LIA CEO targets Unity, Inward Investment, London Office

By John Lee.

The chief executive of the Tobruk-based Libyan Investment Authority (LIA) has told Reuters that he is working to unify the organisation.

Ali Shamekh was appointed CEO by the board of directors of the Tobruk-based LIA in August, while the United Nations-backed Government of National Accord (GNA) also named a Steering Committee headed by Ali Mahmoud Hassan Mohamed to manage the $66-billion fund. Meanwhile, AbdulMagid Breish, chairs the company from its head office in Tripoli.

Shamekh added that he is "working to unfreeze" assets that remain frozen under United Nations sanctions, but according to the Reuters report, the U.N. Security Council said it was only prepared to consider changes to sanctions only when the GNA confirms that it has full control over the fund, the National Oil Corporation (NOC) and the Central Bank of Libya (CBL).

Shamekh said he was considering investing part of the fund's capital inside the country, in projects such as energy and power generation (traditional and renewables), oil and gas, and infrastructure including ports and airports.

"We are considering having a presence for LIA in London," he said.

Click here to read Ali Shamekh's September interview with Adam Nathan for Libya Business News.

(Source: Reuters)

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