Libyan Investment Authority

Registry · Top 100 · Rank 77 · Sovereign Wealth Fund · Libya — last researched 11 September 2026. Corrections: info@universalassetowners.com.

• Executive brief
• Mandate & ownership
• Scale & portfolio
• Governance & leadership
• Strategy & transformation
• Asset-freeze measures
• Subsidiaries & platforms
• Risk, compliance & IPS
• Sustainability & Santiago Principles
• Performance & reporting
• Controversies & debates
• Timeline
• FAQ
• Sources

Executive brief

The Libyan Investment Authority (LIA) is Libya’s national sovereign wealth fund. Official materials date its establishment to 28 August 2006 and its reorganisation under Law No. (13) of 2010 as an investment Authority with legal personality and independent financial liability. The published purpose is to manage, preserve and develop surplus oil-revenue reserves for current and future Libyan generations.

Prefer dated official USD figures from lia.ly — do not invent a single consolidated headline from INST’s older “~US$70 bn (public estimate)” field. Annual Report 2024 cites total value USD 71.9 billion (financial investment portfolio USD 39.51B; subsidiaries/affiliates USD 29.35B; cash flows from investment activities USD 3.04B) and financial-portfolio returns USD 1.63 billion. The FY2025 media statement cites directly managed investable financial assets USD 41.7B with returns USD 2.0B (4.79%), plus USD 9.1B uninvested restricted cash. The Q1 2026 statement (15 June 2026) cites directly managed financial assets including cash of about USD 51.8B versus USD 50.9B at end-2025. Subsidiaries remain cited at USD 28.2B (Deloitte 2019) pending revaluation.

Leadership verified on the official Board of Directors page: Chairman of the Board & Chief Executive Officer Ali Mahmoud Hassan Mohamed (since 2017 per LIA bio). Vice Chairman Youssef Ahmed Al Mabrouk; members Anas Saad Lamin, Ahmed Abdullah Ammar, Mustafa Mohamed Elmanea. CIO field empty — do not invent. Libya’s political governance is contested; attribute roles to LIA primaries and related court materials on lia.ly, and label uncertainty.

Direct assets remain under UN Security Council freeze measures (resolutions 1970 / 1973 / 2009 of 2011), with later UNSC resolutions (including 2769 of 2025) framing limited reinvestment of frozen cash in low-risk instruments while remaining frozen. Researchers comparing peer SWFs such as NBIM, ADIA, Kuwait Investment Authority, Qatar Investment Authority, Public Investment Fund (Saudi Arabia), GIC, Temasek or CIC should treat LIA’s freeze/compliance overlay as a first-order mandate constraint, not as an unrestricted portfolio.

Related UAO hubs: Registry · Top 100 · Careers Intelligence. Official site: lia.ly/en.

Mandate & ownership

Official About and FAQ pages state that LIA was established on 28 August 2006 by Resolution No. 208 of the former General People’s Committee (now described as replaced by the Cabinet of Ministers), and was reorganised by Law No. (13) of 2010. That law defines purpose, Board responsibilities, financing/structure, and legal and financial independence. Governance pages emphasise that while LIA is accountable to the Libyan government, it enjoys operational independence under the law.

FAQ wording: LIA works to protect and maximise the value of Libyan oil-revenue reserves, with investments mainly concentrated in foreign assets through reputable international managers, while avoiding excessive dependence on oil and gas production. Vision language on Our Goal / AR 2024: achieve sustainable returns for future generations; mission language stresses balanced, sustainable returns, diversification, risk management, transparency and governance.

• Legal frame: Law No. (13) / 2010 (plus commercial/labour laws referenced in LIA 2025 Santiago disclosure where Law 13 is silent).
• Owner / accountability: Board of Trustees appointed by the Council of Ministers; Board of Directors appointed by Trustees.
• What it is: National SWF / investment Authority for surplus oil wealth.
• What it is not (on opened pages): A retail asset manager; a fully unfrozen discretionary SWF; a named-CIO operating company with public holdings lists comparable to NBIM.

Source: lia.ly About Us, Our Vision / Our Goal, Governance, FAQ, Law-13 PDF listing, LIA 2025 PDF.

