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The Libyan Investment Authority (LIA), a sovereign wealth fund valued at $70 billion, has revealed its expectation to receive United Nations approval by the end of 2024 to actively manage its assets for the first time in over a decade.

Ali Mahmoud Mohamed, the CEO of the LIA, stated in an interview with Reuters that the institution submitted an investment plan in March and anticipates Security Council approval by November or December.

Established in 2006, the LIA’s assets have been frozen by the UN since the events of 2011. The first part of its investment plan includes reinvesting funds accumulated during the freeze period.

The LIA owns diverse assets, including $29 billion in global real estate, $23 billion in deposits, $8 billion in stocks, and bonds worth $2 billion.

The institution plans to request additional approval for two other parts of its investment plan, one related to its stock portfolio and the other to domestic investments, including solar energy projects and increasing oil exports.

According to Reuters, the LIA has seen improvements in transparency, having issued audited financial statements in 2021 and aiming to publish annual figures starting next year. Its ranking in the sustainability and governance index rose from 98th in 2020 to 51st in 2024.

It’s worth noting that the UN Security Council committee indicated last year the progress made by the LIA in implementing its transformation strategy.

Hussein Al-Maghrabi, a member of the Zawiya Council of Elders, confirmed today to Fawasel that calm has been restored in the city following Tuesday’s armed clashes.

The conflict occurred in the area from Bir Al-Ghanam Road to the traffic light on Al-Daman Street, stemming from tensions between a security group affiliated with the Ministry of Interior and another affiliated with the army. Al-Maghrabi reported that 13 individuals were injured during the clashes.

The Chief of Mission for the International Organization for Migration (IOM) met with the Bangladeshi Ambassador to Libya to discuss and enhance cooperation on the voluntary humanitarian return program for irregular Bangladeshi migrants in Libya. The discussion also covered available protection services, community outreach, and mental health support provided by IOM.

According to the IOM, there are over 21,000 Bangladeshi migrants in Libya, making them the seventh-largest migrant group in the country.

The Anti-Terrorism Force in Nawma, south of Saddadah town, recently conducted the “Desert Tigers” exercise, simulating a battle scenario involving the 25th Special Forces Battalion, with virtual support from the Libyan Air Force. This exercise aimed to evaluate fighter readiness and enhance the operational capabilities of the Anti-Terrorism Force.

Abdullah al-Lafi, Vice President of the Presidential Council and Supreme Commander of the Libyan Army, commended the military personnel for their dedication to continuous training and development. He lauded the efforts of the force’s commander and his deputies in achieving high readiness levels among soldiers and officers. Al-Lafi encouraged the troops to maintain their high spirits and continue performing their duties diligently in service to Libya and its citizens.

The High National Elections Commission (HNEC) has released the preliminary voter lists for the 60 targeted municipalities, distributed across 17 electoral offices.

The announced offices include Western Coast, Zawiya, Aziziyah, Al-Nawahi Al-Arbaa, Jabal Office 1, Jabal Office 2, Misrata, Sirte, Ghadames, Sabha, Ubari, Benghazi, Kufra, Al-Marj, Tobruk, Al-Quba, and Al-Shati.

HNEC indicated that these preliminary lists will be available for public viewing for three days at the respective election centers where voters registered. During this period, the commission will accept objections and complaints about voter names, which will be reviewed by adjudication committees at the electoral administration office within each electoral center’s jurisdiction.

The voter registration process, which commenced on June 9, saw two extensions before finally closing on July 13.

Brigade 444 announced the complete shutdown of all fuel smuggling routes in southern Libya, ensuring the daily availability of fuel at all designated stations.

The brigade has also provided a dedicated number for reporting station owners involved in fuel smuggling. It emphasized that any station caught smuggling will be permanently closed, and the owners will be arrested.

The General Union of Chambers of Industry and Commerce in Libya has agreed with the Algerian Economic Renewal Council and the Tunisian Union of Industry, Commerce, and Handicrafts to establish a partnership council.

The council will be tasked with various economic duties aimed at facilitating trade exchange and cooperation among the three countries, according to a statement published by the Libyan Embassy in Algeria.

The agreement follows the political will expressed during the first consultative meeting between Libya’s Presidential Council Chairman Mohamed al-Menfi, Algerian President Abdelmadjid Tebboune, and Tunisian President Kais Saied.

On Saturday, in Accra, Ghana, the Chairman of the Presidential Council, Mohamed al-Menfi, in his capacity as a member of the Steering Committee of Heads of State and Government of the African Union Development Agency (NEPAD), met with the Executive Director of the NEPAD Agency, Nardos Bekele-Thomas. They reviewed the outcomes of her visit to Libya last April, where she met with the President and several Libyan officials to discuss ways to enhance cooperation between the agency and Libya.

Bekele-Thomas presented a proposal for a strategic partnership project between Libya and NEPAD, which includes providing technical support and advice for sectors related to infrastructure, education, food security, economy, and small and medium enterprises.

It is noteworthy that the agency is the development arm of the African Union, which undertakes the implementation of several developmental projects and programs in African Union member states, working to improve the quality of education, training, and the adoption of modern technologies.

Authorities in Benghazi have released Ali Bousbeih, head of the reconciliation team for presidential candidate Saif al-Islam Gaddafi. Bousbeih’s release follows his arrest in April by the Internal Security Agency in Benghazi. He is expected to travel to Sebha upon completing the necessary security procedures.

This release comes amid local and international calls for human rights and freedom of expression in Libya.

The executive committee formed between Libya and Egypt convened in Cairo to implement the memorandum of understanding between the General Authority for Employment of the Libyan government and the Egyptian Workers’ Complex. This agreement, signed last May, aims to bolster cooperation in labor employment between the two nations.

In its inaugural meeting, the committee prioritized key areas and formulated recommendations to advance the memorandum’s implementation. Haitham Hussein, Chairman of the Egyptian Workers’ Complex, reaffirmed the organization’s commitment to providing comprehensive support to ensure the partnership’s success.