Key subsidiaries of the LIA also participated in the training programme for finance employees, conducted by the global professional services group.

London and Tripoli – July 16, 2020 – The Libyan Investment Authority (LIA) has recently concluded a rigorous training programme of 30 of its employees with global professional services firm Deloitte, aimed at improving LIA employees’ financial capabilities in areas of business and real estate valuation.

Held during June, the strategic initiative is part of the LIA’s comprehensive transformation programme. At its core, this demonstrates the institution’s commitment to positive reforms, and ensuring that its personnel are trained to international best practices and the highest standards of financial reporting and compliance. 

This first series covered the key principles of business and real estate valuation. The goal of the training was to build a common level of understanding of valuation methodologies and consolidate an enhanced valuation capability within LIA and its subsidiaries, a key ambition of the current LIA Board of Directors, led by Dr Ali Mahmoud Hassan Mohamed. 

Those employees trained included finance professionals at key subsidiaries, including Libyan Foreign Investment Company (LAFICO), Libya Africa Investment Portfolio (LAIP), Libyan Local Investment and Development Fun (LLIDF), Long Term Investment Portfolio (LTP), and Oilinvest. 

 Having attended four sessions over the month, each three hours long, the participants have gained a deeper understanding of valuation approaches and methodologies.  The skills learned will be crucial over the coming months as the LIA starts to prepare standalone financial statements and manage its assets across a range of sectors 

The participants responded positively to having access to training run by international valuation experts. 

Hietem Ali Isa, Chief Financial Officer of the LIA, commented, “The LIA is committed to training and developing our employees to the highest standards of professionalism, in line with best-in-class sovereign wealth funds. Deloitte’s workshop has been highly beneficial for all involved in gaining a deeper understanding of the best practices for financial reporting and compliance. The LIA is firmly focused on building our internal capabilities to effectively manage the assets we have been entrusted with for the long-term.” 

The LIA’s subsidiaries also benefited from the programme.

Reyad Hobba, Head of Tourism & Real Estate Companies Department at LAFICO, said, “We are pleased that the LIA has organised these trainings for its core personnel as well as its subsidiaries. This has been a valuable training programme which will support us in how we report to the LIA, and ensure that we all work towards the same international standards. We look forward to putting this to practice.”

The LIA is committed to implementing change in the pursuit of institutional excellence and launched its transformation programme in October 2019. The ambition of the programme is to undertake a series of governance and management reforms, adopting international best practices for sovereign wealth funds. 

In October 2019, LIA hired global management consultancy firm Oliver Wyman to improve its operational processes, develop its administrative structures and build capacity within the LIA.

Deloitte was also appointed by the LIA in December 2019 to prepare LIA standalone financial statements in alignment with International Financial Reporting Standards, and complete a valuation of all of its assets. The appointment of firms such as Deloitte and Oliver Wyman are key steps in ensuring that LIA complies with UN resolutions and the Santiago Principles.