Scale & portfolio

Currency discipline: publish official USD as LIA publishes. Do not invent FX conversions. Do not collapse different scopes (directly managed vs subsidiaries vs older 2019 valuations) into one invented NAV.

Homepage geography tiles (as published) allocate assets across USA & Canada, Europe, Africa, Middle East & Asia and South America with separate business/real-estate versus fund-investment splits — treat as illustrative site graphics, cross-check against AR tables before hard-coding weights into models. Portfolio page also cites ~450 companies and ~200 real-estate interests across continents.

AR 2024 Chairman’s message attributes growth of assets to USD 71.9 billion and notes time-deposits about USD 22.72 billion and an 11% equities rise in that year’s narrative. Money-market portfolio return contribution is cited among financial returns (USD 1.13B / 69.5% of returns in one AR highlight). Always keep year labels attached.

Governance & leadership

Uncertainty label: Libya’s national governance remains contested across political tracks. This profile uses only attributable LIA website / PDF primaries (and LIA-hosted court summary pages). Parallel claims outside those materials are omitted or labelled secondary.

Board of Trustees (roles as published)

Governance pages state the Board of Trustees is appointed by the Council of Ministers and consists of the Prime Minister as Chairman, with membership of the Ministers of Planning, Finance, and Economy, the Governor of the Central Bank of Libya, and a number of experts. Do not invent personal names for Trustee seats beyond role titles as published.

Board of Directors (named on lia.ly)

Official bio notes: Ali Mahmoud Hassan Mohamed has been Chairman and CEO since 2017; prior General Manager of the Libyan Company for Finance and Financial Leasing; academic career culminating in a Ph.D. in Financial Management (2009). Youssef Ahmed Al Mabrouk appointed to the Board in February 2019; previously Director of the Office of the President of the Presidential Council of the Government of National Accord (Mar 2017–Mar 2021). Board committees named on site include Audit, Risk & Compliance and Investment (four committees referenced).

CIO: empty on opened Board / Leadership pages — do not invent. Our Leadership describes a Corporate Governance Division (group oversight, board/committee performance, policy review, ESG, governance risk, General Assembly support, implementation monitoring, culture) without naming additional C-suite officers.

LIA also publishes a page summarising an English Commercial Court confirmation that Dr Ali Mahmoud Hassan Mohamed stands validly appointed as Chairman (Resolution 1 of 15 July 2017). Treat that as LIA-attributable litigation summary, not as independent UAO legal advice.

Strategy & transformation

Transformation language on lia.ly dates a comprehensive programme to January 2020 with four primary objectives: strengthening governance; enhancing transparency (IFRS consolidated statements); ensuring asset safeguarding under freeze measures; and developing investment and financial performance. Strategy 2025–2027 continues those pillars.

The Libyan Investment Authority's (LIA) 2025- 2027 strategy is based on several key pillars: strengthening governance, enhancing transparency, ensuring asset protection, and developing the investment and financial performance of the LIA and its group. These pillars outline a set of strategic pathways that are considered the LIA's operational approach during the upcoming years, supported by a set of integrated initiatives designed to achieve the strategy's objectives.

This strategy aims to develop the investment and financial performance in order to develop a resilient and diversified investment portfolio, forging strategic partnerships to achieve sustainable growth, and optimal financial returns over the medium and long term, within a robust governance framework and with complete transparency, while ensuring the safeguarding of its assets, reflecting the LIA and its group’s unwavering commitment to managing and enhancing its assets to achieve balanced and sustainable returns.

Among the most significant challenges of implementing the new strategy is managing the assets under the freezing measures, using a new mechanism to ensure safeguarding and optimising their value so as to mitigate the negative impacts arising from the implementation of international asset freezing measures, based on several principles, most importantly the reallocation of frozen assets within a strategic framework aimed at reinvesting them to prevent their erosion and loss of value.

The international community, represented by the United Nations and relevant international parties, is considered a pivotal partner for the LIA to ensure its success in this regard. This strategy reflects the LIA's vision of achieving sustainable returns for future generations, and affirms its commitment to managing sovereign wealth with complete responsibility and transparency regarding its financial and operational performance through consolidated financial statements prepared in accordance with International Financial Reporting Standards (IFRS), with a focus on diversification and risk management, to reflect the LIA's core values of innovation, resilience, integrity, transparency, sustainability, governance, and excellence in order to achieve a positive impact and enhance the LIA's role as a cornerstone for achieving stability and sustainable development for the benefit of the Libyan people.

