News Archive

NREC Plans to Commence the Construction of Medina Tower in Libya in 2013

09 - April - 2013

In July 2009, MIH entered into a shareholders’ agreement with the Al Enmaa for Economic Development and Real Estate Investment Company of Libya (EDREICO), pursuant to which MIH undertook to acquire a significant stake in the Principal Affiliate, that is, Medina Tower Joint Stock Company for Real Estate Investment and Development. The latter company has been registered in Libya specifically for the purpose of owning and developing the Medina Tower project. Following the registration of the Medina Tower Joint Stock Company, the shareholding was allocated as to 50% – EDREICO; 25% – MIH p.l.c. and 25% – IHI p.l.c.

During 2012 discussions were undertaken with the consultants of the Medina Tower and, to date, a lot of progress has been done and in fact the contract for the sub and superstructure works has been awarded. The Medina Tower project will take 40 months to complete and is expected to commence during the year 2013.

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