Libya’s Central Bank Plans Law to Allow Islamic Bond Sales: Arab Credit
Libya’s central bank is preparing a law to allow lenders and issuers to sell Islamic bonds as part of its efforts to develop banking services after the fall of Muammar Qaddafi. The regulator has formed a committee with the country’s banks to prepare the law, Ezzedin Ashur, deputy director of research and statistics at the […]
West sees business opportunities in Libya
The guns in Libya have barely quieted, and NATO's military assistance to the rebellion that toppled Moammar Gadhafi will not end officially until Monday. But a new invasion force is already plotting its own landing on the shores of Tripoli. Western security, construction and infrastructure companies that see profit-making opportunities receding in Iraq and Afghanistan […]
Huge Obstacles Impeding Libya's Stability
A new study has pointed to lack of political stability and security as Libya's main hurdles on the road to post-conflict reconstruction and economic recovery. Though officially declared as "liberated", Libya is considered an "extreme risk" country. Prior to the uprisings, Libya's hydrocarbon industry accounted for over 95% of export earnings and between 85% and 90% […]
Under Libya: Riches More Precious Than Oil
Libya’s new government may look beyond oil, to water, as it builds a longer-term economic future for the nation’s young population. An enormous geological store of water, the Nubian Aquifer, sits below Libya, Egypt, Chad and Sudan. It may hold as much as 500 years of the Nile’s flow, most of which accumulated during the Pleistocene epoch, as […]
EgyptAir resumes flights to Benghazi on 5 November
EgyptAir will resume flights from Cairo to Benghazi on 5 November following a gap of seven months caused by Libya's civil war, the chairman of the national carrier's holding company said on Thursday. Chairman Masoud Al Hussein said the airline will provide four services a week -- on Saturday, Monday, Tuesday and Thursday -- from […]
Eni Profit Rises 7% as Higher Oil Prices Counter Lost Output
Eni SpA, Italy’s largest oil producer, reported better-than-estimated third-quarter earnings as higher oil prices countered lower production from Libya. Adjusted net income rose 7 percent to 1.8 billion euros ($2.5 billion) from 1.7 billion euros a year earlier, the company said in a statement. That beat the 1.5 billion-euro average estimate of 15 analysts surveyed […]
Experts eye impact of Sharia law on Maltese business with Libya
It is too early to determine the implications of Libya’s plans for an Islamic banking structure for Maltese firms operating there, but they will certainly have to heighten their cultural awareness, Islamic finance expert Reuben Buttigieg told The Times Business. Declaring Libya liberated on Sunday, three days after the death of Colonel Muammar Gaddafi, transitional […]
Pragmatic China goes to work in new Libya
China faces mounting challenges in its struggle to build favour and protect its business interests and infrastructure projects in Libya after being seen to be slow-moving in its support for the African oil-producing country's transitional government. Analysts say Beijing has been subtly changing its tone and tactics since the death of Colonel Muammar Gaddafi last […]