🇱🇾LibyaNorth Africa
Libyan Minister of Economy and British Ambassador discuss strengthening economic ties and British company presence
via Libya Herald1 min read
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.
Free daily or weekly digest of the most important stories from across 18 African countries. No spam, unsubscribe any time.
This summary was AI-generated from a story originally published by Libya Herald.
The Libyan Post Telecommunications & Information Technology Company LPTIC held a meeting with Nokia representatives to discuss potential cooperation on upgrading Libya’s telecommunications infrastructure. LPTIC Chairman Ali Ben Gharbia, along with chairmen and general managers of sector companies, met with Nokia’s 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’s Regional Director presented the company’s 5G solutions and affirmed Nokia’s readiness to cooperate with LPTIC and its affiliates to build a modern, sustainable digital infrastructure in Libya. This meeting is part of LPTIC’s ongoing efforts to strengthen international cooperation and accelerate the development of the telecoms sector, supporting Libya’s 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.
Must ReadThe Libyan Investment Authority LIA signed an agreement on July 15 with PwC Middle East for a comprehensive and independent valuation of the LIA Group’s assets for 2024–2025. This valuation will cover subsidiaries, investment portfolios, funds, and all assets within the Group’s scope. The LIA stated this initiative is part of its strategy to enhance transparency and improve financial disclosure quality, updating the fair value of its assets through an independent international firm. The last comprehensive valuation was conducted in 2019, so this new assessment will reflect developments affecting LIA’s assets and investments over the intervening years, providing an accurate and up-to-date financial picture. The valuation will use specialized methodologies tailored to each asset and investment sector, considering future investment and operational plans of subsidiaries and relying on audited financial data. The results will form the basis for the LIA’s consolidated financial statements, improving financial reporting quality and reliability for stakeholders. The LIA also noted that the process will enhance disclosure, transparency, and governance, reinforcing its standing as a sovereign wealth fund adhering to global best practices. Additionally, the LIA will include a team of young national graduates in the project, providing specialized training to build national capacity and expertise for future valuation processes and project management within the LIA. The LIA affirmed this p