By WAM
Tripoli : The Libyan Social & Economic Development Fund (SEDF) and the Abu Dhabi-based Al Mibar International for Investments Saturday signed a joint venture agreement for a USD 500 million.
The agreement which was signed in presence of Sheikh Mansour bin Zayed Al Nahyan, UAE Minister of Presidential Affairs, provides for setting up a joint company with a capital of USD 500 million, to be shared equally by the two sides, to create development projects in Libya, covering real estate and tourism fields.
The agreement was signed by Dr Hamed Al Hudairi, Chairman of the SEDF and Yousif Al Nowais, Director General of Al Mibar.
The SEDF also signed an agreement with Abu Dhabi Executive Council for cooperation and joint investments in energy production in Libya and abroad.