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Abu Dhabi seeks to control the Libyan economy

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LIBYAPROSPECT – London

According to Emirates71 website, Libyan sources have revealed Abu Dhabi’s intentions to control the Libyan Economy, after controlling almost 70% of Libya’s media based on a Libyan study.

In the report that LIBYAPROSPECT is translating for its readers, the sources accused significant security and operational figures in Abu Dhabi of cooperating with the Libyan Ambassador to the UAE, Arif Nayed, or as the sources described him, Mohammed bin Zayed’s man in Libya, and requested him to initiate the establishment of a commercial bank with its headquarters in Tripoli and other branches across different Libyan cities, with a capital of 264 Million US Dollars. The purpose of this move is to dominate the Libyan economy partially as a first step.

The bank will invest in foreign currency and focus on the Tunisian Dinar, US dollar, Euro, and Sterling Pound as part of their intricate financial network.

The second stage is contributing in establishing a company that specializes in managing the Libyan ports, unofficially operated by Dubai’s DP world. The reasoning behind this is to control exports and imports this totally controlling Libyan commerce. The targeted ports are Zuwara, Tobruk, Tripoli, Benghazi, Sirte, Al Khums, Misrata, and Derna.

The third stage is investing in as much free zone real estate and lands as possible, some of which are located in Al-Mreesa free zone in Benghazi, Zuwara – Ras Ejdair, and Misrata. Foreign companies who will acquire it from the UAE will own the real estate and lands. And if the Libyan government decides to seize the lands for the public good or to continue working on several projects, the UAE can sue Libya and expect compensation up to 1000% of the original value; this will render all projects in the free zones unworkable, which is what the UAE desires.

Economists believe that the continuation of the free zone projects will enhance the economy and cause an industrial and commercial revival. Libya’s geographical location and the rich source of oil and natural gas, as well as its moderate climate and long coastline, could only be viewed as a huge boost for Libya and its economy.

The bank is expected to be formally announced before the end of 2016. Construction will commence in 2017 under the supervision of Arif Nayed.