Libya Offers Itself as Oasis for Overseas Investment.

In the outskirts of this city, Libya’s second largest, row after row of sand-colored concrete apartment blocks and villas are sprouting from the desert. Hundreds of kilometers away, construction cranes dot the Mediterranean skyline of the capital, Tripoli. The multibillion dollar construction frenzy taking place is the latest and most visible sign of Libya’s drive for growth.

It’s a push that largely ignored the global financial meltdown that left other oil-rich Arab nations stumbling over the last couple of years, and reflects how Libya is tapping its oil wealth to reshape a country isolated for years by sanctions and international disdain.

Libya is “really trying to become, for lack of a better term, a new Dubai” said Carlos Caceres, a representative of the Los Angeles-based engineering giant Aecom working in Benghazi…read more 


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