TRIPOLI, Libya — Phoenicia Group Libya LLC (www.phoenicia-group.net), the leading U.S.-Libyan diversified business and consultancy group, today announced acquisitions of several Libyan companies in key growth sectors in Libya and spearheading the establishment of Libya’s first private equity fund. New acquisitions include Al-Itlala Healthcare Co, a medical services company; Akakus Catering Co, a full-service catering company for the oil and gas industry; Najla Co., a logistics and transportation company; United Libyan Construction Industries Co; which produces a variety of industrial goods; and Oea Oil Services Co., a local Libyan oil services company.
The latest acquisitions bring the number of companies under the control of the Phoenicia Group to 17.
Libu Capital Inc., a private equity firm established by Phoenicia Group this year, expects to raise $20,000,000 by year’s end and up to $75,000,000 within 3 years to fund new ventures and companies in key sectors primed for privatization.
Ryad Sunusi, acting President & CEO of the privately-held Phoenicia Group and a prominent Libyan businessman and consultant, expressed confidence in the strength of the Libyan economy and business opportunities available during a conference call from Tripoli with businessmen, investors and analysts, stating:
“Libya is undergoing rapid industrial and economic expansion and, by any yardstick, is an emerging market with incredible potential in virtually every market segment.”
“We are capitalizing on our established base in Libya and will continue to offer our clients the reliable and effective business solutions they have come to expect, by delivering proven leverage strategies to enhance a competitive position in Libya for our clientele.”
Mr. Sunusi’s upbeat predictions extend to forming partnerships and alliances with international companies, saying, “U.S. and international firms need a well-established and knowledgeable partner; and, as Libya’s leading private sector group, we are well placed to advise on market entry and risk management concerns.”
“Our expectations are spot on target; 2007 will be an exciting year for all of us, with several milestone announcements to be made later this year.”
Key services provided to U.S. and international clients include Risk Management, Commercial Advisory/Business Law, Communication, Government Relations, Trade Advocacy, Concept Development, Contract Negotiations, Distribution, Marketing, Sourcing, Strategy, and Total Project Management.
Khalid Bushesi, an analyst at the Academy of Graduate Studies, a Libyan think-tank, commented, “International investors and businesses need a clear and effective instrument for facilitating investment and formulating entry strategies in a complex, albeit lucrative, market like Libya; Phoenicia Group, as an established and experienced player, seeks to present itself as just that – a viable instrument to advise U.S. and international companies on accessing the Libyan market.”
“By focusing on a diversification and alliance strategy, Phoenicia Group has skillfully positioned itself to reap the benefits of and solidly establish itself as the leading Libyan private group, which is helped by the absence of any serious competitors to the group.”
The consolidation and merger strategy will integrate key services and reduce costs; making Phoenicia Group the dominant private sector player in Libya and result in a more diversified portfolio.
The Phoenicia Group, a widely touted poster child of Libyan private sector achievement, has, since its inception in 1999, experienced rapid expansion in the oil & gas, construction, tourism, telecommunications, health, services, and agribusiness sectors, making it the leading Libyan private business and consultancy group; and sponsoring the spin-off of the Libyan-American Business Council in 2004 to promote U.S.-Libyan trade and business exchange.
About Phoenicia Group Libya, LLC
Phoenicia Group, a U.S.-Libyan professional business services company, establishes and advises on interoperability issues in the Libyan Market with technology, and devises, researches and implements market entry and risk management strategies for U.S. companies wishing to establish a foothold for commerce in Libya.
For more information, visit www.phoenicia-group.net
[tags]Phoenicia Group Libya, Libyan American Business Council[/tags]