Libyan Investment Authority to revalue assets with Big Four firm, launches graduate program
via Libya Herald2 min read
The Libyan Investment Authority LIA announced on April 15 that it will revalue its diversified investment portfolio to align with its strategy and reinforce good governance, transparency, and disclosure. This valuation will be conducted by one of the Big Four global auditing firms, adhering to high professional standards and international practices. The initiative extends the LIA鈥檚 efforts to enhance asset management efficiency; the last comprehensive valuation on December 31, 2019, estimated assets at approximately US$68.3 billion. This strategic step aims to improve financial data quality, enhance disclosure, and ensure fair value reflection in consolidated financial statements, providing a more accurate picture of the Authority鈥檚 investments. The updated valuation will support strategic decision-making, restructuring of subsidiaries and investments, and help stakeholders and potential investors understand the LIA鈥檚 portfolio, fostering strategic partnerships. Concurrently, the LIA plans to launch a program to attract top Libyan graduates in accounting, investment, and business administration. Applicants will undergo professional examinations with an international firm, followed by training in internationally recognized asset valuation methods. This program seeks to build national capabilities for professional self-assessments within the LIA and its subsidiaries, accepted by auditing firms. The LIA has directed subsidiaries to update action plans linked to valuation results
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The Libyan Post Telecommunications & Information Technology Company LPTIC held a meeting with Nokia representatives to discuss potential cooperation on upgrading Libya鈥檚 telecommunications infrastructure. LPTIC Chairman Ali Ben Gharbia, along with chairmen and general managers of sector companies, met with Nokia鈥檚 Regional Director. The discussions focused on modernizing telecommunications networks, with an emphasis on 5G technologies, to improve service quality, enhance network efficiency, and support digital transformation. Ben Gharbia highlighted the importance of strategic partnerships with global companies to leverage the latest technologies and international expertise for development projects and improved telecoms services. Nokia鈥檚 Regional Director presented the company鈥檚 5G solutions and affirmed Nokia鈥檚 readiness to cooperate with LPTIC and its affiliates to build a modern, sustainable digital infrastructure in Libya. This meeting is part of LPTIC鈥檚 ongoing efforts to strengthen international cooperation and accelerate the development of the telecoms sector, supporting Libya鈥檚 digital transformation.
SLB has confirmed its commitment to maintaining operations in Libya, despite ongoing financial obligations. This affirmation followed a meeting between SLB Country Manager Hassan Al-Haidari and National Oil Corporation Chairman Naji Issa in Tripoli. The discussions focused on establishing a clear timeline for settling outstanding financial obligations to ensure the continuity of projects and prevent any reduction in service scope. The NOC Chairman, Naji Issa, stated his commitment to coordinating with the Government of National Unity to address payment delays and support exploration and production activities. Mr. Al-Haidari emphasized the importance of a clear payment timeline to bolster SLB's ability to continue providing services to the Libyan oil sector. Rumors had circulated in recent months regarding SLB potentially reducing its staff and activities in Libya due to delayed debt payments.
Libya's Minister of Economy and Trade, Suhail Abu Shiha, met with UK Ambassador to Libya, Martin Reynolds, to discuss enhancing economic and trade cooperation. Key areas of discussion included energy, mining, services, and information technology. The Minister presented the Tripoli Prime Minister's "Quality of Life" vision, which aims to create wealth through natural resource investment, manufacturing development, and strengthening value chains to diversify the economy, create jobs, and attract investments. Both parties also discussed forming and activating the Libyan-British Business Council to foster private sector partnerships, encourage trade and investment, and facilitate the expansion of British companies in Libya.