By the end of this strategy’s implementation, the LIA sight to strengthen its position internationally as a sovereign wealth fund operating in accordance with best international practices and the Santiago Principles. Vision and Mission The Libyan Investment Authority (LIA) is committed to achieving balanced and sustainable returns for the upcoming generations, by managing and enhancing sovereign wealth in accordance with international best practices, managing risks to ensure its sustainability, adhering to the highest standards of transparency and governance, enhancing trust with stakeholders, and consolidating its role in supporting financial stability and providing added value to the national economy.

Core Values • Innovation and resilience Developing innovative and proactive solutions in our investment and management strategies, while embracing resilience to adapt to changing global markets. • Integrity and Transparency Adhering to the highest standards of honesty and transparency in asset management.

We strive to build trust with all stakeholders by committing to disclosure and credibility. • Sustainability and Responsibility Focusing on achieving sustainable returns on assets to ensure their sustainability for the benefit of the Libyan people, while considering economic, social, and environmental factors.

• Governance and Excellence: Following best global governance practices to ensure efficiency and accountability in all our operations, while striving for institutional excellence. • Partnership and National Impact: Fostering strategic partnerships to serve national economic development, focusing on the LIA's role as a catalyst for financial stability and sustainable development.

Key Pillars • Strengthening Governance: optimising the LIA's organizational and administrative framework, ensuring adherence to principles of transparency and accountability. This includes developing labour regulations, training staff, and ensuring compliance with international standards.

• Enhancing Transparency: Managing sovereign wealth responsibly and with complete transparency regarding financial and operational performance, based on consolidated financial statements prepared in accordance with International Financial Reporting Standards (IFRS), with a focus on diversification and risk management.

• Ensuring Asset Safeguarding: Managing assets within the freezing measures, according to a new mechanism to ensure the preservation and maximization of the value of these assets to overcome the negative impacts resulted from the implementation of the international asset freezing measures.

• Developing Investment and Financial Performance: Diversifying the investment portfolios geographically and sectorally, focusing on high-viability sustainable investments. Strategic Objectives • Preserving and Maximizing the Value of the Libyan Investment Authority's Assets. • Investing wisely, sustainably and balancing returns with risks in accordance with the best practices of global sovereign wealth funds.

• Investing a portion of the LIA's funds domestically based on economic feasibility to contribute to local development. • Operating as an independent institution through a unified investment strategy and policies for the LIA and its subsidiaries. • Establishing a robust Governance and oversight mechanisms that enable senior management to supervise and monitor the LIA and its subsidiaries.

• Training and Qualifying National Cadres in the field of investment. • Diversifying Investments in terms of markets and asset classes, by leveraging the best investment expertise. • Investing in leading and most transparent markets and making investment decisions based on investment return forecasts • Building trust and commitment through the highest levels of transparency, compliance with the Santiago Principles, and adhering to strong internal codes of conduct.

• Improving the LIA's Image among both local and international stakeholders. • Achieving the highest levels of investment efficiency by adhering to the imposed restrictions and measures, by developing investment plans that ensure the preservation and sustainability of assets for the benefit of the Libyan people.

Transformation program - Libyan Investment Authority Transformation program Bringing about real change through transformation towards good governance, transparency efficiency in our institutional performance LIA is committed to bringing about real change in its continuous pursuit of excellence in its institutional performance.

Our priority now is to move forward with the comprehensive transformation strategy, which aims to improve governance, transparency and accountability. Launched in January 2020 This strategic initiative was launched in January 2020, to enhance our efforts to preserve and develop the assets of the Libyan Investment Authority for the benefit of the Libyan people and future generations.

Our primary goal, which we are working on achieving, in cooperation with our international advisors, is to upgrade the capabilities of the Authority to enable it implement its investment activities in accordance with the best global practices followed by the leading international sovereign wealth funds.

Source fold: Strategy 2025–2027 brief PDF; Transformation programme / Our Vision HTML; Annual Report 2024 excerpts. Verify against the live page or PDF before citing beyond this page.

