PricewaterhouseCoopers: Middle East Region: Libya

Mohamed Ghattour & Co PricewaterhouseCoopers has been in existence for over 25 years. During this period, the firm has obtained extensive experience in the Libyan Market servicing local and international clients.

With the lifting of the UN’s economic sanctions in 2003 and the government’s initiative to privatize 300 state owned companies by 2008, Libya has experienced a significant increase in its economic activity. With an estimated GDP of USD 37 billion in 2005 (for a population of 5.9 million) & its GDP is expected to grow in real terms by 8.1% in 2006. The oil and gas sector accounts for over half of its GDP and its current GDP per capita is one of the highest in North Africa. Libya accounts for almost 20% of foreign direct investment (FDI) inflow into Africa. With a USD 7 billion surplus in oil revenue, the Libyan government is looking for further development in its oil & gas sector and has led to a proliferation of this sector:

Oil & Gas – Progress is being made in the oil and gas sector, and surveys have named Libya as an attractive global prospect for oil and gas exploration activity.

Hospitality & Construction - with its rich heritage, the hospitality sector within Tripoli has been experiencing strong economic expansion.

It has been announced by the General Peoples Committee for Economy & Trade that it has started registering Trade Agencies in Libya, from 1st of January 2003, it is prohibited to contract with any foreign entity concerning importation of goods to Libya, unless they have certified trade agencies in Libya according to the Laws and regulation of the Trade Agency Law.

If your enquiry is of a general nature or you wish to contact the country senior partner please email: ghattour110@yahoo.com