25/4/08

Report 2008: Libya’s Economic Boom to Continue   

It is boomtime in Libya as the country continues to attract the world’s top energy companies including the supermajors and most recently Gazprom. The prospects continue to be good, says the latest annual assessment by MEC.  The expansion in the energy sector is also attracting service providers accustomed  to operating in a difficult environment.

Other sectors are also experiencing growth with recent contracts covering a wide range of sectors from power and telecommunications to hotels and housing. Reform is underway with modernisation in the banking sector while the Libyan Investment Authority is emerging as a sovereign wealth fund with colossal investment capacity. 

Oliver Miles, MEC’s Chairman and Deputy Chairman of the Libyan British Business Council, said: “The Libyan market, although attractive, can be difficult even for experienced companies but the rewards can be great. Among the challenges of doing business in Libya is that decision-making is slow, and the lack of transparency makes it difficult to grasp the reality behind the frequently announced changes in institutions and legislation that affect the market. Our study helps companies better understand where the opportunities lie and how to be successful."

Scope: The report covers the following areas:

Copies of the report will be available for £300 excluding VAT.

More: For further information about the report or dinner/discussion please contact MEC, 132 Sloane Street, London SW1X 9AX. Telephone 020 7591 4816 or email  admin@meconsult.co.uk . More about MEC is at www.meconsult.co.uk .

Background: Oliver Miles, the editor of the report, is a former British ambassador to Libya who is Deputy Chairman of the Libyan British Business Council. MEC is a business development company focused on the Arab world. It has produced an annual assessment of developments in Libya since the suspension of international sanctions in 1999.