NEW AGE

Mahmoud Ghrghar, CEO of the Ghrghar Group, is steering the family business with a democratic approach that prioritizes people. By blending tradition with innovation, he aims to future-proof the company and prepare it for a public offering by 2028.

- JAMILA GANDHI

In 2023, the North African nation of Libya witnessed its GDP surge by 12.6%, attributed to sustained oil production made possible by the improved security situation. Its economy is heavily dependent on oil and gas, which constitute 97% of exports, more than 90% of fiscal revenues, and 68% of GDP, according to the Arab Development Bank Group. For the Libyan-owned Ghrghar Group, diversifying economic dependence and redefining urban living for the future of the country is critical to catering to a diverse population and setting new standards for development in North Africa.

Ghrghar Construction is currently developing the Tajura Compound, one of the largest residential complexes in Libya, featuring 470 homes, estimated to be completed in Q4 2025. It is followed closely by Tripoli Hills, which features 90 villas and is currently in the selling phase. “Our projects are not just about construction; they are about creating spaces that foster community and drive economic development,” says Mahmoud Ghrghar, CEO of the Ghrghar Group. “These developments will significantly enhance the availability of high-quality, affordable housing, benefiting approximately 560 families and young professionals seeking to buy or rent.”

Similarly, Ghrghar Construction’s commercial project in Egypt’s Nasr City will be one of the largest ultramodern commercial buildings in the region, featuring 14 floors, each encompassing 3,370 square meters. The project is estimated to cost $41.2 million with an expected completion date of Q3 2027. The structure will accommodate 244 offices alongside various amenities, including the first ultra-modern plug-and-work subscription workstations for nearly 500 freelancers, a gym, restaurants, and a sky lounge.