Asset-freeze measures (UNSC)

LIA’s protect-our-assets and home narratives state that direct assets remain subject to UNSC freeze measures under resolutions 1970, 1973 and 2009 of 2011, originally framed as safeguarding Libyan SWF assets. Later resolutions and Implementation Assistance Notices shape limited reinvestment of frozen cash while remaining frozen.

The LIA's Asset Freezing Measures - Libyan Investment Authority The LIA’s Asset Freezing Measures Preserving and Growing the LIA’s Assets for the Generations to Come The freezing measures imposed on the LIA’s assets were at the request of the state of Libya in 2011. These measures were taken to safeguard and preserve these assets for the benefit of the Libyan people.

more The assets owned directly by the LIA remain subject to the freezing measures imposed by the UN Security Council pursuant to its resolutions ( 1970 1973 2009 ) of 2011. These measures were imposed in order to preserve the assets of Libya’s sovereign wealth fund from any legal disputes at the time.

However, despite the legitimacy of their initial objectives, these measures have resulted in significant challenges which impacted the LIA’s capability in achieving the ultimate returns of its frozen assets under the changes of the rapid international economic. Guided by its unwavering commitment to preserving these assets and maintaining their value for the future generations, The LIA prioritise the freezing measures file within its transformation strategy.

This was underpinned by a strictly considered vision that aims to mitigate any negative impacts of the freezing measures while building bridges of trust with the UN Panel of Experts and Security Council Committee. To achieve this vision, the LIA adheres to the transparent and trusted reports submitted to the UN Security Council Committee concerning Libya and the Council’s member states.

These reports provide a detailed analysis of the negative impacts resulted on the frozen assets, while demonstrating the LIA’s commitment to the UN security Council resolutions, and its full compliance with the freezing measures. These exerted efforts culminated the UN security Council’s resolution ( 2701 ) of 2023, which expressed the Council’s willingness to reconsider the freezing measures to address the already existing challenges.

in response, the LIA initiated the development of a plan to reinvest the frozen assets; while remaining subject to the freezing measures, as a part of its commitment in safeguarding its assets and maximizing their value. The UN Security Council has issued its resolution ( 2769 ) of 2025 as a result of the significant development that reflects the success of the LIA’s efforts, which focused primarily on preserving its assets and enhancing governance, transparency, and compliance to the Santiago principles.

This resolution emphasized the importance of preserving the LIA’s assets and allowing the LIA to invest its frozen cash reserves in low-risk time deposits with selected financial institutions under the freezing measures. Additionally, it permits the reinvestment of accumulated financial returns with investment funds managers while remaining subject to the freezing measures.

Building on the progress achieved under Resolution ( 2769 ) (2025), the United Nations Security Council adopted Resolution ( 2819 ) (2026), which introduced further measures aimed at enhancing the protection, preservation, and effective management of the LIA’s frozen assets. The resolution reaffirmed that the asset freeze is intended to be a protective measure for the benefit of the Libyan people and emphasized the importance of preserving the value of frozen assets while preventing their misuse or misappropriation.

It further clarified the implementation of approved reinvestment arrangements by confirming that technical transactions, including rollovers within previously approved arrangements, do not require separate notifications to the UNSC Committee. In addition, the resolution permits the transfer of frozen assets between custodial institutions within the same jurisdiction, subject to prior approval by the Committee and safeguards ensuring that the assets remain frozen and maintain their form and value.

The resolution also welcomed the LIA’s continued efforts to enhance transparency, governance, and compliance with international standards, and encouraged greater cooperation between Member States, financial institutions, and the LIA in safeguarding, auditing, and preserving the value of frozen assets for the future benefit of the Libyan people.

Today, the LIA continues to work closely with the United Nations, Member States, international financial institutions, and other stakeholders to ensure that Libya’s sovereign assets are protected, preserved, and responsibly managed. Through its commitment to sound governance, transparency, and prudent asset stewardship, the LIA remains focused on fulfilling its mandate of safeguarding national wealth and maximizing its long-term value for the benefit of all Libyans.

