Investment Companies in Libya | Largest Investment Companies of Libya

Investment Companies in Libya | Largest Investment Companies in Libya

Marcopolis.net presents top oil companies in Libya.

Libya holds billions of dollars in assets in Africa through subsidiaries of its US $70 billion sovereign wealth fund. Most of the assets were frozen as a result of the 2011 uprising. Libya is one of the largest investors in Africa.

Some assets continue to be frozen.

Largest Investment Companies in Libya

 Libyan Investment Authority (LIA)
The largest investment company in Libya controlling assets in excess of $US 63 billion.

LIA successfully sought the release of stakes in the Italian bank Unicredit, the defense group Finmeccanica SpA, and the oil and gas group Eni SpA, which were seized last year after a request by the International Criminal Court on the grounds that they were held by the fund on behalf of the Gaddafi family.

About 95 percent of LIA’s estimated assets of $60 billion remain frozen, mainly by the UN, but the true value is difficult to establish.

About $25 billion of the fund’s assets fall under LIA subsidiaries and operating companies, such as the Long Term Investment Portfolio and Libyan Arab Foreign Investment Company (LAFICO). According to the International Monetary Fund (IMF), the LIA invests mostly abroad although some of its investments are channeled to the domestic Libyan oil sector and to the Libyan Development and Investment Fund (which had holdings of approximately $13 billion as of 2010). In addition, the LIA is in charge of the assets of OilInvest (also known as the Tamoil Group).

LIA possesses several companies inside Libya including:

• The Libyan Company for Foreign Investments
• Petroleum Investment Company (Tamoil)
• Long-term investment portfolio
• Libya Africa Investment Portfolio

 Libyan Foreign Investment Company (LAFICO)
– also known as Libyan Arab Foreign Investment Company

The company was founded the Libyan Foreign Investment Law No. (6) of the P-1981 issued by the General People’s Congress.

The company’s investments are distributed among the long-term investments (contributions) and investments of short and medium-term (deposit, financial portfolios, and loans). These investments were distributed geographically in different regions of the world

LAFICO holds investments in:

• ENI
• Fiat
• Corinthia Hotels

 Libyan African Investment Portfolio (LAP)
Libya Africa Investment Portfolio (LAP), established by the General People’s Committee Resolution 15 in 2006, dictates that the LAP is owned by the Libyan Investment Authority (LIA), which manages the vast majority of the nation’s oil reserves . LAP is run jointly by the Board of Trustees, chaired by the Prime Minister and LIA’s Board of Directors.

The Authority (LIA) seeks to expand investments outside Libya through this portfolio, diversify, and to achieve long-term returns that would develop the activities of the portfolio on different sectors and in various locations and investments degrees in the field of finance, tourism, telecommunications, oil and gas, agriculture and quarries.

Main Investments:

• The Libya Arab African Investment Company (LAICO) Real Estate and Hotels
• LAP GREENN Network
• Oil Libya Holding
• TAM Oil Africa Holding
• Rascom Star ( RSQ)
• LAGECO
• LAICO Industrial

Assets: US$ 5.3 billion

 Libyan African Investment Company (LAICO)
Libyan African Investment Company (LAICO), which is one of the arms of the Libyan African Investment Portfolio (LAP) with a wide range of investment activities throughout Africa. This portfolio mainly invests into hotels and hospitality industry.

Libyan Local Investment and Development Fund (LLIDF)
In 2010 LIA and the Libyan Central Bank established the LLIDF, with a capital of $20 billion, to participate in investments inside Libya, such as in infrastructure projects in telecommunications, and commercial investments in housing, hospitals and hotels. The fund is currently establishing several investment projects in the field of real estate, tourism and other areas of investment in various regions of Libya. 

Long-Term Investment Portfolio
In 1982, the Long-term Investment portfolio was launched with an estimated $10 billion.

Economic and Social Development Fund (ESDF)
Libya’s Economic and Social Development Fund (ESDF), which has about $12 billion in assets, announced in December that it is withdrawing investments from French banks including BNP Paribas and SocGen.

ESDF controls following companies:

Libyan Investment & Development Company (LIDCO)

Alinmaa Holding Company
Established in 2008 by the government-affiliated ESDF with capital of US$ 1 billion.

 Libya Oil Holdings
OiLibya is the brand name used by the affiliates owned by Libya Oil Holdings, and was previously known as Tamoil Africa. The Libyan state-owned company has over 3000 branches in 21 countries across Africa [Libya, Egypt, Senegal, Ivory Coast, Cameroon, Gabon, Kenya, Mali, Burkina Faso, Niger, Chad, Eritrea, Uganda, Nigeria, Mauritius, Ile de Réunion, Morocco, Tunisia, Ethiopia, Sudan and Djibouti]. The company is managed by LIA.

According to Reuters, Libya has following investments in Africa:

BENIN – Has 51 pct shareholding in fruit and vegetable company Sonaifel.
BURKINA FASO – Stake in Ouaga 2000 hotel in Ouagadougou. Constructing commercial, residential complex in Ouagadougou.
CENTRAL AFRICAN REPUBLIC – Owns 50 percent of diamond mining company, and owns hotel in capital Bangui.
CHAD – Owns Libya foreign investment company, includes hotels and real estate, mineral water plant, garment factory.
CONGO – Owns forestry concession and sawmill plant.
COMOROS – Majority stake in telecoms company Comcell.
DEMOCRATIC REPUBLIC OF CONGO – Shareholder in Onyx Natural Resources. Stake in Laico Maya-Maya hotel, Brazzaville.
ETHIOPIA – Owns an agricultural company jointly with Ethiopian government. Activities include drilling water wells.
GABON – Owns forestry concession. Stake in Okoume Palace hotel, Libreville.
GAMBIA – Owns Atlantic Hotel in Banjul.
GHANA – Ownership with Ghana government in Glahco hotel company, Ghana Groceries, Ghana-Libya Agricultural Co.
GUINEA – Owns 75 pct of Salguidia — involved in fruit producing farm and fruit juice processing. Stake in Bissau hotel.
KENYA – Stake in Regency Hotel, Nairobi.
LIBERIA – Shareholding in real estate, rubber factory.
MADAGASCAR – Owns, with Madagascar government, poultry farm, real estate and tourism interests.
MALI – Owns Hotel de l’Amitie, shareholder in National Tobacco Co. Stake in El Farouk Barnako hotel.
NIGER – Owner, with Niger government, of telecoms company Sonitel.
RWANDA – Owner, with Rwandan government, of 4-star Umubano hotel in Kigali.
SOUTH AFRICA – Owns Ensemble Hotel holdings, including 5-star Michelangelo Hotel, Johannesburg.
SUDAN – Owns the Al Fateh Tower complex in Khartoum, containing 5-star hotel, commercial buildings and conference hall. (LAFICO)
TANZANIA – Stake in Bahari Beach hotel, Dar es Salaam.
TOGO – Owns poultry farm.
TUNISIA – Stake in Djerba, Hammamet, Tunis hotels.
UGANDA – Owns Lake Victoria Hotel, Entebbe.
ZAMBIA – Owns 52 villas in Lusaka.
ZIMBABWE – Acquired shares in Rainbow Tourism Group.