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KUALA LUMPUR: Sarawak-based builder and property developer Naim Holdings Bhd, via its unit NCSB Sdn Bhd, has entered into a memorandum of understanding (MoU) to construct Gaddafi Tower, a 50-storey tower in Tripoli City Centre, Libya.
The MoU was signed by Naim Holdings Bhd group managing director Datuk Hasmi Hasnan, Al-Waatasemu Charity Foundation (WCF) deputy chairman Bashir Abueid Mohammed Ghnegiwa and WCF coordinator Abdelaziz Emgahad Saleh Almabrouk.
The signing was witnessed by Federal Minister of Natural Resources and Environment Datuk Seri Douglas Uggah Embas.
WCF is a foundation that supports several charities within and outside Libya, focusing on women and children.
Under the terms of the MoU, Naim will invest in the tower as well as undertake the design and construction of the tower block.
"We are in talks with our Libyan partners to rent or sell some space in the tower," he added.
Naim was chosen by the charity fund to cooperate in this development out of 13 other developers worldwide, said Bashir. "We chose them based on their experience and ability to deliver.
The proposed Gaddafi Tower will be built in Tripoli City Centre, Libya, at a tentative cost of US$300 million (RM960 million).
The tower, which will be built on a 11,200 sq m land parcel owned by WCF, will tentatively stand at 50 stories tall.
With a built-up area of about 155,149 sq m, the tower block will comprise office floors, commercial space, restaurants, health club, a roof-top revolving restaurant under a steel and glazed dome as well as four basement-parking levels and six stories of back parking and technical installations.
This project marks their second foray into Libya. Naim had earlier inked an MoU with Libya's General Board of Privatisation And Investment (GBPI) to produce a concept for Solar Oasis, a 100 ha mixed development 30 km from Tripoli City Centre that is estimated to cost US$3.5 billion.
Last month, Naim had signed an MoU with the Miri City Council and two other parties in China — the Guangzhou Panyu Economy and Trade Promotion Bureau and the Institute of Digital Guangdong — for the development of the Panyu-Miri Smart Cities (PMSC), two community interlinked smart cities.
The MoU was signed by Naim Holdings Bhd group managing director Datuk Hasmi Hasnan, Al-Waatasemu Charity Foundation (WCF) deputy chairman Bashir Abueid Mohammed Ghnegiwa and WCF coordinator Abdelaziz Emgahad Saleh Almabrouk.
The signing was witnessed by Federal Minister of Natural Resources and Environment Datuk Seri Douglas Uggah Embas.
WCF is a foundation that supports several charities within and outside Libya, focusing on women and children.
Under the terms of the MoU, Naim will invest in the tower as well as undertake the design and construction of the tower block.
According to a statement to Bursa Malaysia filed on Friday, July 16, a formal joint-venture contract for the project is expected to be signed on or before September 1, 2010. Construction is expected to start in September, and would take 36 months to complete.
Speaking to reporters on Friday Hasmi said Naim — on the advice of its financial advisors — is still studying the economic climate and looking at other financing options before it determines the size of its investment into the building.
"We are in talks with our Libyan partners to rent or sell some space in the tower," he added.
Naim was chosen by the charity fund to cooperate in this development out of 13 other developers worldwide, said Bashir. "We chose them based on their experience and ability to deliver.
The proposed Gaddafi Tower will be built in Tripoli City Centre, Libya, at a tentative cost of US$300 million (RM960 million).
The tower, which will be built on a 11,200 sq m land parcel owned by WCF, will tentatively stand at 50 stories tall.
With a built-up area of about 155,149 sq m, the tower block will comprise office floors, commercial space, restaurants, health club, a roof-top revolving restaurant under a steel and glazed dome as well as four basement-parking levels and six stories of back parking and technical installations.
This project marks their second foray into Libya. Naim had earlier inked an MoU with Libya's General Board of Privatisation And Investment (GBPI) to produce a concept for Solar Oasis, a 100 ha mixed development 30 km from Tripoli City Centre that is estimated to cost US$3.5 billion.
Last month, Naim had signed an MoU with the Miri City Council and two other parties in China — the Guangzhou Panyu Economy and Trade Promotion Bureau and the Institute of Digital Guangdong — for the development of the Panyu-Miri Smart Cities (PMSC), two community interlinked smart cities.
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