Following the warming of relations with Washington, Libya has taken fresh steps...
Following the warming of relations with Washington, Libya has taken fresh steps to reduce its dependency on oil, deciding to liberalise the real estate market and boost investments in tourism.
The decisions were taken by the General People's Congress (GPC), which acts as a legislature under Colonel Muammar Gaddafi's government, at its session last week in the central coastal city of Sirte, officials said.
The GPC has decided to abolish a law that prevents citizens from owning more than one home, one of the socialist measures adopted in the 1970s in line with Gaddafi's Jamahiriya, or "state of the masses", regime.
Libyan officials said the law has been reversed to allow citizens to rent and own homes, offices and land, a move effectively liberalising the market.
The measure allows private sector investments in the real estate sector, reducing the state's burden of providing housing for the population.
The GPC has also decided to fully open the tourism sector to local and foreign investments and exonerate them from taxes.
