Qatar, Libya set up joint projects

Qatar has teamed up with Libya to set up a number of joint projects that will boost relations between the two countries.

Qatar is set to launch a joint investment fund with the North African nation in a bid to provide economic assistance to Arab countries that are short of water resources, according to the official Qatari News Agency.

The two OPEC oil exporters signed the Memorandum of Understanding (MoU) for the joint fund in Doha yesterday during a visit by Libyan Prime Minister al-Baghdadi Ali al-Mahmoudi to the Gulf state.

Qatar has signed three other bilateral agreements with Libya, one of which will see the setting up of a joint investment fund between Qatar Investment Authority and the Libyan Investment Establishment.

Under two other agreements, the two countries will establish the Libyan-Qatari Bank - jointly by Qatar Investment Authority and Libya Central Bank - and a joint real estate investment company.

The property development firm is set to be a joint-stock venture between the Qatari Diar Real Estate Investment Company and the Libyan Foreign Investment Company.

The agency did not give further details about the agreements.

Libya's economy - which depends primarily on revenues from the oil sector - has been coming in from the cold since UN sanctions were lifted in September 2003.

The country's finance sector has picked up steam and is undergoing a business boom under previous prime minister, Shukri Ghanem, and current prime minister al-Mahmoudi.

Many international oil companies have returned to the country, including oil giants Shell and ExxonMobil, and tourism is also on the rise.

Dubai-based property giant Emaar plans to build its largest global project in Libya - a development of the Zowara-Abou Kemash area on the Mediterranean coast near Tripoli.  The mixed-use project aims to fuel economic growth by attracting foreign investment to the country and generating employment opportunities for Libyans.

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