Libya to set up real estate fund

Ahram Online, Wednesday 22 Feb 2012

New fund will be traded on reopened stock exchange and fund the rebuilding of the war-torn country, says Bourse official

Libya will create a real estate fund to help rebuild the country after the devastation of last year's civil war, the general manager of the country's stock market has said.

Speaking to Bloomberg, Ahmed Karoud said the fund will be established within six months, draw investment from individuals and non-government companies and will be traded on the exchange.
Libya's stock exchange lists thirteen firms, including the Bourse. Combined market capitalisation is around $3.1 billion.
The exchange was shut due to last year's conflict and its reopening has been delayed due to what Karoud called "liquidity-related problems".
Trading should finally resume this month, he said.
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