MIH to develop mixed-use project in Tripoli
Libya ripe for investment, says MIH managing director
Mediterranean Investments Holding (MIH) will partner with International Hotel Investments (IHI) and the Libyan Economic Development Real Estate Company, to build the mixed-use Medina Tower in Tripoli.
Excavation and construction of the 40-storey tower will kick off in the next few weeks. The project will offer 242 luxury apartments, 23,000m2 of office space, 20,000m2 of retail space, a conference and exhibition centre and four floors of underground parking. It is expected to be completed within four years.
Mediterranean Investments Holding (MIH) is a joint venture between the Kuwaiti National Real Estate Company and the Corinthia Group, a Maltese company with a long-standing relationship with Libya. “Corinthia has been operating in Libya for over 25 years, initially in the catering business, where it provided meals for thousands of workers on rigs and oil fields, as well as airline catering,” explained Reuben Xuereb, managing director, MIH.
“When the new Tripoli airport was inaugurated, Corinthia was also responsible for the duty free shops and other facilities at the airport. Later on in 1999, Corinthia took a bold decision to invest in and develop what became the first and only five-star hotel in Tripoli,” he continued.
Corinthia’s second Libyan venture, as part of MIH, was Palm City, a residential development that was launched in 2006. “In just four years, a flat, 170,000m2 plot of land has been transformed into a village comprising 413 residential units, and a piazza that has become the place for tenants to meet and shop for their daily needs as well as enjoy the services of a beauty salon, a bank, a large supermarket, a café, a laundry, and a kids play area.”
Health and leisure facilities include a large club house with an indoor pool, spa, squash court, gym, kids play area, four tennis courts and five-a-side football pitch. The development also offers a private beach and the Movida fine-dining restaurant.
“Clearly, Corinthia has believed in what Libya has to offer for decades and not just in recent years. This is a country that boasts numerous archeological and World Heritage sites, enjoying 2,000km of coastline on the Mediterranean sea, the finest Sahara desert, and the beautiful Cyrene and Green mountains, as well as the very distinct Acacus mountains,” said Xuereb.
“Add to that an abundance of natural resources and a country that has not spent much over the last 30 years, and Libya provides some very interesting opportunities for investment, in a wide ranging spectrum of industries, not least in real estate and tourism.”