clipped from www.ft.com

At a time of global gloom when most governments are tightening their belts, Libya is a rare source of light. The north African oil exporter is splurging on massive building projects in an attempt to make up for 40 years of underinvestment that have left it with poor services and its infrastructure in tatters.

Tripoli, the once-shabby, low-rise capital, is being spruced up with new roads and elegant, modern towers along the waterfront, and cranes dot the cityscape – all part of a drive to build new office blocks, housing and hotels.

“In the development cycle, Libya is sort of where Abu Dhabi was 15 years ago, with the same goals and same initiatives to develop tourism and industry,” Mr Thompson says.