Libya’s Misrata Free Zone faces huge potential revenues
Prime Minister Abdulhamid Dbeibah stated that Libya’s Misrata Free Zone will gain an estimated $2.7 billion from its new agreements with international firms, according to The Arab Weekly and agencies on January 19th.
Dbeibah has described the large investments in Libya’s Misrata Free Zone as having the potential to generate profits worth an estimated $500 million annually.
He sees the project emerging as a positive outlet to show Libya’s important presence as a country. He stated that Libya would not only gain notability for its geographical setup but also for its ability to attract international investors.
One investor, Port operator Terminal Investment Limited, has agreed to help the Misrata Free Zone gain popularity and traction, signing an important deal with them and looking to expand their consumer market worldwide. The zone has also signed with Maha Capital Partners, which will strategise and set long-term growth goals for the zone.
Since 2011, Libya has faced difficulties. Their experiences of an uprising and subsequent factional division in the east and west in 2014 have left many citizens in much uncertainty.
Therefore, Dbeibah’s focus on attracting international investors to further the Libyan economy and promote sustainability reflects his desire to create new opportunities for economic stability.
Dbeibah describes the opportunities for personal wealth in this deal, suggesting that tens of thousands of jobs will arise from this new agreement. As the Misrata Free Zone is situated near the Libyan capital, Tripoli, these jobs could become accessible to many citizens.
Much of Libya’s trade is centred on oil production, and this new agreement would offer many more trade routes in and out of the country. Dbeibah has mentioned a higher storage capacity opening in the zone, maximising their large space in the port, according to the free zone webpage.
Many leaders attended the agreement signing at the Misrata Free Zone establishment, with the Prime Minister of Qatar, Sheikh Mohammed bin Abdulrahman al-Thani, the Italian Deputy Prime Minister and Foreign Affairs Minister, Antonio Tajani, and Dbeibah, Libya’s Prime Minister, all in attendance.
As chairman of the free zone, Muhsin Sigutri spoke about the new agreement and subsequent collaboration as showing the zone’s presence as a major international market, looking to create connections that will grow Libya’s position, both locally and worldwide.
The Arab Weekly and agencies/ Maghrebi.org
Want to chase the pulse of North Africa?
Subscribe to receive our FREE weekly PDF magazine
