🇱🇾LibyaNorth Africa
Libya's Minister of Economy Abushiha approves new foreign and joint venture companies to boost investment climate
via Libya Herald5 min read
Libya's Minister of Economy and Trade, Suhail Abushiha, approved the formation of four new foreign and joint venture companies on April 16. This move aims to support the investment climate in vital sectors and stimulate the entry of foreign and joint ventures into the Libyan market. The Ministry stated that this initiative is part of efforts to enhance the business environment, increase confidence in the national economy, and simplify procedures for investors, thereby supporting investments and revitalizing various economic sectors. The approved companies include new branches for Tunisian and Italian firms, and extended registrations for Russian and Chinese companies. This development follows a meeting on April 13, where a Libyan government team, led by Minister Abushiha, discussed enhancing foreign investment attraction and reviewing progress on investment climate reform measures, including a unified digital window for foreign company registration.
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 Chairman of the National Oil Corporation NOC, Masoud Suleiman, confirmed the full availability of fuel supplies despite queues at petrol stations during the Eid al-Adha holiday. He noted that distribution operations face logistical obstacles due to the lengthy supply chain. Tripoli recorded unprecedented distribution rates during Eid al-Adha, with approximately 11 million litres of gasoline pumped the day before Eid, compared to about 5 million litres in previous years. Distribution rates continued at 9 million to 9.5 million litres daily after Eid, significantly higher than the usual consumption rate of 6.5 million litres. Suleiman highlighted a dramatic surge in fuel demand, with May 2026 supplies exceeding May 2025 by a full tanker. While NOC's subsidiary, Brega Marketing, handles fuel import and distribution, some delivery trucks divert loads to illegal depots for smuggling to neighboring states, exploiting price differences. Other stations retail only a small amount, selling the rest to smugglers at inflated prices. Suleiman's remarks followed a meeting hosted by Minister of Interior Emad Trabelsi, also attended by Minister of State for Cabinet Affairs Mohamed Ben Ghalbun, to discuss the recent fuel crisis.
The General Directorate of Environmental Sanitation Affairs at the Ministry of Local Government released its 2026 annual water quality assessment for summer beaches. The Director General announced the findings at a press conference in Tripoli, stating that monitoring teams conducted extensive laboratory analyses of seawater samples from various coastal sites. The results indicated that 83% of beaches are suitable for swimming, while 17% are not. Beaches identified as unsuitable are located in Tajoura, Souq Al-Jumaa, Tripoli Central, Al-Andalus District, Zliten, Sabratha, Tobruk, Al-Khums, Sousse, and Al-Zawiya Central. The General Administration will coordinate with municipal environmental sanitation departments to enforce swimming prohibitions and install warning signs, with the Municipal Guard taking legal action against violators. This initiative aims to ensure public safety and protect the marine environment.
Libyan Prime Minister Abdel Hamid Aldabaiba hosted an Omani delegation in Tripoli to discuss strategic investment partnership opportunities and cooperation in the energy sector. The meeting resulted in the signing of a memorandum of understanding between the Libyan Investment Authority LIA and Oman's OQ Group. This MoU aims to explore investment and cooperation opportunities in the Libyan market, focusing on diversifying the national economy and attracting quality investments, particularly in clean energy and strategic value-added projects. OQ, an energy investment company headquartered in Muscat, is a wholly owned subsidiary of the Government of Oman. Discussions also covered cooperation in oil, gas, and renewable energy sectors, and the development of joint projects to transfer expertise and expand economic partnerships. The meeting aligns with the Libyan government's goal of promoting sustainable development and increasing the investment sector's contribution to the national economy. Attendees included Libyan Oil and Gas Minister Khalifa Abdel Sadig, Minister of State for Prime Minister and Cabinet Affairs Mohammed bin Ghalbon, Head of the Executive Team for PM’s Initiatives and Strategic Projects Mustafa Al-Mana, Chairman of the Libyan Investment Authority Ali Mahmoud, along with OQ Group CEO Ashraf bin Hamad Al-Maamari, CEO of Abraaj Energy Services Saif bin Saeed Al-Hamhami, and other senior executives.
Must ReadArmed clashes and exchanges of fire in the city of Zawia intensified, affecting areas near the Zawia Oil Refinery complex. The refinery reported that heavy caliber shells fell within its compound, reaching operating areas. This necessitated an emergency shutdown of the refinery and the evacuation of tankers from the port to ensure safety. The Libyan Red Crescent branch in Zawiya received distress calls from citizens, noting widespread anxiety and panic due to the clashes. The Zawia Security Directorate, representing the Tripoli-based Libyan government, launched a security operation against outlaw hideouts, urging citizen cooperation and warning wanted individuals against resistance. Zawia is described as a politically polarized city, with this polarization contributing to a security vacuum exploited by various groups involved in illicit trade.