The Libyan Investment Authority (LIA) signed an agreement last Wednesday (15 July) with PwC Middle East.
The agreement entails conducting a comprehensive and independent valuation of the LIA Group’s assets for the years 2024–2025, covering subsidiaries, investment portfolios and funds, and all assets within the Group’s scope.
The LIA said this comes as part of its commitment to implementing a strategy aimed at enhancing transparency and improving the quality of financial disclosure.
The LIA said the project reflects its commitment to updating the fair value of its assets through a specialized, independent international firm. Given that the last comprehensive valuation of the Group’s assets was conducted in 2019, this new valuation will reflect the developments affecting the LIA’s assets and investments over the intervening years, providing a more accurate and up-to-date picture of the Group’s financial position.
The LIA said the valuation will utilize multiple specialized methodologies tailored to the nature of each asset and investment sector, ensuring the determination of fair values that reflect the economic and investment realities of these assets.
Furthermore, the process will consider the future investment and operational plans of subsidiaries while relying on financial data audited and certified by independent external audit firms. The results of this project will serve as the foundation for preparing the LIA’s consolidated financial statements. This initiative will improve the quality and reliability of financial reporting, providing stakeholders with a clearer, more accurate picture of the scale and value of the assets managed by the LIA. Furthermore, the LIA stated that the valuation process will enhance levels of disclosure, transparency, and governance, thereby reinforcing its standing as a sovereign wealth fund that operates in accordance with global best practices.
Libyan graduates will participate in the process
As part of its commitment to building national capacity and knowledge transfer, the LIA will prepare a team of talented young national graduates to participate in this strategic project. These individuals will undergo specialized training and qualification programmes before joining the project team alongside PricewaterhouseCoopers (PwC). This initiative aims to cultivate national expertise capable of independently and sustainably leading and executing valuation processes and managing such vital projects within the LIA in the future.
The LIA affirmed that this project represents a significant step toward enhancing transparency and elevating the quality of financial information, ultimately serving the interests of the Libyan state and improving the efficiency of asset management and growth for future generations.