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Tripoli: Libya and Dubai have reached an agreement to set up a $3 billion joint investment fund to finance projects in Libya and the UAE, Libyan officials said yesterday.
The officials named a $500 million joint real estate and tourism firm, a $400 million bank and water desalination plants among the projects.
Libya and Dubai were also looking into building a portfolio of joint projects in Africa, the officials said but offered no timetable, countries or sectors.
The agreement was reached following a visit to Libya by General Shaikh Mohmmad Bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces at the weekend, the Libyan officials said.
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