Libya approves free trade zone

Libya's main legislative body has approved a law setting up a free trade zone on the country's Mediterranean coast, Saadi Gaddafi, a son of Libyan leader Muammar Gaddafi, told Reuters on Sunday. The zone will have free movement of capital and goods, its own courts and a stock exchange, and investors there will benefit from a 10-year tax holiday, according to a copy of the law seen by Reuters.
The idea of the free trade zone has been in development for several years, and a Dubai-based property developer had said it plans to be involved, but progress has been slow. Saadi Gaddafi, a businessman who is likely to be director of the zone's board, said the zone was needed to stimulate investment outside Libya's oil and gas sector.