Libya and Oman signed an ‘act of partnership’ to form the Libyan-Omani Company of Investment. This company has a capital of 500 million dollars, according to Al Arab Online.

The company will hold its office in Tripoli and will focus on working in “economic sectors like tourism, industry, services and energy.” For the future, there is also the ability of the company to expand the fields it works in.

The agreement for the company was signed in August, when the Sultan of Oman, Qabous Bin Said, visited Libya. Within this agreement, the money the company makes, the land it owns, and the wages it pays to its employees will not be held to the tax policies of Libya and Oman.

Sarah Dada

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Now that this long awaited proposal has been approved, the next steps include deciding and understanding the powers of the central bank, overcoming inflation, creating an appropriate exchange system and balancing regulatory powers. The Director General of the International Monetary Fund, Dominique Strauss-Kahn commented, “Achieving a monetary union will be a major challenge as much remains to be done to enable the creation of a common currency.”

The finance ministers also discussed the EU’s response to the GCC’s view on difficulties that are slowing a free-trade agreement between the organizations.

Brandie Gordon

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