Nobles Properties is already signing off on its first project, a US$500 million (Dh1.8 billion) development in Libya, just weeks after launching. "We see great potential in the Libyan market. We pledge to develop a pair of iconic towers that will be a landmark development in Tripoli," said Omar Ayesh, the founding chairman of the company and former founding chairman of Tameer. Nobles Properties, based in Dubai, said it had signed an agreement with OYA Tourism Investment and Development, a subsidiary of Libya's Economic and Social Development Fund (ESDF).
To be called the Tripolis Towers, the project will feature two mixed-use 40-storey towers on a 2.5 hectare waterfront plot in the centre of Tripoli. The first tower will have a five-star hotel facility fitted with leisure and business amenities, upmarket serviced apartments and a shopping centre. The second tower will hold office space. Nobles Properties was launched last month by Mr Ayesh, who also founded the Dubai-based developer Tameer five years ago in Sharjah. Tameer announced a multibillion-dollar super city project near Tripoli two years ago, but construction has yet to start. Nobles also intends to develop properties in Dubai. "We will be building an iconic 40-storey tower near Burj Dubai, where we own a Dh600m plot," said an executive of Nobles.
The company is expected to sign another contract in Yemen and is reportedly in talks with Bahraini investors. UAE investments in Libya have doubled in the past few months, reaching more than Dh3.67bn and making the Emirates one of the largest investors in a country that is undergoing a radical redevelopment programme. On May 20, Sheikh Mansour bin Zayed, the Minister of Presidential Affairs and chairman of the Abu Dhabi Fund for Development (ADFD), signed an agreement with Hamed al Hadairi, the chairman of the ESDF, to form a joint venture company worth $600m. The newly created company, called UAE-Libyan Holding Company, will predominantly invest in property, tourism and energy projects in Libya.
Sheikh Mansour said he expected the volume of investment between the two countries to "boom" in the coming years. "This [agreement] opens avenues for co-operation in a wide range of sectors, particularly trade and tourism," he said. As United Nations sanctions have gradually been lifted in the past few years, a number of countries including the US, France and Italy have started investing in Libya, which had previously been isolated from international capital. This investment began in the oil and gas industry and is spreading to trade, tourism or financial services.
ngillet@thenational.ae