Libya Business News
Monday, May 16, 2022
  • 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 Construction & Engineering

Kuwaiti Group wins $930m from Libya

22nd May 2013
in Construction & Engineering, Leisure & Tourism
Kuwaiti Group wins $930m from Libya
Share on FacebookShare on Twitter

The largest private business in Kuwait has reportedly won $930-million in damages from Libya for former leader Muammar Gaddafi's cancelling of the construction of a vacation resort.

M. A. Kharafi and Sons (MAK Group), owned by one of Kuwait's biggest merchant families, won the award in arbitration proceedings via the Arab League.

The Kuwaiti group signed a contract in 2006 with the Gaddafi government to build the resort in Tripoli, which would have included hotel accommodation, villas and a shopping mall. It spent money on feasibility studies, design and management contracts, until Libya cancelled the deal in 2010.

The Kharafi group claimed it had lost 90 years worth of revenue in the deal and used a joint investment protection agreement from the Arab League for the case.

(Sources: Reuters, Arabian Business)

Tags: Arab LeagueKharafiKuwaitMAK GroupSovereign Hospitality Holdings

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.