Construction to start soon on Medina Tower in Tripoli

Details of a mammoth construction project in Tripoli were announced by Corinthia Group Chairman Alfred Pisani, MIH director Joseph Fenech and the Managing Director for Medina Tower Joint Stock Company Reuben Xuereb during a press conference.

21 June 2010, 12:00am
by Karl Stagno-Navarra

1 min read

Excavation and construction is set to start in the coming weeks on the Medina Tower in downtown Tripoli, and is set to become a market leader in its environment by establishing itself as a neighbourhood-serving commercial centre and a vibrant arts, cultural and entertainment centre.

Estimated at a total cost of €300 million, the development will consist of residential, office, retail and leisure accommodation within a self-contained ‘vertical town’ that is expected to become the Medina Tower.

The Medina Tower site is located on the most important thoroughfare in Tripoli and has now been fenced off for excavation to begin shortly.

Specialised contractors are being engaged to employ a top-down construction method which will accelerate the construction. The construction process has been opened to international tendering and Maltese contractors and suppliers will be invited to bid, just as they were invited to bid for works at Palm City Residences.

MIH last week announced a €30 million, 7-year bond issue in three currencies, Euro, Sterling or US Dollars.