MANAMA: Bahrain-based Gulf Finance House (GFH) yesterday unveiled the master plan for Energy City Libya. The $5 billion Energy City Libya, the latest in their series of Energy City projects in Qatar, India and Kazakhstan will take shape on 6sq/km of land on the shores of the Mediterranean city of Sabratha, 70km west of the capital Tripoli, integrating all the components necessary to deliver a truly world-class energy hub.
With approximately 40bn barrels of oil reserves, Libya boasts the largest proven reserves in Africa in addition to considerable gas resources, offering a multitude of commercial opportunities to the world's leading names in the energy sector.
Given Libya's strategic location at the crossroads between the European, African and Arab markets, it is a natural location for the primary regional energy hub.
Designed initially by MZ and Partners the international firm of architects, the centerpiece of the initiative will comprise the iconic Africa Tower surrounded by a number of specialised business clusters.
Socio-economic benefits are at the core of the Energy City philosophy and the Economic and Social Fund of Libya will play a crucial investment and consultative role in the execution of the initiative.
Alongside the business components, Energy City Libya will offer a sophisticated range of residential, retail, leisure and entertainment elements designed to offer the highest standards of modern living to the people who will bring Energy City Libya to life.
GFH chairman Esam Janahi said 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 we are delighted to be working alongside a Libyan Government that shares our goals as we move forward with the delivery of Energy City Libya," Mr Janahi said.
Energy City International chief executive officer Hesham Al Emadi 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 and every element is carefully considered by experienced teams. It's an approach that has earned the plaudits of some of the biggest names in the global energy sector," Mr Al Emadi said.