The UN Security Council Resolutions Regarding the Protection of Our Assets Notice #8 2819 2769 1973 2701 2009 1970 Asset Freezing Measures Milestones 2026 Issuance of Implementation Guidance Memorandum No. (8) regarding the reinvestment of the frozen cash reserves of the Libyan Investment Authority.

show 2026 UN Security Council Committee established pursuant to resolution 1970 (2011) issues Implementation Assistance Note No. 6, as updated in May 2026, addressed to Member States concerning the application of the provisions of the resolutions relating to the freezing of assets with respect to the payment of interest and other profits derived from frozen assets.

show 2026 UN Security Council adopted resolution 2819 at its 10134th meeting on 14 April 2026, encouraging the Libyan Investment Authority to continue its efforts and improve the accuracy and comprehensiveness of its investment plan, and calling upon Member States to cooperate with the LIA.

show 2025 The LIA’s Statement regarding UN Security Council Resolution 2769 of 2025 authorizing the LIA to reinvest its frozen assets while remaining subject to the freezing measures. show 2023 UN Security Council Resolution 2701 of 2023 of approving the LIA’s submission of a comprehensive sustainable plan to manage its assets while remaining under freeze.

show 2018 Explanatory memorandum to assist in implementation No. (5) regarding the proper implication of the resolutions concerning with the payment of the frozen assets’ management fees. 2018 Explanatory memorandum to assist in implementation No. (6) Regarding the Freezing of Returns and Other Profits on Frozen Assets 2018 UN Security Council Resolution 2441 of 2018 regarding the intensification of the work of the panel of experts assigned with safeguarding the frozen assets 2012 Explanatory memorandum to assist in implementation No.

Source fold: protect-our-assets + home + IAN/UN media releases on lia.ly. Verify against the live page or PDF before citing beyond this page.

Subsidiaries & investment platform

Portfolio pages name five subsidiaries/affiliated portfolios and describe the Authority’s own team managing listed equities, bonds/money-market instruments, time deposits and cash. AR 2024 includes dedicated subsidiary chapters (LAFICO, Long-Term Portfolio, Oil Investments Company, LAIP, domestic fund).

Our Portfolio - Libyan Investment Authority Our Portfolio Protection of LIA ‘s assets for future generations The Libyan Investment Authority owns assets of approximately 80 billion US dollars (as per last valuation in 2019). The management of part of these assets is supervised by five subsidiaries, namely: The Libyan Foreign Investment Company The Libya Africa Investment Portfolio The Libyan Internal Investment and Development Fund The long-term investment portfolio The Oil Investment Company Whereas the Authority’s investment team undertakes the task of managing the rest of the assets, through: Shares in companies listed on the main global stock exchanges.

Private and government bonds, including money market instruments. Time deposits and cash deposited with the Central Bank of Libya and in a number of commercial banks. 30% 40% The Libyan Investment Authority owns assets of approximately 67 billion US dollars (as per last valuation in 2012).

The management of part of these assets is supervised by five subsidiaries, namely: The Libyan Foreign Investment Company The Libya Africa Investment Portfolio The Libyan Internal Investment and Development Fund The long-term investment portfolio The Oil Investment Company Whereas the Authority’s investment team undertakes the task of managing the rest of the assets, through: 30% 40% Shares in companies listed on the main global stock exchanges.

Private and government bonds, including money market instruments. Time deposits and cash deposited with the Central Bank of Libya and in a number of commercial banks. over + 450 Companies The investments of the Libyan Investment Authority are distributed in more than + 450 companies and 200 Estate in Africa, Europe, North America, South America, Asia.

Our investment portfolio spans a wide range of industries and asset classes, including: more about investment portfolio Financial investments and their derivatives Sectors of agriculture Real Estate Hospitality Oil & Gas Industrial & production sector Transportation Technology Media & communications Consulting Vehicles Entertainment Chemicals Utilities Our investment portfolio spans a wide range of industries and asset classes, including: more about investment portfolio Financial investments and their derivatives Sectors of agriculture Real Estate Hospitality Oil & Gas Industrial & production sector Transportation Technology Media & Telecom Consulting Vehicles Entertainment Chemicals Utilities The majority of our portfolio is made up of international assets, while part of the fund is still dedicated to local investments inside Libya to enhance the resilience of the Libyan economy.

These investments are primarily concentrated in public sectors that are vital to Libya’s development, including the infrastructure, education and health sectors. As an investment partner in Libyan companies, we seek to adopt the best global financial practices, develop local capacities and stimulate the commercial movement.

