NAIM TO DEVELOP CONCEPT FOR LIBYAN PROPERTY DEVELOPMENT

KUALA LUMPUR, March 12 (Bernama) -- Construction firm, NAIM Holdings Bhd,
has signed a memorandum of understanding (MoU) with Libya's General Board of
Privatisation And Investment (GBPI) to produce a concept for Solar Oasis, a
mixed development project.

NAIM managing director Hasmi Hasnan said the project, on a 100-hectare site
about 30km from the Tripoli City Centre, is expected to be designed around the
usage of renewable energy.

"We have six months to produce the concept and will recruit the best
talent in the world for it," he told reporters at the signing ceremony of the
MoU here.

The Solar Oasis project includes an exhibition centre, conference centre,
workshops, research centres, recreation/golf course, club house, hotels and
guest houses, detached houses and apartments, two transportation lines with
solar applications, public parks, restaurants and a business centre.

GBPI chairman, Dr Gamal Lamushe said the project is envisaged to be in
excess of US$3.5 billion, subject to a detailed feasibility study.

It would take between four to five years to complete and is expected to
attract a lot of investors following its renewable energy theme.

"Many investors will be interested as this is the first such
concept in Libya, and possibly, the world," said Lamushe, who is also Libya's
Minister of Privatisation and Investment.

On funding, he said it was being sought from both Malaysian and
Libyan banks.

Hasmi also said that there would definitely be some equity injection into
the project besides other sources of funding.

"It is still at the concept stage. We will discuss the funding as we go
along," he explained.
-- BERNAMA