On Saturday, the Libyan Investment Authority (LIA) announced significant growth and strategic achievements in its third-quarter 2024 performance, demonstrating progress across multiple areas, including investment growth, governance, and transparency.
LIA, the country’s sovereign wealth fund, aims to sustain its investments and adopt best practices from leading global funds despite the challenges posed by international asset freezes.
The LIA reported a 24.2% increase in the market value of its equity portfolio compared to the same period in 2023, with a cumulative net profit of $3.77 billion since the inception of the investment. Additionally, the fund’s time deposits reached $22.5 billion, generating $880 million in returns in Q3 2024, a 20% growth over the previous year. Its investment fund portfolio also increased by 2.9%, bringing its total value to $7.39 billion.
The LIA emphasized that the UN-imposed asset freeze on Libyan investments continues to affect the management of its assets. As part of its short-term strategy, the authority recently submitted a report to the UN Security Council’s Sanctions Committee, detailing the negative impact of the freeze and seeking more flexibility in managing its holdings.
To further support its strategic objectives, the LIA has partnered with global consulting firm Strategy&, which will assist in developing long-term investment plans and improving the authority’s performance over the coming years.
The LIA has also advanced several real estate projects in collaboration with international developers, including the refurbishment and relaunch of hotels in multiple global markets. These initiatives reflect the LIA’s strategy to diversify its asset portfolio and focus on sustainable growth beyond financial markets.
The authority continues to prioritize transparency and accountability. In collaboration with Deloitte, the LIA completed its consolidated financial statements for 2020 and has engaged PwC to prepare the consolidated reports for 2021, 2022, and 2023. In addition, Ernst & Young (EY) was appointed to audit the long-term investment portfolio for 2020, ensuring adherence to international financial standards.
The LIA is also focusing on protecting its assets from external threats, including legal actions initiated by Belgian authorities. The organization reaffirmed its commitment to safeguard investments and enhance its protective measures to maintain the value of its holdings under challenging geopolitical circumstances.