The sanctions regime imposed on the Libyan Investment Authority based on United Nations Security Council Resolutions No. 1973 1970 2009 , and 2011 AD Currently, LIA’s assets abroad are subject to a freeze under Security Council resolutions of 2011, which were intended to protect the assets owned by LIA.

During the revolution that occurred in 2011, the Libyan authorities requested the international community to freeze the assets of the Libyan Investment Authority for the purpose of protecting them, and currently the United Nations is applying these financial sanctions. Initially, the funds and financial assets owned by the Libyan Investment Authority located outside Libya were frozen on the date of Resolution No.

However, in 2018, the scope of the freeze was expanded to include interest earned on frozen funds) under Implementation Assistance Note No. LIA is committed to implementing the sanctions regime originally designed to protect its assets. We worked with an international consulting firm to better understand the impact of sanctions on our international portfolio of assets by examining the impact on a sample of these assets.

The results indicated that there are negative effects resulting from the sanctions regime. The Authority is working closely with its international partners, including the United Nations Sanctions Committee and the Panel of Experts to find an appropriate solution to avoid the negative impact of international sanctions while the freeze remains in place.

The Libyan Investment Authority seeks to adhere to the highest standards of professionalism and disclosure. It will continue to cooperate with all relevant local and international organizations in all transparency and openness. UN Security Council Sanctions Committee To ensure full transparency, LIA has committed to periodically sharing its progress with the Sanctions Committee and related parties, and will continue to do so through regular reporting and annual external audits and will continue to work to strengthen governance, transparency, and accountability.

The Libyan Investment Authority continues its commitment to fulfill its responsibilities as a global investment entity by following up its investment activities and ensuring their implementation in a manner that does not conflict with the sanctions regime, in force under the Security Council resolutions of 2011.

READ OUR LATEST ANNUAL REPORT About LIA Governance Investments News & Resources Contact Us © 2026 LIA, . About LIA Governance Investments News & Resources Contact Us © 2026 LIA, . Our investment platform - Libyan Investment Authority OUR INVESTMENT PLATFORM Investment for the development in Libya on the long term OUR INVESTMENT PLATFORM Investments of the LIA and its subsidiaries excluding cash and financial assets Real Estate Valuation The Libyan Investment Authority is firmly committed to investing for the long-term development of Libya.

Our Goal The goal is to invest the Authority’s assets wisely, and protect and develop these assets for the benefit of the current and future Libyan generations through prudent management. Our focus Our focus is on our mission to achieve stable and competitive returns over the long term by investing internationally in a variety of economic sectors and geographical locations.

investment policy Our investment policy is based on three basic principles: Ensuring the future of the coming generations. Achieving the best financial returns to improve the long-term resilience of the Libyan economy. Contribute to efforts to develop and diversify the Libyan economy through sustainable investments.

Ensuring the future of the coming generations. Achieving the best financial returns to improve the long-term resilience of the Libyan economy. Contribute to efforts to develop and diversify the Libyan economy through sustainable investments. Our goal is to maintain a diversified portfolio of valuable investments globally to contribute to ensuring the prosperity and stability of the Libyan economy, and to avoid a heavy dependence on oil and gas production.

Source fold: Our Portfolio / Investment platform HTML; Annual Report 2024 subsidiary chapters. Verify against the live page or PDF before citing beyond this page.

Risk, compliance & investment policy

Official Risk Management materials describe a three-lines-of-defence model, Board/Audit-Risk-Compliance oversight, and a Risk Appetite Statement. An Investment Policy Statement and Compliance Policy are published under Reports & Data. Codes of conduct and Board Charter PDFs support governance depth.

Risk Management Policy Libyan Investment Authority LIA – Risk Management Policy Contents 1. Selection and approval of counterparties 7 2.3.2. Information security risk 11 3.2.1. Appendix A: Definitions 15 LIA – Risk Management Policy 1. Introduction The set of guidelines contained in this document form the basis of the Risk Management Policy of the Libyan Investment Authority (“LIA”).

Applicability and scope This document sets out the high-level principles, controls and frameworks for the LIA’s management of its key risks. The document is structured to outline the LIA’s risk-taking in the context of its strategic objectives as well as its tolerance and capacity for risk-taking.

