Libya has for the first time been allowed by the United Nations to reinvest proceeds from the $70 billion of assets bought with its oil wealth since sanctions were imposed in 2011.
The Libyan Investment Authority, the country’s sovereign wealth fund, had been seeking an easing of the sanctions imposed at the start of the uprising that overthrew Muammar Qaddafi’s regime. The aim of the sanctions was to freeze the LIA’s assets to prevent them falling into the hands of him or his supporters, and to preserve them to be used for the benefit of the Libyan people. They remained in place as the country descended into civil war.
But as Libya has entered a period of relative stability, the LIA has sought permission from the UN Security Council to be allowed to reinvest the returns from its assets, such as payouts from bond holdings, to maximise their value. The LIA has said a Deloitte audit showed the freeze had cost it some $4.1 billion in potential equity returns.
The Security Council has now voted to allow returns from frozen cash reserves to be placed in low-risk investments with what it describes as “appropriate financial institutions”. The outcome follows a period of turmoil for Africa’s largest sovereign wealth fund during which it had rival chairmen.
But reforms undertaken as order was restored to Libya mean the LIA now ranks 51st out of 100 sovereign funds for governance by SWF, an industry data specialist, up from 98th in 2020. The LIA said it “welcomes” the decision, which it said “reflects the high level of trust” it has been able to build, which has been coupled with “adopting international standards” for its operations.
The LIA has $29 billion in global real estate, $23 billion in deposits invested in Europe and Bahrain and $8 billion in equities spread over more than 300 companies around the world. It also has roughly $2 billion worth of matured bonds.
According to the Office For Sanctions Implementation (OFSI), UK businesses hold £11.53 billion ($14.1 billion) worth of frozen Libyan assets. Libya is the sanctioned nation with the highest value of frozen assets held by UK businesses. Britain’s UN ambassador Barbara Woodward described the UN resolution as “an important step, ensuring that the UN sanctions regime on Libya remains fit for purpose and in the service of the Libyan people.
“For the first time, the Libyan Investment Authority will be allowed to reinvest frozen cash reserves to safeguard the assets for the future benefit of the Libyan people,” said Ms Woodward. “This resolution comes at a critical juncture for advancing Libya’s security and stability.”
But it is unclear how the decision will affect property owned by the LIA and its subsidiaries in London, including Jardine House, an office block in a prime location in the financial district that has fallen into disrepair. The property is one of many snapped up by the LIA in the late 2000s as the UK reeled from a financial crisis and prize property began to look more reasonably priced.
These properties exist in legal limbo, with approval for even basic maintenance having to go through what critics say is an exhaustive and inflexible bureaucratic process, which it is argued has been causing the value of assets ostensibly owned in the name of the Libyan people to plummet.
Property advisers James Andrews manage three buildings for the LIA and managing director Jeremy Grey told The National that sanctions had cost the authority around £200 million [$257 million] in lost opportunities. The resolution was backed by 14 members of the Security Council, with only Russia abstaining, and other nations also expressed their support for the LIA’s funds to be used for the benefit of the Libyan people.
Angelika Hellweger, a sanctions and financial crime lawyer, told The National that the UN resolution was a “big step for Libya”, but that there was nothing in it that allowed for the maintenance of buildings. “This is the first time that they are getting to reinvest their assets, although it is in a very limited way, but it’s still a move in the right direction,” said Ms Hellweger, legal director at London's Rahman Ravelli law firm.
“As I read the resolution, there is nothing about the maintenance of buildings. I assume the FCDO (Foreign, Commonwealth and Development Office) will soon implement some additional legislation related to these investments," she said. “But they will be following the UN resolution so I don't see actually that suddenly there will be provisions for the buildings for upkeep and maintenance.”
Currently, the LIA has to obtain a licence from OFSI to manage its assets, both physical and financial, in the UK, but it has in the past been criticised for being too rigid in its approach. Mohamed Shaban, a British-Libyan lawyer who has in the past represented LIA subsidiaries and applied for licences, has been calling for an overhaul of the application of UK sanctions against Libya.
He told The National "that much more needs to be done to protect the value of the other assets in LIA’s portfolio" in the UK. Mr Shaban said there is an "urgent need to address how OFSI exercises its licensing powers" under the existing regulations.
"Given that there are £12 billion of Libyan funds frozen in the UK, it is of concern that, as far as I am aware at least, OFSI has not granted licenses permitting the LIA to manage their UK based assets in order to maintain capital value," he said.
"High value real estate, for example, is crumbling and losing its worth. OFSI must grant licenses to permit the LIA to refurbish and re let these assets, even if only to the extent that they preserve their freehold value, if not turn a profit."
Panama’s UN ambassador Eloy Alfaro de Alba said “the Libyan people are the ones who should enjoy the sovereign right to manage their resources, including their financial wealth”. He urged that sanctions be “targeted, with a clear and precise focus” against those threatening peace and stability in Libya.
Pakistan said the resolution reflected the original spirit of the sanctions imposed on Libya. “The Libyan people’s destiny should be in their own hands,” said its UN ambassador Munir Akram.
