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Phoenicia Group Tops Libya Analyst Expectations

Published: Tue, 28 Nov 2006, 13:25:00 EDT

Edited by Christopher Simmons

TRIPOLI, Libya, Nov. 28 (SEND2PRESS NEWSWIRE) -- Phoenicia Group Libya LLC (www.phoenicia-group.net), the leading U.S.-Libyan diversified business firm and consultancy group, surprised Libya market watchers and investors with a near 300% jump in operating profit, hitting 34 Million USD, up from 12 Million USD in the same period in 2005.

The boost is buoyed by a string of acquisitions and an aggressive corporate restructuring strategy launched by Ryad Sunusi, a prominent U.S.-educated Libyan businessman, consultant, and founder of the Libyan American Business Council; who since taking control in 2004 as acting interim President & CEO of Phoenicia Group, has introduced radical changes propelling the Phoenicia Group and its 12 wholly owned subsidiaries and affiliates into the leading private Libyan business group overseeing an estimated 150,000,000 USD portfolio in the oil & gas, construction, tourism, telecommunications, health, services, and agribusiness sectors in Libya, and investments in the U.S., Middle East, and Europe.

Richard Harrison, Chairman of Dubai's Al-Tawfiq, which invests in high-growth sectors in emerging markets, and holds a 20% stake in Phoenicia Group, said, "Phoenicia Group's record expansion and growth just exemplifies what good management, leadership, and patience can do in an emerging market like Libya -- our expectations are spot on target."

Core services offered to U.S. and international investors and companies include Risk Management, Commercial Advisory/Business Law, Communication, Concept Development, Contract Negotiations, Distribution, Marketing, Sourcing, Strategy, and Total Project Management.

In a prepared statement, Ryad Sunusi, who will remain as Phoenicia Group interim President & CEO, said, "The past year has been a very active one-tripling of operating profit and acquisition of several subsidiaries and affiliate companies in Libya. We are encouraged by the liberal economic reforms and see a bright future for our clients, partners, and associates."

"U.S. and international companies looking at the Libyan Market need to employ the same common sense and due diligence when choosing partners and agents in Libya as in other vital business decisions; success in Libya can to a very large degree relate to having proper representation by a reputable and experienced local partner," he noted.

Phoenicia Group currently represents several multi-national companies in Libya and maintains project management roles in key projects for foreign investors in Libya.

"We anticipate even stronger performances in 2007 over 2006, with the integration of our new acquisitions in Libya," Mr. Sunusi assessed.

About Phoenicia Group Libya, LLC

Phoenicia Group, a U.S.-Libyan professional business services company, establishes and advises on interoperability issues in the Libyan Market with technology, and devises, researches and implements market entry and risk management strategies for U.S. companies wishing to establish a foothold for commerce in Libya.

For more information, visit www.phoenicia-group.net.

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ADDITIONAL NEWS FROM Phoenicia Group Libya, LLC

» Phoenicia Group Consolidates Libya Operations; Plans Further Expansion » Libya to Spend $40 Billion on Infrastructure, Housing Projects; Invites U.S. and International Companies to Partner With Libyan Firms » Libya Tells Foreign Companies to Form Joint Ventures with Libyan Companies » Phoenicia Group Tops Libya Analyst Expectations » Libya Seeks U.S. Technology and Partnerships in Energy and Environmental Sectors

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