News Archive

NREC Announces the Opening of Palm City Residences in Libya

17 - June - 2010

NREC announced the debut of one of its major projects, “Palm City Residences,” in Libya. Mr. Jamil Sultan Al Essa, Chairman of the Board and Managing Director of NREC, stated that Palm City Residences is considered to be one of the most prominent GCC investments in the Libyan real estate sector due to its strategic and advantageous location in the city of Janzour (15 minutes from the capital city of Tripoli).

Palm City Residences represents a unique investment opportunity for the company to take advantage of the economic boom experienced by Libya in light of its relaxing attitude towards foreign and oil investment.

Mr. Khalil Al-Abdullah, Chief Executive Officer of NREC, elaborated, saying that the project commenced in July 2006 and was completed in November 2009. The three-and-a-half year project is the first real estate project in Libya to be financed by foreign banks, and represents a fruitful partnership between Kuwaiti, Libyan and European investors. Mr. Al-Abdullah added that more than 55% of Palm City Residences has already been reserved for tenants, with the remainder expected to be procured in the coming few months.