Sama Dubai, the property unit of Dubai Holding, will invest $14 billion in a development north of the Tunisian capital, a newspaper said.

"This, the most important investment project in the history of Tunisia, aims at developing a ... complex covering 837 hectares, with an investment value of $14 billion," the Arabic-language daily Essabeh said.

"It will help Tunisia boost its economic growth by creating more jobs and will be a tourism hub," it said, citing an investment agreement.

The project will offer 150,000 jobs for Tunisians, it added.

Arab Gulf companies awash with capital from high oil prices are pushing far across the Arab world to seek out new investment opportunities, benefiting countries like Tunisia and Morocco which suffer from high unemployment.

On May 31 Qatari Diar Real Estate & Investment Co said it would invest $660 million in a luxury coastal resort near the northern Moroccan city of Tangier.

Tunisia's unemployment rate is 13.9 percent, with university graduates accounting for 60 percent of the jobless.

The Tunisian government envisages foreign investment of 1.3 billion dinars this year, up from 1.2 billion dinars a year ago, excluding privatisation income.-Reuters