Corinthia announces construction contract for €320m Tripoli Medina Towers
An associate company of the Corinthia Group today awarded a construction contract for the €320 million Medina Tower, a commercial and residential property in Tripoli.
It will be the third major property involving Corinthia in Tripoli, after the luxury Corinthia Hotel Tripoli and the Palm City residential complex.
The contract, which represents a significant portion of the total projected cost of the project, marks the first major project since the Libyan uprising last year.
The Corinthia said that today's contract award was the climax of over three years of planning, negotiations and work.
The contract for the sub and superstructure works was awarded to a Turkish contractor – Koray.
The contract was signed by the Managing Director of the Medina Tower Joint Stock Company, Reuben Xuereb together with Bashir El Saleh as Technical Director. The signing ceremony was held at the Corinthia Hotel Tripoli, and was presided by the Chairman of Medina Tower, Taher Siala, and Yousef Abdelmaula, Vice Chairman of the Corinthia Group.
Attending the ceremony were the Chairman of the Investment Board, Eng G. Guider and the Deputy Minister for Planning Mr Ali Essaleh together with a host of local journalists.
Medina Tower will be a 40-storey building which will comprise luxury residential units, class A office space, a commercial centre housing some of the top fashion brands, restaurants offering a wide international cuisine and a luxury spa with extensive leisure facilities.
Located in the heart of Tripoli’s golden mile, Medina Tower will be built on an 11,000 square metre plot of land and will cover 200,000 square metres of built-up area over 40 floors above ground, and four floors of underground parking which can accommodate up to 900 cars.
Alfred Pisani, Chairman of the Corinthia Group said that this was another major milestone for the group and following the recent launch of the Corinthia Hotel in London, the Group is now focused and excited about this new project in Tripoli.
“Libya has been through a challenging period last year and we had to deal with some very difficult and trying moments. We have, however, remained focused and determined to push ahead with our investment plans and we are pleased to report that the hard work and determination has now paid off as we are about to break ground on this landmark development in the heart of Tripoli”.
The project will take 40 months to complete. The first of its kind in Libya, Medina Tower will bring to the city an address where locals and foreigners alike can live in luxury, work in modern and technologically advanced office spaces, and enjoy the unique commercial and leisure facilities that this high rise iconic building will offer.