Upcoming real estate developer Nobles Properties has launched the $500 million Tripoli Towers in Libya, a report said.

Coming up in downtown Tripoli, the capital of Libya, the project is a result of a pact with OYA Tourism Investment and Development, owned by Libya's Economic and Social Development Fund, according to a Gulf News report.

The waterfront development will span 275,000 sq ft and will have two 40-storey residential towers of which one will feature a five-star hotel with business facilities, serviced apartments and retail space, while the second will include office space.

Dubai real estate companies want to cash in on the surging demand for multi-purpose property developments in Libya.

Source: Trade Arabia News