Egypt and Libya Plan Housing Venture

Egypt and Libya will establish a joint company worth US$100 million to oversee the construction of al-Fatih city, a real estate development on the outskirts of Cairo. Libya will provide 75% of the capital, and Egypt the balance, for the 5,600 acre project, the paper quoted Cabinet Spokesman Magdy Rady as saying. It provided no further details. Egyptian companies have been investing in Libya as the north African country ploughs growing oil and gas revenues into upgrading infrastructure and services after decades of diplomatic isolation.- Reuters