Sharjah group to take 40% stake in Libya JV - Emirates Business 24|7

A leading investment group in Sharjah will take a 40 per cent stake in a joint venture it is setting up in Libya for aluminium and glass fittings, according to the Sharjah Chamber of Commerce and Industry (SCCI).

Hussain Mohammed Al Mahmoudi, SCCI Director- General, told Emirates Business that the joint venture between Sharjah's Al Sharif Investment Group and two Libyan partners – Libyan Social and Economic Development Fund and Libyan Investment Portfolio – was the result of an official visit organised by the chamber for businessmen to several north and central African countries, including Libya, at the end of April.

The two Libyan partners will hold 35 per cent and 25 per cent stakes respectively, Al Mahmoudi said. As per the agreement, the management of the project will be solely under the Emarati side, he added. The joint venture is for aluminium and glass production, manufactory and fitting. It will be based in Libya and any surplus will be exported to neighbouring Arab and African countries.