Nobles Properties, a new real estate company, is developing the $500 million Tripolis Towers in Libya, officials said yesterday.
The Tripolis Towers in the heart of the Libyan capital Tripoli will be developed in line with an agreement signed with OYA Tourism Investment and Development, a subsidiary of Libya's Economic and Social Development Fund.
The Tripolis Towers will comprise two 40-storey residential towers on 275,000 square feet of waterfront land in Tripoli. The total built-up area will be 3.5 million square feet.
One tower will include a five-star hotel with business facilities, serviced apartments and retail space. The second tower will contain office space.
A Nobles Properties' spokesperson could not confirm the number of serviced apartments, but said the hotel would comprise 300 rooms.
Unit sizes and prices were also not known, the spokesperson said.
Omar Ayesh, founding chairman of Nobles, said this was a "significant" agreement in Libya as part of the company's plans to expand in the Arab world.
"We see great potential in the Libyan market and its outstanding level of economic competitiveness, which stems from a unique combination of attractions that cannot be found elsewhere," Ayesh said.
Wissam Al Idrissi, general manager of OYA, added that Libya is enjoying a period of substantial econ-omic growth, thus attracting many development opportunities.
There is a growing demand in the Libya for multi-purpose property developments, which Dubai developers plan to exploit.
