been finished, making the project 40% complete, Al Shams reported.
Maltese real estate investment firm International Hotel Investments (IHI) has taken a 25% stake in Tripoli’s Medina Tower Joint Stock Company.
The Al Libya Al Qataria company says it has started work on its LD250m ($200m) Waterfront development in the Janzour district of Tripoli.
Abu Dhabi property developer Al Maabar has shortlisted five companies to build the first phase of a $750m mixed-use development in Tripoli, according to The National, an Abu Dhabi-based newspaper.
The government will build a further 12,000 housing units for the city of Benghazi, bringing the total number of units under construction to 42,000, according to the Quryna newspaper.
The developer of the Gaddafi Tower, the Al Watissimo Charity Foundation, has entered into a memorandum of understanding with the Malaysian construction firm, NSCB Engineering Sdn Bhd.
Construction will begin in January 2010 on a new $5bn economic zone designed as a based for energy companies.