The main risks are divided into two broad categories: Investment Risk and Enterprise Risk. Each category is then sub-divided into risk types. Definitions and sources for each risk type are identified, and risk management principles are outlined, including risk monitoring. The risk management principles outlined here are implemented through operational guidelines, limits, and methodologies and tools for measuring, monitoring and reporting risk.

General principles The LIA is entrusted to protect and grow the wealth of the Libyan people for future generations. In order to do this, the LIA must ensure it manages risk in a proactive and measured manner, noting that risk is an integral part of investment. Risk is characterised by uncertainty and is measured in terms of the potential impact of an occurrence and the likelihood of the event taking place.

The LIA is committed to a strategy that supports the identification, measurement, monitoring and reporting of key risks, and uses the information assembled through this process to enhance its decision-making. The LIA shall adopt the widely accepted ‘three lines of defence’ model, which establishes the broader framework for risk management, as shown in Figure 1 below.

1 LIA – Risk Management Policy Figure 1: LIA Risk Management Framework Risk Management responsibilities will be divided between business operations and control functions at the LIA, while Audit will provide independent challenge and assurance. The specific amount and types of risk the LIA is willing to take in order to meet its strategic objectives will be defined under a separate Risk Appetite Statement (“RAS”).

Risk Appetite Statement Risk Appetite is an upper bound limit of risk that should be taken articulated in terms of a fund’s net asset value, liquidity or similar metric. The LIA’s Risk Appetite Statement will be developed iteratively, through discussions with the LIA’s management team, Risk Department, and Board of Directors on the form and level of the risk that the LIA is willing to take during the stages of the organisation’s structural development.

The RAS will: • Outline the specific amount and types of risk the LIA is willing to take across each risk type in order to meet its strategic objectives; • Define risk types and the LIA’s potential exposure to each; • Articulate the rationale developed by the LIA to determine the appropriate risk appetites for each risk type; • Outline the approach used to identify, measure, manage, monitor and report on actual exposures the LIA has to each risk type in comparison to the initial risk appetites determined by the LIA; • Define the mitigating approach to take in the event of any breaches to the risk appetite; and • Outline the qualitative statements used to define the behaviour and risk culture of the LIA.

As the definitions, processes and risk limits are identified in the RAS, this Policy document will provide guidance on the monitoring and management of each risk type. 2 LIA – Risk Management Policy 1.4. Risk level identification The LIA’s risk management function shall monitor the overall risk exposure and shall compare the risk exposure to the RAS and the LIA’s overall risk tolerance.

Identified risks, risk levels and exposure shall be reviewed on a regular basis and incidents followed up by each risk owner to ensure necessary investigation and escalation where necessary. The LIA shall ensure that suitable processes are in place in order to ensure prompt and accurate risk monitoring.

The LIA defines the risk level as a combination of the probability / frequency of an event’s occurrence and the potential consequence should the event occur, across all risk types. The LIA defines four risk levels in order to determine mitigation strategies: Critical, Significant, Moderate and Insignificant.

Risk level exposures are regularly communicated to senior management, as well as the Audit, Risk and Compliance Committee (“ARCC”) of the Board of Directors (“BoD”). If risk exposures exceed the limits set for individual assets or for the portfolios, rebalancing is required. Individual investments that exceed established risk limits must be approved by the Board.

Risks identified as: • Critical risks are deemed unacceptable for the LIA, and therefore immediate mitigating actions must be taken. Only the Board of Directors may accept Critical risks without taking further mitigating actions. In such cases the ARCC must be kept informed of all developments.

• Significant are also deemed unacceptable for the LIA, and as such risk mitigating actions shall be initiated and followed up promptly. Only the Chief Executive Officer (“CEO”) may accept Significant risks without additional risk mitigation. In such cases the BoD and the ARCC must be kept informed of all developments.

• Moderate are deemed acceptable for the LIA, but risk mitigating actions will be considered on a case-by-case basis. • Insignificant are deemed acceptable for the LIA, but risk mitigating actions will be considered in order to improve the effectiveness of daily operations. Risk culture The LIA’s risk management approach is underpinned and supported by the continued emphasis on risk awareness throughout the organisation.

The LIA is committed to providing widespread training for its employees regarding risk management, and employees are expected to comply with the highest standards of integrity, competence, and professional ethics. 3 LIA – Risk Management Policy The LIA’s risk culture shall be based around maximising ability to deliver the LIA’s objectives, promoting sound decision-making, supporting the safeguarding of the LIA and its employees, and meeting the LIA’s strategic objectives.

