The Libyan British Business Council (LBBC) confirmed to Libya Herald that its business delegation will visit Tripoli, Zliten and Misrata from 19-23 February 2024 as guests of the Libyan General Union of Chambers of Commerce, Industry and Agriculture. The LBBC is grateful to British Arab Commercial Bank (BACB) and Bank ABC for their generous support as Gold Sponsors of the business delegation. Peter Millett, Chairman of the LBBC and former British Ambassador to Libya, will lead the delegation which also has the support of the British Embassy and the Department for Business and Trade. The panel will be chaired by Salim Abukhzaam (BACB) and will include Ali Mahmoud, Chairman of the Libyan Investment Authority (LIA), the Libyan Foreign Bank (LFB) and Ghassan Attiga (Bank ABC). Developments in the Libyan infrastructure sectorAfter a coffee break at 11.30, the conference will reconvene at 12.00 noon to discuss developments in the infrastructure sector.

In a dramatic turn of events, Libya's sovereign wealth fund, through its subsidiary Ensemble Hotel Holdings, has set its sights on a hostile takeover of Legacy Hotels, a distinguished South African hospitality group. A Bitter Boardroom BattleThe Libyan Investment Authority's (LIA) aggressive bid follows a contentious boardroom disagreement within Legacy Hotels. Legacy Hotels boasts an impressive portfolio of luxury properties, including the iconic Leonardo, which is the tallest building in Africa. Calls for Regulatory InterventionAdvertismentGiven the potential ramifications of the takeover, calls for regulatory intervention are growing louder. Their decision could have far-reaching implications for the South African hospitality industry and the country's economic landscape as a whole.

UN envoy to Libya Abdoulaye Bathily said Sunday he met with member of the German Bundestag, Tobias Bacherle, and Ambassador Michael Ohnmacht, where they discussed the latest political and security developments in Libya. The two parties stressed the importance of Libya’s stability for regional peace and security, according to Bathily.

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The Minister of Economy and Trade, Mohamed Al-Hwej, opened last Sunday (11 February) the 2nd Libya Household Expo 2024 at the Tripoli International Fairgrounds. The Economy Ministry reported that 40 local and international companies participated, with the international participants hailing from Egypt, Tunisia, Turkey, and Algeria. The event covered a wide range of novelties and cutting-edge technology in the field of household products. The opening was attended by the Chairman of the General Authority for Exhibitions, the President of the General Union of Chambers of Commerce, Industry and Agriculture, and several heads of diplomatic missions to Libya. The exhibition will continue until 14 February.

The state Libyan Iron and Steel Company (LISCO) announced last Friday (9 February) that its Bar Rolling Mill No. 2 is to prepare to produce 12 mm steel according to the required type and specifications. This, it explained, comes in line with the requirements of the foreign market in accordance with the British Standard BS4449 for rebar. It also comes after having produced more than 10,000 tons of 14 mm steel with technical specifications according to class B500B with a quality exceeding 99%. LISCO also added that it is pursuing production plans according to market requirements locally and abroad, and it is expected that sizes 8, 10, 16, and 20 mm will be produced in the coming days.

FILE PHOTO: International Monetary Fund (IMF) Managing Director Kristalina Georgieva attends the 54th annual meeting of the World Economic Forum, in Davos, Switzerland, January 17, 2024. REUTERS/Denis Balibouse/File PhotoBy Maha El Dahan and Federico MaccioniThe managing director of the International Monetary Fund (IMF), Kristalina Georgieva, said on Sunday she was confident about the economic outlook despite uncertainties around war and geopolitics as the global economy has remained resilient. She added that in addition to savings, eliminating regressive energy subsidies "discourages pollution, and helps improve social spending," in a copy of the speech published on the IMF website. "While uncertainties are still high, we can be a bit more confident about the economic outlook, because the global economy has been surprisingly resilient," she said in the speech. And further widening of the conflict would aggravate the economic harm," she said.

The Benghazi Chamber of Commerce, Industry and Agriculture today announced the holding of the Libyan-Tunisian Trade Forum in the city of Benghazi on 13 February. The event will be held in cooperation with Emaar Libya Holding Company and the Tunisian Export Promotion Centre (Centre de Promotion des Exportations de la Tunisie – CEPEX). The Benghazi Chamber said the Tunisian companies participating are in the following sectors:1- Interior and exterior paint and building supplements and supplies. 9- Cement industries and chemical products processing water, concrete, sponge and additives to treat moisture. 12- Private transportation and transportation companies.

Oil India Ltd. (OIL) has expressed renewed interest in resuming operations in Libya and is currently in talks with state-owned National Oil Corp. (NOC) on the exploration of two new blocks in the North African country, according to the Indian company’s chairman Ranjit Rath . OIL became active in 1992, when it first acquired upstream assets in various Libyan basins, but quit the country in 2011, following the popular uprising that resulted in extended political unrest and civil war. Now the company is looking to start drilling once again, largely due to the return of some degree of stability to Libya , as well as the announcement of governmental incentives. Other Indian firms, including ONGC and IOC , have also expressed interest in potential partnerships with NOC to enter Libya . The North African country is now working to attracting more foreign investment and has said it intends to make changes in the fiscal regime covering oil and gas investments.

