page_title: Tripoli
section_title: Economy
hierarchical_section_title: Tripoli / Economy
caption_attribution_description: The Al-Saraya al-Hamra Fortress stands between Tripoli's old and new quarters.
context_page_description: Tripoli is the capital city and the largest city of Libya, with a population of about three million people in 2019. It is located in the northwest of Libya on the edge of the desert, on a point of rocky land projecting into the Mediterranean Sea and forming a bay. It includes the port of Tripoli and the country's largest commercial and manufacturing centre. It is also the site of the University of Tripoli. The vast Bab al-Azizia barracks, which includes the former family estate of Muammar Gaddafi, is also located in the city. Colonel Gaddafi largely ruled the country from his residence in this barracks.
  Tripoli was founded in the 7th century BC by the Phoenicians, who gave it the Libyco-Berber name Oyat before passing into the hands of the Greek rulers of Cyrenaica as Oea. Due to the city's long history, there are many sites of archaeological significance in Tripoli. Tripoli may also refer to the sha'biyah, the Tripoli District.
  Tripoli is also known as Tripoli-of-the-West, to distinguish it from its Phoenician sister city Tripoli, Lebanon, known in Arabic as Ṭarābulus al-Sham, meaning 'Levantine Tripoli'.
context_section_description: Tripoli is one of the main hubs of Libya's economy along with Misrata. It is the leading centre of banking, finance and communication in the country and is one of the leading commercial and manufacturing cities in Libya. Many of the country's largest corporations locate their headquarters and home offices in Tripoli as well as the majority of international companies.
  Major manufactured goods include processed food, textiles, construction materials, clothing and tobacco products. Since the lifting of sanctions against Libya in 1999 and again in 2003, Tripoli has seen a rise in foreign investment as well as an increase in tourism. Increased traffic has also been recorded in the city's port as well as Libya's main international airport, Tripoli International.
  The city is home to the Tripoli International Fair, an international industrial, agricultural and commercial event located on Omar Muktar Avenue. One of the active members of the Global Association of the Exhibition Industry (UFI), located in the French capital Paris, the international fair is organized annually and takes place from 2–12 April. Participation averages around 30 countries as well as more than 2000 companies and organizations.
  Since the rise in tourism and influx of foreign visitors, there has been an increased demand for hotels in the city. To cater for these increased demands, the Corinthia Bab Africa Hotel located in the central business district was constructed in 2003 and is the largest hotel in Libya. Other high end hotels in Tripoli include the Al Waddan Intercontinental and the Tripoli Radisson Blu Hotel as well as others.
  There is a project under construction which will finish by 2015. It is a part of the Tripoli business center and it will have towers and hotels, a marketing center, restaurants and above ground and underground parking. The cost is planned to be more than 3.0 billion Libyan dinars (US$2.8 billion)
  Companies with head offices in Tripoli include Afriqiyah Airways and Libyan Airlines. Buraq Air has its head office on the grounds of Mitiga International Airport.
  By 2017, due to the effects of the Libyan Civil War (2011), rising inflation, militia infighting, bureaucratic issues, multiple central banks, fragmented governments, corruption, and other issues, the economic state of Libya is suffering. Locals in Libya must purchase dollars on the black market, rather than receiving dollars on the official rate of 1.37 Dinars to 1 US Dollar, due to Central bank(s) refusal to give US dollars to the public, the pricing of Dollars amounts to 10 Dinars to 1 US dollar on the black market, driving the local Libyan economy into ruin and undermining local peoples purchasing power. Militias however have been benefiting from this exploit due to their armed influences and corrupt natures by purchasing dollars on the official rate of 1.30 to 1, and selling them US$1 to 10 LYD.
caption: The Red Castle Museum, the Archaeological Museum of Tripoli, is located inside an ancient castle.
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