In late November the Libyan Investment Authority (LIA) bought a TL147.8m ($99.5m) stake in Emlak Konut, a Turkish real estate investment trust owned by the state housing builder TOKI.

Arig, a reinsurance firm based in Bahrain, will open a representative office in Tripoli, the company said in a 26 November press release.

Tunisia-based Amen Bank plans to open a leasing subsidiary in Libya, according to a report in African Manager, a business and economic news site, which quoted the bank’s vice-president. The announcement came during a road show held at the company’s headquarters in Tunis on 18 November.

The Central Bank of Libya and Central Bank of Tunisia have agreed to create a unified debit card platform so that cards may be used in transactions in either country, according to Libyan state media.

In early November the Oyia newspaper quoted Suleiman Chehoumi, the chairman of the management committee of the Libyan Stock Market (LSM), as saying that 20 local companies had signed agreements to list on the Tripoli bourse in 2011.

Arab Bank will raise its stake in Wahda Bank from 19% to 32%, according to Al Jamahiriya. A precise timeframe for the process has not been announced.

Sahara Bank recorded 2009 losses of LD585m ($468m) according to the Quryna newspaper, a figure reportedly caused by a high level of non-performing loans that have built up over the past few years.

Libyan ambassador to Uganda Abdalla Bujeldain has told the press that Libya is now the second-largest investor in Uganda.

UniCredit has been granted preliminary approval by the Central Bank of Libya to open a subsidiary in the country.

The Libyan Iron and Steel Company (LISCO) will soon issue shares on the Libyan Stock Market (LSM) with the intention of raising LD5.2bn ($4.0bn), reported the Al Fajar Al Jadid newspaper.

Al Refi Bank, a local bank, is to distribute LD500,000 ($388,804) in 140 loans to families engaged in small production projects, according to the Al Shams newspaper. 

The winners of two new banking licenses, originally expected to be announced in late July, have not yet been named by the Central Bank.

The Libyan Investment Authority (LIA), the country’s sovereign wealth fund, has increased its stake in the UK-based educational publisher and owner of the Financial Times, Pearson, to 3.01%.

According to reports in the Independent newspaper, Libya intends to invest substantially in a new hedge fund based in London.

In February the Central Bank of Libya invited international banks to apply for two licenses to form subsidiaries in the country. These initial applicants were then shortlisted down to six, with the selected banks required to submit final offers by 15 June 2010.