Libya Business News
Friday, January 27, 2023
  • Security
  • Oil & Gas
  • Industry
  • Politics
  • Construction
  • Finance
  • Tenders
  • Transportation
  • Videos
No Result
View All Result
Libya Business News
  • Security
  • Oil & Gas
  • Industry
  • Politics
  • Construction
  • Finance
  • Tenders
  • Transportation
  • Videos
Libya Business News
No Result
View All Result
Home Uncategorized

Libyan Construction Law: Contractor’s Liabilities

11th February 2013
in Uncategorized
Libyan Construction Law: Contractor’s Liabilities
Share on FacebookShare on Twitter

By Dr. Mohamed Karbal,  Managing Partner at Karbal & Co.

Libyan Construction Law: Contractor’s Liabilities

Prior to the upheaval of the February 2011 revolution, Libya was already contending with various economic problems. Forty years of the Gaddafi regime's irrational strategic planning and an apathetic mindset left Libya among the least developed countries. Hospitals taking 30 years for completion was common practice. Presently, the Libyan deteriorated infrastructure is in total disarray: housing shortages, dilapidated road networks, and airports stuck in a 40-year time warp, left without modernization since completion. Other neglected sectors included small, unequipped seaports, substandard or nonexistent hospitals and schools. In other words, most of the infrastructure built in the '60’s and '70’s was left without any renovation. As a result most if not all, public service facilities needed to be demolished and rebuilt.

The New Libya, in its road to modernization, will need massive reconstruction in all aspects of its economy. Fortunately for Libya it has zero debt and a lucrative oil industry to fund the reconstruction. The international financial community believes that with wise, comprehensive planning, Libya will be able to climb out of the economic hole the regime dug for it. An International Monetary Fund (IMF) report stated that in 2012 the Libyan GDP was expected to increase by a record-breaking 122%. It is expected to continue growing at 17% in 2013, and at an average of 7% per year from 2014 to 2017.

The Libyan Minister of Economy issued decree no. 207 for year 2012 amending decree no. 103 of 2012 which organizes the legal framework of foreign investment in Libya. Foreign investment is allowed in all economic sectors except certain areas which are strictly limited to Libyan citizens such as the legal profession, accountancy firms, and commercial agencies. For foreign companies, the decree details the form of the legal entities; i.e. limited liability, joint venture, branch of a foreign company and representative offices.

Page 1 of 3
123Next
Tags: LawMohamed Karbal

Latest News

Enterprise Greece Delegation in Libya to Develop Bilateral Business Ties

Enterprise Greece Delegation in Libya to Develop Bilateral Business Ties

4th October 2021
Dbaiba Meets with Eni's CEO Descalzi to Discuss Areas of Cooperation in Libya

Dbaiba Meets with Eni's CEO Descalzi to Discuss Areas of Cooperation in Libya

22nd March 2021
Latest Oil Tenders

Latest Oil Tenders

16th March 2021

Recent News

Enterprise Greece Delegation in Libya to Develop Bilateral Business Ties

Enterprise Greece Delegation in Libya to Develop Bilateral Business Ties

4th October 2021
Dbaiba Meets with Eni's CEO Descalzi to Discuss Areas of Cooperation in Libya

Dbaiba Meets with Eni's CEO Descalzi to Discuss Areas of Cooperation in Libya

22nd March 2021

Categories

  • Security
  • Oil & Gas
  • Industry
  • Politics
  • Construction
  • Finance
  • Tenders
  • Transportation
  • Videos

Menu

  • Home
  • About Us
  • Contact

Join our mailing list!

Sign-up to receive email updates on the latest news and developments.





© 2021 Libya Business News - Your Libyan business news partner

No Result
View All Result
  • Security
  • Oil & Gas
  • Banking & Finance
  • Politics
  • Industry & Trade
  • Construction & Engineering
  • Investment
  • Tenders
  • Transportation
  • Videos
  • Contact Us

© 2021 Libya Business News - Your Libyan business news partner

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “I Agree”, you consent to the use of ALL the cookies.