Libya Investment Authority
From Taighde
| Libyan Investment Authority | |
|---|---|
| Country: | Libya
|
| Chairman: | Baghdadi Mahmudi
|
| CEO: | Mohammed Layas
|
| Inception: | 2007
|
| Assets: | $65,000
million |
| Website: | http://www.lia.ly/
|
| Reports | Sovereign Wealth Funds Contact and Information Report |
The Libya Investment Authority (LIA) is Libya's Sovereign Wealth Fund. LIA was officially established in December 2006 with about US$40 billion in capital in addition to the assets of the various subsidiaries that were transferred to its control. These include: the Libyan African Investment Portfolio (LAP), the Oil Reserve Fund (ORF), the Long-Term Investment Portfolio, the Economic and Social Development Fund (ESDF), the Libya Finance Investment Company, the Libya Foreign Investment Company (LFIC- formerly the Libyan Arab Foreign Investment Company (LAFICO)), and the Oil Investment Company. The economy of Libya is heavily dependent on oil, and the LIA seeks to diversify revenue streams. The LIA controls Tamoil, a European Oil refining and filling station company.
Owing to the violent response undertaken by the Libyan Government in response to several upraising in February 2011, most LIA assets were seized or prevented from being sold by the EU, UK and the U.S. Governments. Operations for the LIA have been effectively suspended at the start of upraising.[1][2] Most assets were unfrozen after the rebels took control of majority of Libya and formed a new government in September/October 2011.
The LIA announced in February 2009, that the fund has $65 billion. The fund has only invested 22% of that amount, with the rest ($39.81 billion) in cash or short-term financial instruments.
The LIA has invested $8 billion into stocks of 107 companies. The breakdown of regions are below.
| Country | Percentage |
|---|---|
| North Africa | 65% |
| Asia | 20% |
| Europe, North and South America | 15% |
Contents |
After the revolution
The newly formed government in Libya has said the LIA would continue in some form. It's not quite clear what form this might take. The government will mostly likely use some, if not all, of the LIA's assets on reconstruction needs.[3]
Investments
Most of the LIA's assets are in cash. Starting in late 2008, the LIA started making large investments across the EMEA region primarily in Italy. The LIA is planning on investing in western property related assets including office buildings and residential developments.
Leadership
Board of Directors
| Name | LIA position | Government position |
|---|---|---|
| Baghdadi Mahmudi | Chairman | |
| Abdul-Hafiz Zlitni | Deputy Chairman | Cabinet's Assistant Secretary |
| Taher al-Juhaymi | Board member | Cabinet's Planning Secretary |
| Muhammad al-Huwayj | Board member | Cabinet'sFinance Secretary |
| Farhat Bengdara | Board member | Governor, Central Bank of Libya |
| Mohammed Layas | Executive Director and CEO |
