To be built west of the capital city, Tripoli, on the Mediterranean Sea, Energy City Libya will be a part of an international network of energy cities being built by Gulf Finance House, which inked similar agreements to build energy cities in Qatar, India and Kazakhstan With approximately 40 billion barrels of oil, Libya boasts the largest proven oil reserves in Africa in addition to considerable gas resources, offering a multitude of commercial opportunities to the worlds leading names in the energy sector.
Libya accounts for 42 per cent of oil reserves in Africa and three per cent of the world’s reserves. Energy City Libya is in line with the African nation’s mission to position itself as the Energy Hub of the region. With one of the highest per capita GDPs in Africa, Libya holds the largest proven oil reserves in Africa and the oil sector contributes to 95 per cent of export earnings for the Libyan economy.
Libya’s strategic location at the crossroads of the European, African and Arab markets was a natural location for the primary regional energy hub. Energy City Libya will offer a world-class platform for businesses operating in the energy sector, said Gulf Finance House Chairman, Esam Janahi. “Libya is undergoing an exciting commercial renaissance and the time is right to capitalise on this progress. It enjoys all the attributes necessary to host one of the world’s leading energy communities.
This is our vision and are delighted to be working alongside the Libyan Government that shares our goals.” Designed initially by MZ and Partners the internationally renowned firm of architects, the centrepiece of the initiative will comprise an iconic Africa Tower surrounded by a number of specialised business clusters that will include a data centre, an environmental, renewable energy and regulatory advisory centre, dedicated zones for oil producers and gas producers, service industries, infrastructure and downstream industries, shipping and trading, associations and media besides a business process outsourcing centre.
The Head of Economic and Social Fund of Libya, Hamid El Ihtheri said the entire domestic economy would reap the benefits of the energy city project. “Our principal goal is to nurture projects that offer tangible benefits to the people of Libya and sustainable growth within the wider economy.” Hesham Al Emadi, CEO of Energy City International, said: “Energy City Libya will provide a significant stimulus to the fast emerging Libyan economy and a world class energy hub for the region.
The Energy City concept is built entirely around the needs of the global energy community.” Alongside the business components, Energy City Libya will also offer a range of residential, retail, leisure and entertainment elements, all designed to offer the highest standards of modern living.
Over an eight-year period, Gulf Finance House has successfully launched economic infrastructure development projects and investments with an aggregate end value exceeding $ 20 billion. Last year was the most successful year in the bank’s history, closing with a net profit of $ 340 million, up by 61 per cent compared to the previous year.
