The Libyan Investment Authority (LIA) announced last Wednesday (15 April) that it is to revalue its assets. This comes in line with its approved strategy and to reinforce its commitment to good governance principles and transparency and disclosure requirements, it said.
This valuation project of its diversified investment portfolio with broad geographical and sectoral reach, will be implemented by engaging one of the Big Four global auditing firms, in accordance with the highest professional standards and internationally recognized practices.
The LIA said this initiative is an extension of the LIA’s efforts to enhance the efficiency of its asset management. The last comprehensive portfolio valuation was conducted on December 31, 2019, at which the total value of assets was estimated at approximately US$68.3 billion.
The LIA said this initiative is a pivotal strategic step to improve the quality of financial data, enhance disclosure, and ensure that the fair value of the LIA’s investments is reflected in the consolidated financial statements, thus providing a more accurate and transparent picture of the true status and value of the Authority’s investments.
This updated valuation, the LIA added, will contribute to supporting strategic decision-making and the restructuring of some subsidiaries and investments. It will also enhance the ability of stakeholders and potential investors to understand the LIA’s investment portfolio and pave the way for strategic partnerships and alliances built on clear and reliable foundations.
LIA to employ top Libyan graduates
In parallel, the LIA said it intends to launch a programme to attract top-performing Libyan graduates in accounting, investment, and business administration. Applicants will undergo professional examinations in collaboration with a specialized international firm, paving the way for a comprehensive training programme focused on internationally recognized asset valuation methods and methodologies.
This programme aims to build qualified national capabilities, ensuring that the LIA and its subsidiaries are able to conduct professional self-assessments that are accepted and approved by auditing firms and reliably reflected in consolidated financial statements.
In this context, the LIA has directed its subsidiaries to develop and update clear and measurable action plans, linking their outputs to the valuation results. This will contribute to improving performance efficiency, enhancing sustainability, and achieving the Group’s strategic objectives.
The LIA affirmed its commitment to adopting an institutional approach based on systematic disclosure and good governance to ensure the protection and growth of the Libyan people’s assets and to serve the national interest in the long term.
