TRIPOLI: Libya’s internationally recognized government said it had allocated $1.06 billion (1.5 billion Libyan dinars) for the National Oil Corporation (NOC) to maintain oil production in 2019-2020, according to a resolution shared with journalists on Saturday.
The resolution said 1.2 billion dinars was allocated “for projects that contribute in maintenance of current production rates and increase the productive capacity of the oil and gas sector.” A further 300 million was allocated for pay the NOC’s obligations to other companies.
The resolution stated that the Central Bank deposit the sum in “an emergency account” for the NOC to spend as planned.
It also said the money would be drawn from fees imposed since 2018 on sales of foreign exchange, in a bid to end the gap between the official and parallel foreign exchange markets.
Libya’s current oil production is around 1.3 million barrels per day.
The NOC has frequently complained in the past that it was not receiving sufficient funding from the Tripoli-based Government of National Accord (GNA).
Last week it said in a statement that production was expected to be severely affected if it did not get the budget funding it needed from the government.
The NOC also said the government “reduced the approved budget of the Corporation and its companies twice” this year without prior notice.
OPEC member Libya’s oil production has fluctuated sharply in recent years due to attacks, protests and political conflict in the turmoil following the country’s 2011 uprising.
The country has been split since 2014 between rival camps based in Tripoli and the east, though the NOC in Tripoli has continued to control oil production, with revenues flowing through the central bank in the capital.
Tripoli government gives Libya’s NOC $1 billion in funding
Tripoli government gives Libya’s NOC $1 billion in funding
- Amount to be utilized to maintain oil production in 2019-2020
- Libya’s current oil production is around 1.3 million barrels per day
Diriyah Co. partners with Midad to develop Four Seasons hotel in Diriyah
RIYADH: Saudi Arabia’s sovereign wealth fund-backed developer, Diriyah Co., has signed a joint development agreement with Midad Real Estate Investment and Development Co. to construct the Four Seasons Diriyah Hotel and private residences.
The partnership will strengthen collaboration between the two companies through the development of the luxury Four Seasons Diriyah, which will feature 159 rooms, alongside private Four Seasons residences, spanning approximately 235,000 sq. meters within Diriyah’s master plan.
The project’s total value is projected at SR3.1 billion (approximately $827 million), encompassing both land acquisition and construction expenses.
Midad is one of the Kingdom’s leading real estate developers, expanding its portfolio of high-end projects and maintaining numerous strategic partnerships with prominent global brands, reinforcing its reputation as a trusted name in luxury residential and hospitality development across Saudi Arabia.
This partnership marks the first major collaboration between Diriyah Co. and Midad, supporting Diriyah’s plans to develop 40 luxury hotels across its two main projects: the 14-sq.-km Diriyah Project and the 62-sq.-km Wadi Safar Project, a premium destination that blends lifestyle, culture, and entertainment.
Commenting on the agreement, Minister of Tourism and Secretary-General of Diriyah Co., Ahmad Al-Khatib, said: “The Kingdom continues to set new standards in developing tourism destinations, with Diriyah at the forefront.”
He added that such partnerships enhance the world-class experiences Saudi Arabia offers and strengthen the Kingdom’s position as a leading destination in this sector.
Diriyah Co. CEO Jerry Inzerillo commented that the Four Seasons Diriyah Hotel and Residences will be one of the Kingdom’s largest luxury hotels.
“We are proud to announce this joint development with Midad, one of Saudi Arabia’s top real estate developers. This agreement reflects our ongoing commitment to enabling Saudi partners to contribute to Diriyah’s transformative journey and confirms Midad’s confidence in the opportunities the project presents,” Inzerillo added.
Midad CEO Abdelilah bin Mohammed Al-Aiban said: “This project is a pivotal milestone for our company, allowing us to bring the Four Seasons experience to one of the Kingdom’s most prominent heritage destinations.”
He added: “We are excited to deliver a project that embodies design excellence, world-class service, and sustainable value, while contributing meaningfully to Saudi Arabia’s tourism, cultural, and economic ambitions.”
The collaboration comes amid rapid progress on the SR236 billion Diriyah project, which has awarded construction contracts worth more than SR101.25 billion to date.
Diriyah is expected to contribute approximately SR70 billion directly to the Kingdom’s gross domestic product, create more than 180,000 jobs, accommodate 100,000 residents, and host around 50 million annual visitors.
The development will feature contemporary office spaces accommodating tens of thousands of professionals across technology, media, arts, and education, complemented by museums, retail destinations, a university, an opera house, and the Diriyah Arena.
It will also offer a diverse selection of restaurants and cafes, alongside nearly 40 world-class resorts and hotels distributed across its two primary master plans.
