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Libya's Ministry of Industry establishes new directorate for industrial regulation
via Libya Herald1 min read
Libyan Prime Minister Abdel Hamid Aldabaiba issued Decree No. 298 of 2026, establishing the General Directorate for Industrial Regulation within the Ministry of Industry and Minerals. This new directorate aims to enhance the Ministry's capacity to fulfill its legal responsibilities, solidify sustainable development, and diversify the national economy, aligning with the state's strategic vision. Its responsibilities include granting industrial licenses, maintaining the Industrial Registry, organizing statistical codes for industrial activities, and preparing a National Industrial Map to identify investment opportunities and guide project distribution for spatial development. The Ministry of Industry and Minerals, including Minister Mohamed Abdel Gader and Undersecretary Mustafa Al-Samou, expressed appreciation to Prime Minister Aldabaiba for his support and confidence, committing to translate this trust into practical achievements for the national industry.
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Mahmoud Al-Furjani, Director General of the National Development Agency NDA, hosted Thierry VALLAT, the Ambassador of France to Libya, at the NDA headquarters in Sirte. The Ambassador was accompanied by a delegation from the Regional Economic Department, Business France, and representatives from three French companies specializing in sports infrastructure, medical transport, and sustainable agriculture. The visit, which included the Mayor of Sirte, Mukhtar Al-Maadani, and the President of the University of Sirte, Suleiman Al-Shater, focused on enhancing cooperation and supporting the Municipality and University of Sirte, aligning with the "Libya 2030 Vision." The delegation toured NDA projects in central and southern Libya, including Sirte Gulf International Airport, Sirte Free Zone Port, Sirte International Stadium, and the "Al-Bunyan Al-Marsous" Bridge, which is being executed by a French company. Technical briefings were provided by NDA engineers and contractors, and side meetings explored cooperation opportunities in various sectors. The French Embassy reported that the visit highlighted the NDA's efforts in Sirte's reconstruction and development, and facilitated discussions on future French-Libyan cooperation to support sustainable development and economic partnerships.
The Benghazi Chamber of Commerce will host a workshop on July 25 focusing on the launch and sustainability of the first tranche of investment Sukuk, also known as Islamic bonds. The event, supported by the Libyan Stock Market and the Libyan Stock Market Authority, aims to educate investors and business leaders on Sharia-compliant financing mechanisms. The workshop will cover the legal, technical, and Sharia-compliant aspects of bond issuance, with the goal of facilitating private sector access to modern financing instruments for sustainable development in Libya. Amwal Financial Brokerage Company is also participating. The workshop will feature a specialized session led by experts to discuss the practical aspects of issuing investment Sukuk and their potential for financing projects and fostering economic development.
Suhail Abu Shiha, the Tripoli-based Libyan Minister of Economy and Trade, issued Decision No. 374 of 2026 to regulate the registration of reinsurance companies, their branches, and representative offices with the Insurance Supervisory Authority. This decision also sets guidelines for interactions among insurance companies in Libya. The Ministry stated that this comprehensive reform addresses a legislative gap of over two decades, establishing clear rules for reinsurance companies dealing with the Libyan market. It links their operations to solvency standards, international credit ratings, and institutional control. The Ministry believes this will enhance the efficiency and financial stability of the insurance sector by setting controls for risk distribution and reducing concentration. This initiative is part of the Ministry's institutional reforms to update economic and financial legislation, aligning Libya's regulatory environment with international standards to boost investor confidence. The decision is expected to improve governance and transparency, protect insured rights, strengthen national insurance companies, and enable the national economy to manage major investment risks.