TRIPOLI, Libya – Sept. 19 (SEND2PRESS NEWSWIRE) — Phoenicia Group Libya LLC (www.phoenicia-group.net), an integrated US-Libyan risk management consultancy, marketing, and event management firm, today announced several strategic acquisitions and negotiated partnerships in key growth sectors in Libya and the United States.
Acquisitions in Libya include Burki & Associates, a legal advisory firm; Al-Najma Syndicate, private book, newspaper, and magazine publisher; Dream Tours, travel agency and tour operator; Tamuh Co, human resource and outsourcing company; Tannif, land developer and construction group; and include stakes in: The Bank of Commerce & Development, Libya’s most profitable private bank; and Al-Reda Insurance Company.
“We are encouraged by recent steps taken by Libya towards a liberal and transparent business environment in common with international practice; a prerequisite for international investors is a corporate environment with a clear and established legal framework,” said Rebecca Thornton, CEO of the Corporate Communications Unit.
“We are glad to say the Libyan authorities are doing an excellent job in line with World Bank guidelines on restructuring to a market economy and creating incentives for Foreign Direct Investment.”
She continued “The time has never been better or more auspicious for doing business in Libya; lucrative and tantalizing investment opportunities exist in oil & gas, tourism, telecommunications, agriculture, education, and, together with our partners and associates, we intend to research and pinpoint key investment opportunities for U.S. clients.”
The recent expansion venture will solidify Phoenicia Group’s position, along with its 12 wholly owned subsidiaries, affiliates, and joint ventures, as market leaders and innovators and set the stage for future equities trading with the establishment of the Libyan Stock Market.
LY Consult, a California company established in 1999 and set up to assist U.S. companies in doing business in Libya merged with Phoenicia Group in June, after an agreed majority buyout in cash and stock.
Phoenicia Group also expects to establish offices in several key U.S. cities, including San Francisco, Houston, Washington D.C., and New York, and international offices in London, Paris, and Berlin, in addition to its Libya operational base.
“U.S. firms need a clear and effective instrument for facilitating investment and formulating entry strategies in a complex yet lucrative market like Libya, Phoenicia Group, as an established and experienced player, presents itself as just that – a viable instrument to advise U.S. companies on accessing the Libyan market,” said J. Bergman, a financial analyst at PriceWaterHouseCoopers.
The consolidation and merger strategy will integrate key services and reduce costs; making Phoenicia Group the dominant private sector player in Libya and result in a more diversified portfolio while creating enhanced shareholder satisfaction.
In a prepared statement by Phoenicia Group interim President & CEO, Ryad Sunusi: “Phoenicia Group is well on track and topping analyst and shareholder expectations month after month. Our strategy is simple. We listen to our clients’ needs and deliver our clients the efficiency and benefits that come from combining an integrated approach in working with investors and the Libyan government, with regard to cultural background.”
“We expect to continue leading the way in identifying investment prospects and improving our clientele’s competitive position in Libya.”
About Phoenicia Group Libya, LLC
Phoenicia Group follows on the tradition of the ancient Phoenicians into the 21st century, acting as a link between Libya and the World, utilizing technology, expertise, enterprise, and communication to effectively promote Libya’s Market Potential, thereby facilitating investment and trade in Libya by U.S and international companies. For more information, please visit www.phoenicia-group.net.
News issued by: Phoenicia Group Libya, LLC
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Original Story ID: (2005) :: 2006-09-0919-002
Original Keywords: Phoenicia Group Libya LLC, US-Libyan risk management consultancy, marketing, and event management firm, tradition of the ancient Phoenicians, Ryad Sunusi, consolidation and merger strategy, LY Consult, Dream Tours, Tamuh Co, Tannif Phoenicia Group Libya, LLC