Archive | Investment

Ugandan Govt takes over Uganda Telecom

By John Lee. The government of Uganda has reportedly taken back the ownership of Uganda Telecom (UTL) with immediate effect, following what has been described as the “withdrawal” of Libya’s state-owned UCom, which held 69-percent of the shares in UTL. The Ugandan state owned the remaining 31 percent. According to NTV, Uganda’s Minister of Finance […]

LIA denies Reports of Armed Men seizing HQ

A source at the Libyan Investment Authority (LIA) in Tripoli has stated that reports of armed men taking over the LIA headquarters, which have been circulated by some media outlets and on social media, are untrue. The source reaffirmed that this news has no basis in fact, and that AbdulMagid Breish, Chairman of the LIA, […]

UK Minister: “Consider Investing in Libya”

By Adam Nathan. Libya has seen “real progress” in the fight against terrorism as well as on key economic fronts, Tobias Ellwood MP, UK Minister for the Middle East and Africa, told a major investment event in London. Ellwood, who opened the Libya Reconstruction & Investment Forum at Lancaster House, highlighted three areas of progress: […]

NOC Ends Foreign Investment Moratorium

The chairman of Libya’s National Oil Corporation (NOC), Mustafa Sanalla, has announced plans to allow foreign oil companies to invest again in Libyan oil production: “We intend in the coming months to lift our self-imposed moratorium since 2011 on foreign investment in new projects to achieve the best national interest for the Libyan oil sector […]

LIA Steering Committee “Illegal and Illegitimate”

By John Lee. A court in Tripoli has ruled that the appointment of a Steering Committee to run the Libyan Investment Authority (LIA) is illegal and illegitimate. According to a report from The Libya Observer, the Second Administrative Division of Tripoli Appeals Court made the ruling following an appeal lodged by the Tripoil-based Chairman of […]

Italian Embassy Reopens in Tripoli

Italy is reopen its embassy in Tripoli. In a statement on Monday, the Italian Foreign Ministry said: “After two years, Italy will again become operational in Libya with an ambassador scheduled to present letters of credence to the local government tomorrow. “The reopening of the embassy in Tripoli is a very important sign of friendship […]