Tameer, which will be lead developer of the project, has formed a strategic partnership with Tatweer Property Co. and the Arab Fund for Economic and Social Development for the development. It also has the support of the Libyan government.

The project aims to develop a new city with residential and commercial towers, business centers, and tourism facilities. There will also be new schools, universities, hospitals, gardens, playgrounds, in addition to entertainment centers, clubs, gyms, amongst other amenities. These facilities will be used when the residential base is completed and is expected to house a population that exceeds half a million people.

"This project will be the gateway that combines both the modern designs and the unique heritage of the Libyan culture presented by history, traditions, origins and deep roots," Omar Ayesh, president of Tameer Holding, says. "This project will be representative of the booming property, tourism, and trade sector in Libya.

"Tameer is always willing to penetrate new markets to invest in as we always enter new markets other companies have failed to enter into yet," he adds. "Our investment today comes within this context, and we believe in the significance of this step as it will open the door for even bigger projects across the whole region."