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(ANSAmed) - TRIPOLI, JUNE 27 - The gas-rich Gulf emirate of Qatar has agreed five joint ventures with Libya worth a total of eight billion dollars, a senior Libyan official said. The deals in the construction, tourism, power and banking sectors were signed in the central coastal city of Sirte in the presence of Libyan leader Moamer Gathafi and visiting Qatari Emir Sheikh Hamad bin Khalifa al-Thani, the official said. The Qatari emir made a brief visit to Libya on Wednesday in which he also discussed "international issues of joint interest," the official JANA news agency said without elaborating. Libya, with a population of 5 million and the biggest oil reserves in Africa, is moving to modernise, but faces an uphill struggle in a command economy where cash is still king, firms battle to get credit and politics dictate the progress of reform. The deals are the latest between Qatar and Libya. The Gulf Arab nation, the world's largest exporter of liquefied natural gas and an oil exporter is looking to diversify its economy from hydrocarbons. Qatar National Bank and Masraf al-Rayan two of Qatar's largest lenders have either opened or are planning to open offices in Libya. In February, Qatar Diar Real Estate Development, the real estate arm of the country's sovereign wealth fund, set up a joint venture real estate firm with the Libyan government to invest in the North African country. (ANSAmed).