#Update* Naim enters MoU to develop Solar Oasis project in Libya

KUALA LUMPUR: Naim Holdings Bhd, through its wholly-owned subsidiary, NCSB Engineering Sdn Bhd has entered into a memorandum of understanding with the General Board of Privatisation and Investment (GBPI) of Libya to jointly work on the development concept for a project called Solar Oasis in Libya.

GBPI owns 100 hectares of land where the project site is, 30km from the Tripoli City Centre in Libya.

"We have six months to come up with the concept which should be acceptable to the Libyan Ministry of Privatisation and Investment. We are working very hard at it right now," Naim Holdings's managing director, Datuk Hasmi Hasnan told reporters after the MOU signing on Friday March 12.

The value of the project may be in access of US$3.5 billion, subject to detailed feasibility studies, he said.

The MoU was signed by Hasmi representing Naim Group and GBPI board chairman Dr Gamal Lamushe who is also the Privatisation and Investment Minister for Libya.

Naim was appointed by GBPI to develop a concept for the development of the facilities and amenities within Solar Oasis which if acceptable may be implemented over a period of four to five years. Dr Gamal said the development would have various amenities and facilities that would include an exhibition centre, conference centre, research centre, detached houses and apartments as well as transportation lines with solar applications.

The Solar Oasis Science & Business Park development would be the first of its kind in libya and in the World. It aims to be the hub of alternative and renewable energy and their applications.