www.gulfnews.com  Sharjah-based developer Tameer Holding expects strong interest from GCC buyers for properties in its $20-billion residential and tourism project in Libya.

Tameer said it is taking advantage of a climate of economic liberalisation in Libya to develop Wadi Al Sharqi, a new city that will have Dubai-style mixed-use developments, albeit the architecture will reflect Libyan culture and history.

"This is the largest project in Libya. When fully developed, there will be 500,000 people living in this city," said Abdullah Hageali, Tameer's chief executive officer for international business.

Tameer said it will take between six to eight months to complete the project's design.

Covering 40 square kilometres, the city will be developed over a period of 15 years.

"The city will have high-rise buildings, five-star hotels, schools, universities and shopping centres," Hageali said.

About 50 per cent of residential property buyers are expected to be from Libya itself while the rest will come from overseas, mainly from the Gulf.

The project is Tameer's biggest undertaking to date and its partners in Libya will be a Libyan government entity, Dubai Holding company Tatweer and the Arab Fund for Economic and Social Development, a 38-year organisation that encourages investment of public and private capital in Arab econ-omies.

The Libyan government is working to liberalise its property ownership and investment laws for foreigners.

It is also encouraging the private sector to play a more active role in the economy that suffers from archaic financial systems.