Jafza, MFZ sign MOU on development of Misurata Economic Zone in Libya

Mrs. Salma Hareb, CEO Jafza and Economic Zones World signed the MOU with Dr. Muftah Azzuza, Chairman of the Board, Misurata Free Zone Authroity, during the meeting to discuss options for the development of the MFZ.

Mrs. Salma Hareb said: 'Libya's liberal economic policies and its stategic location make it an ideal gateway to European markets. The Misurata Free Zone fits well in our agenda of forming beneficial alliances and expanding operations to vital business destinations around the world.'

'Libya is an attractive market for a wide variety of business ventures, which will not only bring economic benefit to the Libyan economy, but will aslo strengthen the bilateral ties between the country and Dubai,' she added.

Chuck Heath, the Managing Director of Jafza International said: 'Over the past two years, Jafza has been heavily engaged as a consultant for the MFZ, assessing the commercial feasibility and designing the master plan of Misurata Free Zone, and under the agreement signed today, both parties will explore the possibility of either forming a joint venture company to own, develop, operate and maintain the MFZ, or to grant Jafza a 30-year concession over the MFZ.'

'In the coming months, we will be deciding on an option which makes the most business sense for both the parties,' Mr. Heath added.

One of the key terms of the agreement is that the 3539 Ha. (35,390,000 square meter) Misurata Economic Zone will be developed in two phases. Site One, of approximately 370 Ha. (3,700,000 square meters) and Site Two of about 3,000 Ha. (30,000,000 square meters).