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24-Dec-2010 12:35 PM

UAE and Libya in talks for USD2.99bn joint fund

Libya and the UAE have launched a USD2.99 billion joint investment fund to assist the development of both countries (The National, 24-Dec-2010). Talks are being held between the general board for privatisation and investment (GBPI), a government body that attracts foreign investment into Libya, and the UAE's Ministry of Economy. Two of the UAE's airport operators are reportedly in the running to take over the management of Tripoli International Airport. The fund will reportedly be jointly managed at a governmental level, under the umbrella of the economic ministry and the GBPI.