Libya opens up to tourism investors

[tolibya]

Libya, which came in from the cold after abandoning covert weapons programmes, is now hoping to offer tourists a warm welcome.

The government is inviting international consultants and developers to consider the country as a growth market for tourism, and to submit ideas to harness its full potential (see related article).

Libya attracted only 160,000 tourists in 2006, but wants this to rise to over 1 million by 2015. But years of sanctions have crippled the country's infrastructure and foreign direct investment (FDI) is needed to modernise roads, airports and real estate.

Libya has a population of around 5.6 million. 90 percent of the country is desert but, at 1100 kilometres, has the longest coastline of any African country bordering the Mediterranean.

Ryad Sunusi, President & CEO of Phoenicia Group, describes Libya as North Africa's most vibrant economy, and predicts that it will become a globally recognised tourist destination.

"The tourism sector has tremendous untapped potential - Libya's 1,100 km coastline of unspoiled beaches, its preserved historical ruins, and desert oases make it the perfect sun, sea, and sand vacation spot - thrown in with the best preserved Roman ruins outside Italy," Sunusi said.

"We've got stretches of beaches rivaling anything out of the French Riviera, and none of the haggling and unpleasantness you get in neighboring countries," Sunusi said.

"Libya is the place to be, it's still emerging, but if you're looking for a challenge and reward, this is it."

That message is already hitting the mark. Phoenicia Group believes that $6 billion has already been committed to ventures in Libya by local, foreign and joint-venture projects.