The elimination of visa requirements and payments on debts owed by Libya to Turkish construction firms, along with $125 billion in promised investment in the construction sector by the Libyan government, are leading to an influx of Turkish firms into the North African nation. Renaissance Construction, the second-largest building contractor in Turkey, is putting up the largest shopping center in Africa with its Libyan partner, Lidco.
The project, called Zümrüt, is part of the $2 billion “Bab Tripoli 2” project, which also includes luxury apartments, offices and a five-star hotel in the country’s capital.
Speaking to Today’s Zaman, Renaissance Construction Vice President Kamil Yanıkömeroğlu noted that they plan to expand to other North African nations, anticipating demand for shopping centers from Tunisia and Algeria. Yanıkömeroğlu indicated that Zümrüt would be completed in 2010, adding that his company is currently in talks with two firms for management of the five-star hotel.
Commercial Counselor at the Turkish Embassy in Tripoli İbrahim Eriş, speaking to Today’s Zaman, stated that Libya was planning to invest $125 billion in the construction sector in the next five years. Eriş highlighted that those who do not invest in Libya now will regret their hesitation five years from now. He added that although visa requirements between the two countries have been lifted, because of Libya’s bureaucracy this would not go into effect until after the beginning of the new year
Renaissance Construction has operations in Turkey, Russia, Ukraine and now Libya, building factories, shopping centers and luxury housing. To date, Renaissance has built 60 factories, 16 shopping centers and numerous luxury homes in Russia. The firm, which was founded in 1993, has been involved in 450 projects valued at over $3 billion.
