MIH sets the scene for more investment in Libya
Plans for a second bond issue for further expansion in North Africa
It started off two years ago, moving swiftly and smoothly from vision to reality. Palm City Residences is a self-contained, newly-built village in Janzur, 15 kilometres west of Tripoli, comprising a mixture of 413 superior residences ranging from studio apartments to four-bedroom fully-detached villas and duplex penthouses. The project is nearing completion and will come to life as the first residents are welcomed in the first months of next year.
"We have successfully created a unique environment to house upscale properties that match the discerning lifestyles of expatriates based in Libya or who travel to Libya regularly for extensive periods," said Reuben Xuereb, managing director of Mediterranean Investments Holding plc (MIH) and its subsidiary Palm City Ltd.
This project is owned and developed by Palm City Ltd, a wholly-owned subsidiary company of MIH, set up in 2005 as a joint venture between Corinthia Group of Companies and National Real Estate Company (NREC) of Kuwait, with the principal objective of acquiring, developing and operating real estate projects in North Africa.
"Research commissioned prior to embarking on this development helped us identify the needs of international corporate community members. From the moment of conception to the finest details of delivery, Palm City Residences is a unique embodiment of these needs brought together in one prestigious address," explained Mr Xuereb.
The company has opted for a leasing model as opposed to outright sale of individual units. Mr Xuereb said that international blue chip companies, international construction corporations, global oil giants operating in Libya and embassies are already committing to a number of leases for units in Palm City.
The Corinthia Group has successfully operated in Libya for over 30 years and provides MIH with support in project and construction management - two areas of expertise where the Group created distinct competence over the years. The Corinthia Group registers an annual turnover in the region of €170 million and employs more than 5,000 people.
NREC, meanwhile, is a leading, listed real estate company operating in Kuwait and in the Gulf region. It owns and manages multiple, multifunction, real estate properties throughout Kuwait and neighbouring GCC countries and holds a strategic shareholding in Agility - a global provider of integrated supply chain solutions with more than 35,000 employees and 450 offices in 100 countries, generating $7 billion in annual revenue. Last year MIH was converted into a public liability company and subsequently, MIH issued an offer for subscription in €15 million worth of listed bonds. This offer was over-subscribed and closed on the first day.
"I attribute this success mainly to the fact that local investors felt confident to put their money in a market which had already returned a huge success for the Corinthia Group through its investment in the Corinthia Bab Africa Hotel and Commercial Centre in Tripoli. On opening the hotel, it seems that we removed the fear of the unknown and suddenly, Libya became a more interesting and appealing investment opportunity. To date, we are the only operators of a 5-star hotel in Tripoli and we are now reaping the fruits resulting from sheer hard work and determination stemming from our belief that Libya would witness massive uplift in foreign investment, international trade and political re-alignment," said Joseph Fenech, MIH board director.
He speaks about the company's future prospects in Libya with highly optimistic tones. "Our growth prospects in Libya and neighbouring North African countries are extremely positive and attractive. Libya is open for business. Today the country offers a more stable economic and political environment that attracts foreign investments and rapid increases in international trade."
It comes as no surprise, therefore, that MIH is considering new large-scale development projects in Libya. "Yes, we have three new projects which we are very actively looking at, ranging from mixed-use developments to others similar to Palm City Residences. At the moment we are also finalising the necessary technical and regulatory requirements to issue a second bond offer which will help us finance our growth in North Africa," he said.
The opportunities
MIH is currently planning a second bond issue to sustain further development opportunities in Libya which are currently under negotiation.
The Tripoli Commercial and Residential Towers
A plot of land measuring approximately 13,000 square metres located close to the Corinthia Bab Africa Hotel & Commercial Centre in the heart of Tripoli will be developed into an address synonymous with high-end office, retail, residential and commercial property for blue chip international corporations and renowned brands.
The site is one of only a handful of approved projects that will eventually form the main boulevard in Tripoli. An opportunity exists for MIH to acquire a stake in an existing company that owns the site on a freehold basis and holds the necessary permits for its construction as a mixed-use development spread over a 30-storey high-rise building.
MIH will also take full responsibility for constructing, project managing and operating the business after completion.
Misurata Village
MIH plans to develop this village on similar lines to that of Palm City Residences, albeit with extended scope of facilities. The development will include over 420 residential units, a 200-room 4-star hotel, a commercial centre providing much-sought-after office space, a yacht marina with an adjacent marina crescent offering an array of international cuisine and a school.
The project involves the potential acquisition and development of a site measuring 170,000 square metres, located two kilometres away from the Misurata Free Trade Zone - the most up-and-coming commercial hub on the North African coast, where several offshore exploration concessions have recently been granted to international oil companies.
MIH will fully own this development and will operate the village after project completion.
Fawar
An under-developed stretch of coastal land measuring two kilometres on the seafront and 550,000 square metres in total will be developed as residential units, a commercial centre, a retail park, hotel accommodation, leisure amenities, warehousing facilities and other developments ancillary to the needs of the locality.