Traits of Chinese zodiac animals
Tiger:independent, successful, volatile
Rat:witty, creative, charming
Ox:diligent, perseverent, conservative
Rabbit:gracious, considerate, sensitive
Dragon:prosperous, brave, rash
Snake:calm, thoughtful, stubborn
Horse:faithful, energetic, carefree
Sheep:easy-going, peacemaker, curious
Monkey:family-orientated, clever, playful
Rooster:honest, confident, pompous
Dog:loyal, kind, perfectionist
Boar:loving, tolerant, indulgent
'Brazen'
Director: Monika Mitchell
Starring: Alyssa Milano, Sam Page, Colleen Wheeler
Rating: 3/5
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
The years Ramadan fell in May
Gulf Under 19s final
Dubai College A 50-12 Dubai College B
Company%20profile
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Last five meetings
2013: South Korea 0-2 Brazil
2002: South Korea 2-3 Brazil
1999: South Korea 1-0 Brazil
1997: South Korea 1-2 Brazil
1995: South Korea 0-1 Brazil
Note: All friendlies
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
Results
6.30pm: The Madjani Stakes (PA) Group 3 Dh175,000 (Dirt) 1,900m
Winner: Aatebat Al Khalediah, Fernando Jara (jockey), Ali Rashid Al Raihe (trainer).
7.05pm: Maiden (TB) Dh165,000 (D) 1,400m
Winner: Down On Da Bayou, Royston Ffrench, Salem bin Ghadayer.
7.40pm: Maiden (TB) Dh165,000 (D) 1,600m
Winner: Dubai Avenue, Fernando Jara, Ali Rashid Al Raihe.
8.15pm: Handicap (TB) Dh190,000 (D) 1,200m
Winner: My Catch, Pat Dobbs, Doug Watson.
8.50pm: Dubai Creek Mile (TB) Listed Dh265,000 (D) 1,600m
Winner: Secret Ambition, Tadhg O’Shea, Satish Seemar.
9.25pm: Handicap (TB) Dh190,000 (D) 1,600m
Winner: Golden Goal, Pat Dobbs, Doug Watson.
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
UAE currency: the story behind the money in your pockets
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
The years Ramadan fell in May
Stree
Producer: Maddock Films, Jio Movies
Director: Amar Kaushik
Cast: Rajkummar Rao, Shraddha Kapoor, Pankaj Tripathi, Aparshakti Khurana, Abhishek Banerjee
Rating: 3.5
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
About Takalam
Date started: early 2020
Founders: Khawla Hammad and Inas Abu Shashieh
Based: Abu Dhabi
Sector: HealthTech and wellness
Number of staff: 4
Funding to date: Bootstrapped
The bio
His favourite book - 1984 by George Orwell
His favourite quote - 'If you think education is expensive, try ignorance' by Derek Bok, Former President of Harvard
Favourite place to travel to - Peloponnese, Southern Greece
Favourite movie - The Last Emperor
Favourite personality from history - Alexander the Great
Role Model - My father, Yiannis Davos
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Global state-owned investor ranking by size
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China
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UAE
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Japan
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Norway
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Canada
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Champions parade (UAE timings)
7pm Gates open
8pm Deansgate stage showing starts
9pm Parade starts at Manchester Cathedral
9.45pm Parade ends at Peter Street
10pm City players on stage
11pm event ends
BUNDESLIGA FIXTURES
Friday (all kick-offs UAE time)
Hertha Berlin v Union Berlin (10.30pm)
Saturday
Freiburg v Werder Bremen (5.30pm)
Paderborn v Hoffenheim (5.30pm)
Wolfsburg v Borussia Dortmund (5.30pm)
Borussia Monchengladbach v Bayer Leverkusen (5.30pm)
Bayern Munich v Eintracht Frankfurt (5.30pm)
Sunday
Schalke v Augsburg (3.30pm)
Mainz v RB Leipzig (5.30pm)
Cologne v Fortuna Dusseldorf (8pm)
Leaderboard
15 under: Paul Casey (ENG)
-14: Robert MacIntyre (SCO)
-13 Brandon Stone (SA)
-10 Laurie Canter (ENG) , Sergio Garcia (ESP)
-9 Kalle Samooja (FIN)
-8 Thomas Detry (BEL), Justin Harding (SA), Justin Rose (ENG)
Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
Who has been sanctioned?
Daniella Weiss and Nachala
Described as 'the grandmother of the settler movement', she has encouraged the expansion of settlements for decades. The 79 year old leads radical settler movement Nachala, whose aim is for Israel to annex Gaza and the occupied West Bank, where it helps settlers built outposts.
Harel Libi & Libi Construction and Infrastructure
Libi has been involved in threatening and perpetuating acts of aggression and violence against Palestinians. His firm has provided logistical and financial support for the establishment of illegal outposts.
Zohar Sabah
Runs a settler outpost named Zohar’s Farm and has previously faced charges of violence against Palestinians. He was indicted by Israel’s State Attorney’s Office in September for allegedly participating in a violent attack against Palestinians and activists in the West Bank village of Muarrajat.
Coco’s Farm and Neria’s Farm
These are illegal outposts in the West Bank, which are at the vanguard of the settler movement. According to the UK, they are associated with people who have been involved in enabling, inciting, promoting or providing support for activities that amount to “serious abuse”.
COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3ECompany%3A%20%3C%2Fstrong%3EOlive%20Gaea%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202021%3Cbr%3E%3Cstrong%3ECo-founders%3A%3C%2Fstrong%3E%20Vivek%20Tripathi%2C%20Jessica%20Scopacasa%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ELicensed%20by%3A%20%3C%2Fstrong%3EDubai%20World%20Trade%20Centre%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Climate-Tech%2C%20Sustainability%3Cbr%3E%3Cstrong%3EFunding%3A%20%3C%2Fstrong%3E%241.1%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3ECornerstone%20Venture%20Partners%20and%20angel%20investors%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%208%3Cbr%3E%3C%2Fp%3E%0A
500 People from Gaza enter France
115 Special programme for artists
25 Evacuation of injured and sick