Hotel Properties Ltd (HPL) has forged an agreement with Libya's state pension fund manager to rebuild and refurbish hotels in the country, a deal achieved partly thanks to 'middleman' Philip Yeo.
Stephen Yeo, executive vice-president of HPL, said on Wednesday evening at a press conference here that many details have yet to be firmed up. But on the cards is the creation of a 50-50 joint venture company with Libya's Social Security Fund Investments Company (SSFI), which manages three to four billion Libyan dinars (S$3.5 to 4.7 billion) in assets, to refurbish Tripoli's Al Kadir hotel to five-star
standard for US$30 million.
Other projects include the building of a 50-storey mixed-use tower in Tripoli for around 150 million euros (S$317.5 million), and the redevelopment of a hotel in Benghazi city, according to SSFI chairman Issa Tuwegiar.
SSFI manages 23 hotels, resorts and tourism villages in Libya on behalf of Libya's pension fund. (BT)