The site lies close to Mitega airport, a secondary airport in Tripoli used primarily by private jets. If successful in its bid, MIH would act as the lead developer and would subsequently draw up a detailed master-plan, manage and invite a number of other investors to participate in this development.
"We have successfully created a unique environment to house upscale properties that match the discerning lifestyles of expatriates based in Libya or who travel to Libya regularly for extensive periods," said Reuben Xuereb, managing director of Mediterranean Investments Holding plc (MIH) and its subsidiary Palm City Ltd.
This project is owned and developed by Palm City Ltd, a wholly-owned subsidiary company of MIH, set up in 2005 as a joint venture between Corinthia Group of Companies and National Real Estate Company (NREC) of Kuwait, with the principal objective of acquiring, developing and operating real estate projects in North Africa.
"Research commissioned prior to embarking on this development helped us identify the needs of international corporate community members. From the moment of conception to the finest details of delivery, Palm City Residences is a unique embodiment of these needs brought together in one prestigious address," explained Mr Xuereb.
The company has opted for a leasing model as opposed to outright sale of individual units. Mr Xuereb said that international blue chip companies, international construction corporations, global oil giants operating in Libya and embassies are already committing to a number of leases for units in Palm City.
The Corinthia Group has successfully operated in Libya for over 30 years and provides MIH with support in project and construction management - two areas of expertise where the Group created distinct competence over the years. The Corinthia Group registers an annual turnover in the region of €170 million and employs more than 5,000 people.
NREC, meanwhile, is a leading, listed real estate company operating in Kuwait and in the Gulf region. It owns and manages multiple, multifunction, real estate properties throughout Kuwait and neighbouring GCC countries and holds a strategic shareholding in Agility - a global provider of integrated supply chain solutions with more than 35,000 employees and 450 offices in 100 countries, generating $7 billion in annual revenue. Last year MIH was converted into a public liability company and subsequently, MIH issued an offer for subscription in €15 million worth of listed bonds. This offer was over-subscribed and closed on the first day.
"I attribute this success mainly to the fact that local investors felt confident to put their money in a market which had already returned a huge success for the Corinthia Group through its investment in the Corinthia Bab Africa Hotel and Commercial Centre in Tripoli. On opening the hotel, it seems that we removed the fear of the unknown and suddenly, Libya became a more interesting and appealing investment opportunity. To date, we are the only operators of a 5-star hotel in Tripoli and we are now reaping the fruits resulting from sheer hard work and determination stemming from our belief that Libya would witness massive uplift in foreign investment, international trade and political re-alignment," said Joseph Fenech, MIH board director.
He speaks about the company's future prospects in Libya with highly optimistic tones. "Our growth prospects in Libya and neighbouring North African countries are extremely positive and attractive. Libya is open for business. Today the country offers a more stable economic and political environment that attracts foreign investments and rapid increases in international trade."
It comes as no surprise, therefore, that MIH is considering new large-scale development projects in Libya. "Yes, we have three new projects which we are very actively looking at, ranging from mixed-use developments to others similar to Palm City Residences. At the moment we are also finalising the necessary technical and regulatory requirements to issue a second bond offer which will help us finance our growth in North Africa," he said.
The opportunities
MIH is currently planning a second bond issue to sustain further development opportunities in Libya which are currently under negotiation.
The Tripoli Commercial and Residential Towers
A plot of land measuring approximately 13,000 square metres located close to the Corinthia Bab Africa Hotel & Commercial Centre in the heart of Tripoli will be developed into an address synonymous with high-end office, retail, residential and commercial property for blue chip international corporations and renowned brands.
The site is one of only a handful of approved projects that will eventually form the main boulevard in Tripoli. An opportunity exists for MIH to acquire a stake in an existing company that owns the site on a freehold basis and holds the necessary permits for its construction as a mixed-use development spread over a 30-storey high-rise building.
MIH will also take full responsibility for constructing, project managing and operating the business after completion.
Misurata Village
MIH plans to develop this village on similar lines to that of Palm City Residences, albeit with extended scope of facilities. The development will include over 420 residential units, a 200-room 4-star hotel, a commercial centre providing much-sought-after office space, a yacht marina with an adjacent marina crescent offering an array of international cuisine and a school.
The project involves the potential acquisition and development of a site measuring 170,000 square metres, located two kilometres away from the Misurata Free Trade Zone - the most up-and-coming commercial hub on the North African coast, where several offshore exploration concessions have recently been granted to international oil companies.
MIH will fully own this development and will operate the village after project completion.
Fawar
An under-developed stretch of coastal land measuring two kilometres on the seafront and 550,000 square metres in total will be developed as residential units, a commercial centre, a retail park, hotel accommodation, leisure amenities, warehousing facilities and other developments ancillary to the needs of the locality.
The site lies close to Mitega airport, a secondary airport in Tripoli used primarily by private jets. If successful in its bid, MIH would act as the lead developer and would subsequently draw up a detailed master-plan, manage and invite a number of other investors to participate in this development.