Libya Herald Exclusive:
Libya's Al-Tijari Al-Watani (National Commercial) Leasing Company and the Libyan Distinguished (Mutamayza) Group Holding are preparing to sign a memorandum of intent and strategic cooperation.
The agreement aims to arrange and finance a national project to rehabilitate and modernize Libya’s fishing fleet, while also developing aquaculture, tuna fattening operations (often called tuna ranching or capture-based aquaculture), and maritime industries.
The initiative brings together Al-Tijari Al-Watani Leasing Company—headquartered in Bayda—and the Al-Khoms-based Libyan Distinguished Group Holding.
The partnership seeks to establish a financing and investment framework to support Libya’s marine resources sector.
The proposed programme begins with the construction of four model fishing vessels within Libya, with an ultimate goal of building a fleet of 50 modern ships. It also encompasses the rehabilitation and modernization of existing vessels, the development of aquaculture and tuna fattening projects, the localization of maritime industries, and the transfer of technology and expertise.
A representative of the Libyan Distinguished Group Holding stated that the initiative aims to transform Libya’s maritime potential into productive ventures by mobilizing financial resources and leveraging professional and investment expertise, thereby enhancing the maritime sector’s contribution to the national economy.
He added that the cooperation framework also encompasses creating job opportunities for Libyan youth and developing national talent, alongside establishing sustainable financing models in partnership with local and international banks and financial institutions.
He explained that the project’s success requires the completion of scientific and economic studies, adherence to the principles of governance, transparency, and professional management, and the leveraging of international best practices in financing and developing marine fisheries and aquaculture projects.
He emphasized that the group’s vision is for development projects to extend across all regions of Libya—east, west, and south—transcending regional divisions, thereby ensuring the distribution of investment opportunities and fostering broader participation in economic activity.
According to the initiative’s announcement, the group intends to broaden its cooperation to include banking, financial, and investment institutions, relevant national authorities, and the Libyan private sector.
Developing the fishing fleet and investing in aquaculture and marine-related industries are areas that could contribute to diversifying the Libyan economy, reducing reliance on oil revenues, boosting domestic production, and generating new employment opportunities.
The initiative is currently framed as a memorandum of intent and strategic cooperation; its transition to the implementation phase will be contingent upon finalizing the necessary contractual and financial arrangements, as well as completing the required technical and economic studies.