In reaction to the extraordinary developments in Libya and the significant uncertainty at the moment, Mediterranean Investments Holding said on Friday that its development in Libya, Palm City Residences, remains operational, albeit with a reduced number of personnel, given the temporary relocation of a number of the tenants.

“MIH is fully engaged in monitoring events and in obtaining reliable information that will enable it to make a proper assessment of the possible impact that these developments may have on its business,” the company said in a statement.

It added that, despite the current uncertainty and the inevitable limitations under the circumstances, it remains committed, “to take such measures as may be possible and appropriate in the circumstances in the best interest of the tenants at Palm City, the staff, the company and its stakeholders”.

To date, the company said, no contracts have been terminated and confirmed that the existing 282 signed contracts, most of which are paid for 12 months in advance, are still in full effect.

The company said it would be “premature and unwise” to make any further comment at this stage.