Archive | Investment

Libya wants to join China’s Belt and Road Initiative

By John Lee. Deputy Prime Minister Ahmed Maiteeg has reportedly said that Libya wants to develop its economy by joining in China’s Belt and Road Initiative (BRI). Following a meeting with Wang Qimin, Charge d’affaires of the Chinese Embassy to Libya, he stressed the importance of developing Libyan-Chinese relations and working on the return of […]

Libyan Investment Authority sues JPMorgan Chase

By John Lee. The Libyan Investment Authority (LIA) has reportedly filed a lawsuit in London against JPMorgan Chase and businessman Walid Al-Giahmi for what it says is “commercial fraud”. While the details of the case have not been disclosed, Bloomberg suggests that the case probably relates to transactions with Bear Stearns, which JPMorgan bought in […]

US Firms meet with Libya Local Investment & Development Fund (LLIDF)

U.S. Companies meet with Libya Local Investment & Development Fund (LLIDF) to promote Libya’s economy On March 22, the U.S. Embassy Libya External Office, based in Tunis, and the Libya Local Investment & Development Fund (LLIDF) co-hosted a U.S.-Libya commercial roundtable, bringing together representatives of U.S. companies to learn about LLIDF’s priorities on private sector […]

Rebuilding Benghazi conference to be held in May

By John Lee. An International Conference and Exhibition for Rebuilding Benghazi will be held from 5th to 10th May, sponsored by the Tobruk-based House of Representatives, the eastern Central Bank of Libya (CBL), the Municipality of Benghazi, the Benghazi Chamber of Industry, Commerce and Agriculture, and the University of Benghazi. Among the aims of the […]

Head of Libya’s $66bn Sovereign Wealth Fund Resigns

By John Lee. The head of the $66-billion Libyan Investment Authority (LIA) has reportedly resigned. Ali Shamekh (pictured) said that that divisions within Libya had made it impossible for him to implement a viable program at the sovereign wealth fund, according to a report from Reuters. He also repeared his warning that the LIA’s assets […]

UK Appoints New Ambassador to Libya

Mr Frank Baker CMG OBE has been appointed Her Majesty’s Ambassador to Libya in succession to Mr Peter Millett CMG. Mr Baker will take up his appointment in February 2018. Foreign Secretary Boris Johnson said: “The UK is at the forefront of diplomatic work with the Libyan government and our international partners to help bring stability […]

Gadaffi was ‘hours away’ from buying Man United

By John Lee. Colonel Gaddafi was reportedly ‘hours away’ from buying a major stake in the British football club Manchester United. Turkish-Cypriot financier Mehmet Dalman told the Sunday Times that he flew to Libya to discuss a deal to buy out John Magnier and JP McManus’s 29.9-percent shareholding in 2004. After discussions broke down over price, Gaddafi […]

NOC to open US Office to support $20bn Spending Prog

By John Lee. National Oil Corporation (NOC) Chairman Mustafa Sanalla has announced the NOC will open an office in Houston, Texas, as it embarks on an ambitious $20 billion spending program to restore production capacity over the next three years. “The Houston office puts America’s world-class equipment manufacturers and oil field service providers at the […]