Feb 27 2011 |
more articles from
|
Country’s wealth fund equals 75% of the economy
Sunday, Feb 27, 2011
Gulf News
Investment is carried out via London, US
Dubai: There is no reliable data on how rich Libya might be in terms of accumulated wealth in its sovereign wealth fund. It is estimated that the Libyan Investment Authority ( LIA ), set up in 2006 to manage the country’s oil revenues has assets of around $70 billion (Dh257.46 billion), equivalent to nearly 75 per cent of the country’s economy. LIA , which is roughly the same size as Qatar’s sovereign wealth fund, publishes little information, but a rare annual report in 2009 shows how liquid the fund is.
According to a Wikileak document, the fund’s director, Mohammad Layas, has said that LIA has about $32 billion in liquidity. Many of its investments are carried out via London, but according to the leaked cable, some $500 million is also managed via US banks. LIA is also seen as the major vehicle for Gaddafi and his family’s wealth and controls at least seven subsidiary operations.
Profile
The related Libya Africa Investment Portfolio, a fund created in 2006 with a capital of $8 billion, is holding stakes in national and foreign companies such as OiLibya, Afriqiyah Airways, Sahel-Saharan Investment and Trade Bank, LAP Green Network, a telecom investment vehicle, and Libyan African Portfolio SA, an investment firm based in Switzerland, according to data of the SWF Institute.
Between 2006 and 2009, records of the fund show that it made a profit of about $2.4 billion.
- $70b estimated assets?of LIA
- $500m LIA funds managed?by US banks
- $8b initial capital of Libya Africa Investment fund
By Arno Maierbrugger, Deputy Business Editor
© Gulf News 2011. All rights reserved.
Zawya Comment Policy
-
Zawya encourages you to add a comment to this discussion. You agree that when you add content to this discussion your comments will not:
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse. - The content posted on www.zawya.com is created by members of the public. The views expressed are theirs and unless specifically stated are not those of Zawya. Zawya reserves the right to review all comments prior to posting and edit or delete any contribution, but Zawya is not responsible for and can not be held liable for any content posted by members of the public on www.zawya.com.
- Zawya is not responsible for the availability or content of any third party sites that are accessible through www.zawya.com. Any links to third party websites from www.zawya.com do not amount to any endorsement of that site by Zawya and any use of that site by you is at your own risk.
- By submitting your comment, you hereby give Zawya the right, but not the obligation, to post, air, edit, exhibit, telecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comments worldwide, in perpetuity.
Copyright © 2012 Zawya Ltd. All rights reserved. |
provided by www.zawya.com |
Post Your Comment