Corinthia Group launches complex in Libya

[tolibya]

Malta based Corinthia Group of Companies revealed the construction of a large exclusive residential complex, the first of its kind, which is well underway on a one kilometer coastline just outside the city of Tripoli, Libya. Spread over 140,000 square meters, Palm City will offer 408 residential units supported by extensive leisure and recreational facilities.

Corinthia has engaged a team of architects and engineers of international repute to design and manage the construction of this project. Civil and foundation works are now complete, and more than half the value of the entire works has been awarded.

The residential development comprises a mix of accommodation including villas, bungalows and apartments set across the site in lush gardens.

All the units will be leased on a medium- to long-term with all the necessary support services, including logistical assistance for re-location, security, janitorial, maintenance and gardening. It is expected that the first units will be on the market in the middle of 2008, with completion by the end of the year.

The financing arrangements for the project are supported by a consortium of banks led by ABC Bank International from the United Kingdom and BAWAG Bank from Austria, Bank of Valletta from Malta, Gumhouriya Bank from Libya and Tunis International Bank from Tunisia.

A signing ceremony took place in Tripoli on 18th March. Present for the ceremony were Mr Abdulfatah Sharif, Chairman of Libyan Foreign Investment Company, Mr Alfred Pisani, Chairman of Corinthia Group, Mr Jamil Sultan, Chairman of NREC, Mr Abdelmajid Breish, Deputy Chief Executive of ABC Bank International, Dr Harald Raffay, Vice President of BAWAG Bank, Mr Tonio Depasquale, CEO of Bank of Valletta, Mr Hamed Houderi, Chairman of Gumhouriya Bank and Mr Mohammed Fekih, Deputy Chairman and Managing Director of Tunis International Bank. Also present were Mr Mustafa Khattabi, Vice Chairman of Corinthia Group, Mr Joseph Fenech, Managing Director of Corinthia Group whilst Mr Simon Naudi, Mr Ali Bani and Mr Reuben Xuereb represented Palm City.

Libya has been experiencing unprecedented growth in the last few years, and there has been a steady flow of foreign interest in the future of this country, with a strong demand for expatriate status accommodation.