Libya and the United Arab Emirates agreed to form a $600 million trade and investment company, the U.A.E. state-run WAM news agency reported, citing the Gulf state's Minister of Presidential Affairs.

The Libyan-Emirati Holding Co.'s first project will be a mixed-use development and yacht club in Tripoli, Sheikh Mansour bin Zayed al-Nahyan said, according to WAM.

The company is planning further real estate, tourism and energy projects, the report said.