|  | AED2.2b Emarati-Libyan firm set upMay 20, 2008 - 09:29 - Abu Dhabi, May 20th, 2008 (WAM) - An agreement was signed yesterday to establish the Libyan-Emarati Holding Company (LEHC) at a total capital of $ 600 million (AED 2.2 billion).
The agreement was signed by HH Sheikh Mansour bin Zayed Al Nahyan, Minister of Presidential Affairs and Hamid Al Hudairi, Secretary General of the Libyan Social and Economic Development Fund (SEDF).
Following the signing ceremony, Sheikh Mansour said the agreement was concluded under the directives of President H.H. Sheikh Khalifa bin Zayed Al Nahyan and General HH Sheikh Mohammed bin Zayed Al Nahyan, crown prince of Abu Dhabi and deputy supreme commander of the UAE Armed Forces.
"The new company is set to contribute significantly in enhancing trade and joint investments between the two countries," Sheikh Mansour said.
The new company will focus on developing various projects covering real estate, tourism, oil '&' gas and energy. Its maiden project will be Marsa Tarablus "Tripoli Berth", a mixed-use development with residential, commercial and retail community, a hotel, an administration building and a yacht club.
Sheikh Mansour also attended signing of an agreement between LEHC and one of the world's leading investment funds. The agreement entails cooperation in exploring investment opportunities in the fields of oil '&' gas, clean energy solutions and environment protection.
Last April, Sheikh Mohammed bin Zayed Al Nahyan visited Libya and met with Colonel Muammar Al Qaddafi, Leader of the Libyan Revolution and Saiful Islam Muammar Al Qaddafi.
During the visit, an agreement was signed between SEDF and the Abu Dhabi-based Al Mibar International for Investments to set up a joint venture with an initial capital of $500 million, to be shared equally by the two sides, focusing on developing various projects covering real estate and tourism in Libya.
The SEDF also signed an agreement with International Petroleum Investments Company (IPIC) for cooperation and joint investments in energy production in Libya and in third countries.
Investments by Emarati companies in Libya's development projects are estimated at $ 5.1 billion.
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