Libya starts building US $5bn energy city

Smart Energy City is located 70km west of Tripoli.

Construction has begun on a US $5 billion economic hub for energy companies operating in Libya, it has been reported.

Smart Energy City is a joint venture between Bahrain’s Islamic investment bank, Gulf Finance House (GFH), and Libya’s Fund for Economic and Social Development.

"Today we advanced by a significant step as we signed the deal to own the land for the project and started implementing it, after getting the money needed to fund and complete this strategic project," Abderrhmane Gammoudi, head of Libya's state Investment Promotion Company, told the news agency Reuters.

GFH, which has been involved in similar projects in India and Qatar, is arranging finance for the development, officials were reported as saying.

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Smart Energy City will be built 70km west of Tripoli, taking between three to five years to complete. The first stage of infrastructure is due to take 18 months, Gammoudi said.

It will be a business and economic centre for companies working in the oil and gas industry.

The master plan was designed by international architects MZ and Partners and features the iconic Africa Tower at its centre.