Planting a million trees” starting from the areas of Al-Assa, Al-Jufra and Al-Aziziyah as part of the “We Think About Tomorrow” initiative to reduce carbon emissions. Yesterday, Libya’s state National Oil Corporation (NOC) announced the launch of the first phase of its campaign to plant one million trees. The campaign was launched in the areas of Al-Assa, the Al-Jufra, and Al-Aziziya areas of western Libya. The campaign aims to plant one million trees in 40 sites distributed throughout all regions of Libya. At COP28, NOC launches ambitious ‘Think Tomorrow’ environmental initiative (libyaherald.com)Oilinvest launches one million tree forestation initiative in Libya for Greenhouse Gas Removal (libyaherald.com)Ministry of Planning confirms development of integrated plan to plant 100 million trees by 2030 (libyaherald.com)The 2023-24 tree planting season launched to activate the 100 million trees by 2030 initiative (libyaherald.com)Tree-planting campaign launched in Sirte (libyaherald.com)Gharian to plant one million olive trees and 500k almond trees (libyaherald.com)Libya aims to plant 20 million olive trees through private sector (libyaherald.com)

The Benghazi Chamber of Commerce, Industry and Agriculture today announced the holding of the Libyan-Tunisian Trade Forum in the city of Benghazi on 13 February. The event will be held in cooperation with Emaar Libya Holding Company and the Tunisian Export Promotion Centre (Centre de Promotion des Exportations de la Tunisie – CEPEX). The Benghazi Chamber said the Tunisian companies participating are in the following sectors:1- Interior and exterior paint and building supplements and supplies. 9- Cement industries and chemical products processing water, concrete, sponge and additives to treat moisture. 12- Private transportation and transportation companies.

The Russian Ambassador to Libya, Aydar Aganin, announced on Thursday that the opening of the Russian General Consulate in Benghazi will be postponed until further notice following a “negative response” from the Government of National Unity (GNU). However, the establishment of a Russian diplomatic presence in Benghazi has encountered certain obstacles due to the current stance of the authorities in Tripoli, as per the remarks of the ambassador. He expressed optimism that a favourable response would be received soon, emphasizing that such a step would facilitate the flow of Russian humanitarian aid to areas affected by Storm Daniel in eastern Libya, including Derna. According to the Russian Ambassador, seven aircraft from the Ministry of Emergency Situations and Defence have delivered humanitarian and medical aid to eastern Libya. On December 7 last year, the Russian Ambassador announced that the Moscow Embassy is operating at full capacity from Tripoli and providing its services as usual.

DUBAI: The managing director of the International Monetary Fund (IMF), Kristalina Georgieva, said on Sunday she was confident about the economic outlook despite uncertainties around war and geopolitics as the global economy has remained resilient. She added that in addition to savings, eliminating regressive energy subsidies “discourages pollution, and helps improve social spending,” in a copy of the speech published on the IMF website. “While uncertainties are still high, we can be a bit more confident about the economic outlook, because the global economy has been surprisingly resilient,” she said in the speech. Speaking about the conflict in Gaza, Georgieva warned of widening consequences. And further widening of the conflict would aggravate the economic harm,” she said.

Recent missile and drone strikes by Iran, a would-be nuclear power, on nuclear-armed Pakistan’s territory are particularly worrying. Iranian strikes in Syria, for example, followed suicide bombings that killed nearly 100 people in the Iranian city of Kerman. That is indeed what happened: On Jan 18, Pakistan launched air strikes against militant groups in Iran, killing nine people. Iran and Pakistan have accused each other for years of sheltering militants along their shared 559-mile border. Pakistan has long believed that Iran is supporting separatist groups in Balochistan, and in 2017, it shot down an Iranian drone over the province.

The envoy of French President Emmanuel Macron, Paul Soler, and the French Ambassador to Libya, Mustafa Mehraj, met with the head of Libya’s Presidential Council, Mohamed al-Menfi, and affirmed “France’s commitment to continuing stability in Libya and its full support for al-Menfi’s efforts in addressing the current political crisis to hold comprehensive and fair elections.”According to a statement from the media office of the Presidential Council head, the French envoy praised al-Menfi’s role in “confronting the political deadlock,” confirming that Paris “will stand by him in all his steps aimed at ensuring the participation of all Libyan parties in the upcoming elections.”The two French representatives also affirmed their country’s support for the work of Libya’s High National Elections Commission, in line with principles of transparency, disclosure, and rationalized spending, as part of strengthening economic cooperation between the two countries. For his part, al-Menfi “praised France’s pivotal role in supporting Libya, and his expectation to continue coordination with it regarding preparations for elections and supporting stability in the country.”