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New Report: Libya Remains Attractive

Global Arab Network - - Maha Karim

Thursday, 30 July 2009 17:13

Libya has ridden the storm of the financial crisis, and the Libyan market remains attractive, with the abundant spending power accumulated during the period of high oil prices.

Libya continues to attract international investment according to the latest annual assessment of business opportunities in Libya produced by London-based MEC International.

The Libyan Investment Authority, Libya's sovereign wealth fund, is cash rich; Libya's foreign currency reserves are reported to be around $136 billion, of which about half are at the disposal of the LIA. It is now operating in the market, and is picking up bargains. Between 30 and 40 international oil companies, which were successful in the EPSA rounds, are exploring, drilling, and in some cases finding new oil and gas, and Libya has ambitious plans to rehabilitate existing assets and develop the sector.

Modernization of the banking sector is making progress, and Libya is spending on health and education as well as on housing, infrastructure, and increasingly on consumer goods of all kinds. Trading relations with America seem at last to have been put on a sound footing, and negotiations for a free trade agreement with the European Union are making progress.

Oliver Miles, Deputy Chairman of the Libyan British Business council, who edited the report, said: “Few economies have ridden the financial crisis well, but as a low cost oil producer Libya is faring better than most. The gradual pace of normalisation in Libya now leaves it well placed as an attractive emerging market for sales and investment.”

Speaking at the launch of the study Michael Parr, Chief Executive of the British Arab Commercial Bank said that the partnership and investment opportunities with local Libyan banks would be open to smaller more specialised banks not just the big multi-nationals.

Libya has the largest oil reserves in Africa as well as vast gas reserves. Other investment hotspots continue to be the petro-chemical and natural gas industry.

Renewable energy is a potential growth area. Salem El-Maiar of Brown and Root, said that solar energy from the Libyan Sahara could provide Europe with an important source of green electricity.

David Moroney of law firm Fulbright and Jaworski that hosted the launch said that local complications means that specialist lawyers and consultants were needed to help potential investors.

The MEC report outlines the investment and sales opportunities in Libya as well as providing information about Libya and its economy and much practical information for business.

Key sectors covered include oil and gas, banking, power, construction, transport and many others.

Global Arab Network

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