First Gulf Bank opens new branch of First Gulf Libyan Bank in Tripoli

First Gulf Bank (FGB) recently celebrated the opening of its newest branch of First Gulf Libyan Bank (FGLB) at the Rixos Hotel in Tripoli.

FGLB was established as part of a strategic partnership between FGB and the Libyan Government Economic and Social Development Fund (ESDF). FGLB has authorized capital of approximately $400m, which was put forward by both FGB and the ESDF equally. The paid up capital for the FGLB is $200m, which makes it one of the largest banks currently operating in Libya.

The opening ceremony was attended by Mr. Hamed El Houderi, General Manager of ESDF and Chairman of FGLB; Mr. Abdulhamid Saeed, the Managing Director and the Vice Chairman of FGLB; and Mr. Abdelrazek Elhoush, the General Manager of the FGLB.

Mr. Abdulhamid Saeed remarked at the opening, stating that, "This is a momentous occasion for First Gulf Bank. This new branch is in line with our greater strategy to expand our services and offerings geographically. With our new branch in Tripoli, we know that we will be able to positively impact upon the development of the Libyan Financial Market and the greater economy. We also are committed to providing a host of innovative financial services to our customers."

Commenting at the opening, Mr. Abdelrazek Elhoushsaid, "The branch which we have opened here at the Rixos hotel is the first branch which we have opened outside of the First Gulf Libyan Bank Headquarters in Tripoli."

He added, "This is just the beginning, we are actively looking at other locations where we can open branches in the city of Tripoli. Outside the capital we are looking to open branches in Benghazi and Misurata. In the near future, we hope that we will be able to provide a full banking service to our customers in Libya."

Source: Press Release

Libya aims to triple power capacity within 10 years

According to The National Libya wants to triple its power generation capacity within a decade to support what it hopes will be a flood of foreign investment aimed at expanding and diversifying an economy that is heavily dependent on oil and gas exports.

The government's plan includes increasing installed electrical generation capacity to 20 gigawatts by 2020 from about 6.2gw at present. As well as supplying the domestic market, Libya is aiming to export power to Europe.

Tripoli has also set a target of supplying 10 per cent of its energy consumption from renewable sources, especially solar and wind power.

That is more ambitious than the UAE's 7 per cent renewable-energy commitment over the same period, but lower than targets set by some Mediterranean Arab neighbours such as Morocco, Egypt and Lebanon.

"The Great Jamahiriya [Libya's parliament] assigns special interest in the energy sector, acquiring knowledge, as well as increasing the energy efficiency by utilising cutting-edge technology and enhancing rationalisation of energy," the Libyan privatisation and investment board stated in an investment presentation yesterday in Abu Dhabi.

"Libya seeks to significantly contribute to regional and global programmes in the energy sector, leveraging its well-positioned geographic location [between the] European and African continents."

In addition, Tripoli would support environmental protection projects, the presentation indicated.

Libya produces most of its electricity by burning oil. This summer, energy officials said the government had launched strategic initiatives aimed at encouraging gas exploration and development, with a view to using gas for most power generation while exporting more oil. However, in the absence of large new gas discoveries, that could leave Libya without surplus gas to continue its current exports of the fuel, mainly by pipeline to Europe.



Tripoli's new renewable energy strategy may therefore be partly driven by fears that its gas development drive may fail.

On Thursday, Royal Dutch Shell said it was appraising a gas discovery on its concession in Libya's Sirte basin and would continue drilling.

Source: The National