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Libya to Spend $40 Billion on Infrastructure, Housing Projects; Invites U.S. and International Companies to Partner With Libyan Firms

Published: Wed, 20 Dec 2006, 14:38:00 EDT

Edited by Carly Zander

TRIPOLI, Libya - Dec. 20 (SEND2PRESS NEWSWIRE) -- According to Phoenicia Group (www.phoenicia-group.net), a U.S.-Libyan diversified business firm and consultancy group, Libyan officials have earmarked a record $40 Billion for a nation-wide infrastructure and housing program to revamp a decaying public infrastructure caused by years of sanctions; a subtle green light to U.S. and international engineering and construction companies to establish a stake in the construction boom set to explode in the coming years.

The ambitious program, announced at a specialized exhibition and conference in Tripoli last week, will allocate approximately $13 Billion to housing, $10.5 Billion to infrastructure, and $4 Billion to local regions, promising to transform the country and giving a welcome face-lift to long-standing public eye-sores like potted streets and unkempt facades, according to Ryad Sunusi, a prominent U.S. educated businessman and consultant and President & CEO of the privately-held Phoenicia Group, which has substantial interests in the construction, engineering, and oil services sector in Libya.

"Libya, clearly, is going to be a construction hotspot for the next few years, as the Libyan government has wisely given the infrastructure sector national priority and a significant budget," he pointed out.

Libya, flush with confidence and awash with petro-dollars amid intense interest from oil and gas companies, as witnessed by oil majors flocking to bid for unexplored blocks in the latest round this month, has signed dozens of billion dollar contracts in recent years and is set to continue the trend in the foreseeable future, in what pundits are calling a "Libyan Renaissance."

"All public buildings and infrastructure will be renovated and large-scale civil projects like housing projects, tourism infrastructure, rail, roads, and airports built; this is an exciting time for the construction sector in Libya and we welcome U.S. and international companies for partnerships in the sector," Mr. Sunusi said.

Foreign engineering and construction companies wishing to do business in Libya must do so through joint ventures with a Libyan partner according to GPC Decision 443/2006, which was passed last month by the General People's Committee, Libya's executive decision-making body.

Mr. Sunusi revealed that the Phoenicia Group is in talks with several U.S., European, and Asian engineering and construction companies on joint ventures to tap the market.

"We continue to seek dialogue with international partners in joint partnerships and alliances in Libya, and laud the forward-looking policies of the Libyan government in focusing on training and development programs to sustain a new corps of Libyan business leaders, which has proven invaluable to the Libyan private sector," he stated.

The Phoenicia Group, a widely touted poster child of Libyan private sector achievement, has, since its inception in 1999, experienced rapid expansion in the oil & gas, construction, tourism, telecommunications, health, services, and agribusiness sectors, making it the leading Libyan private company and consultancy group; and sponsoring the spin-off of the Libyan-American Business Council in 2004 to promote U.S.-Libyan trade and business exchange.

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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