Bahrain's Gulf Finance House (GFH) has unveiled the conceptual master plan for its US $5 billion (BHD1.9 billion) Energy City Libya development.
The city will cover 600m2 on the shores of the Mediterranean city of Sabratha, 70km west of Libya's capital Tripoli.
A company spokesperson told Construction Week the final design will be completed in the first quarter of 2009 and infrastructure works will start once the design is approved. He said the various plots of the city will then be sold to developers.
Energy City Libya was designed by international architects MZ and Partners and will feature the "iconic" Africa Tower at its centre surrounded by several business clusters.
These include a data centre, an environmental, renewable energy and regulatory advisory centre, a business process outsourcing centre and dedicated clusters for oil and gas producers, service industries, infrastructure and downstream industries, shipping and trading and associations and media.
The project is the latest in GFH's series of energy cities, which are also located in Qatar, India and Kazakhstan. GFD chairman Esam Janahi said it is destined to become a world-class energy hub for the region.
"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 world's leading names in the energy sector," a company statement said.
"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.
"Energy City Libya will offer a world-class platform for businesses operating in every aspect of the energy sector."
Alongside the business components, the city will offer a range of residential, retail, leisure and entertainment elements.
The head of Libya's Economic and Social Fund, Hamid El Ihtheri, said their principle goal is to nurture a project that offers tangible benefits to the people of Libya and sustainable growth within the wider economy.
"We have very high standards and any initiatives we consider supporting must be able to demonstrate a clear vision, through due diligence and achievable goals," he said.