Investment Risk Investment risk is defined as the risk of events affecting the performance of the LIA’s assets and portfolios, and includes market risk, liquidity risk, credit risk and counterparty risk. The LIA aims to ensure that its combined assets are managed within the limits set out by the BoD and allocated to its investment strategies as set out by the investment policy.

The LIA’s Investment Directorate shall assess investment risk, providing the necessary flexibility to capture risks that are specific to each asset or asset class. Investment risk is actively desired as in order to generate appropriate levels of return, the LIA needs to take risk.

Source fold: Risk Management PDF/HTML; IPS; Compliance Policy; Code of Conduct; Board Charter. Verify against the live page or PDF before citing beyond this page.

Sustainability, Santiago Principles & IFSWF

LIA publishes Sustainability Reports (2024, 2025), states IFSWF membership, and releases Santiago Principles-oriented disclosure (LIA 2025; 2020 IFSWF self-assessment). FAQ answers describe SDG alignment and intent to publish GRI-standard sustainability reporting.

Sustainability Report 2025 Libyan Investment Authority Governance Sustainability Responsible Investment Table of Contents 1 Chairman’s Message 3 2 Report Overview 4 3 About the Libyan Investment Authority 5 4 Report Methodology and Scope 6 5 Business Model and Investment Strategy 7 6 Institutional Governance and Regulatory Framework 8 7 Risk Management and Institutional Compliance 9 8 Sustainability and Environmental, 10 Social and Governance (ESG) Framework 9 Alignment with the Sustainable Development Goals 11 (SDGs) 10 Environmental Dimension and Responsible Investment 12 11 Social Dimension and Human Capital 13 12 Integrity, Transparency, and Institutional Ethics 14 13 Digital Transformation and Institutional 15 Infrastructure Development 14 Leveraging Expertise from Subsidiaries and Portfolios 15 15 Stakeholders and Institutional Partnerships 16 16 Future Priorities and Strategic Directions 17 17 Conclusion 17 2 Chairman’s 01 Message The Libyan Investment Authority continues to reinforce its position as a sovereign national institution responsible for managing assets and investments in a manner that ensures financial sustainability and safeguards the rights of current and future generations.

Ali Mahmoud Hassan LIA places the principles of governance, Chairman of the Board and Chief Executive Officer sustainability, and transparency at the core of its institutional and investment approach. The LIA considers sustainability The 2025 Sustainability Report reflects the no longer merely a concept of LIA’s ongoing efforts to enhance institutional social responsibility, but a disclosure and develop sustainability fundamental pillar supporting practices through a gradual and balanced institutional stability and approach that takes into account the nature enhancing the ability to adapt to of sovereign wealth funds and the diversity economic, operational, and of their investment activities.

It also regulatory changes, thereby highlights progress achieved in governance, ensuring asset protection and risk management, and compliance, as well long-term value creation. as initiatives related to responsible investment and institutional capacity building. 3 02 Report Overview The issuance of the 2025 Sustainability Report comes as part of the Libyan Investment Authority’s efforts to enhance corporate disclosure and strengthen integration between governance, investment, and Governance sustainability.

The report aims to present key efforts and initiatives related to governance, sustainability, compliance, and risk management, in addition to highlighting institutional directions linked to responsible Sustainability investment and institutional development. It also serves as a platform to demonstrate the progressive integration of Environmental, Social, and Governance (ESG) considerations into the institutional and investment framework, reflecting the ESG LIA’s commitment to enhancing sustainability, improving performance quality, and strengthening transparency.

Compliance 4 About the Libyan 03 Investment Authority The Libyan Investment Authority (LIA) was established in 2006 as the sovereign wealth fund of the State of Libya, with the objective of managing and developing national assets and investments on a professional and long-term investment basis.

The LIA manages a diversified investment portfolio that includes direct and indirect holdings, financial portfolios, and investments across various sectors and geographic regions, contributing to diversification of income sources, risk mitigation, and financial stability. The LIA’s investment philosophy is based on several key principles, including: Protecting and growing assets.

Strengthening governance and institutional discipline. Commitment to transparency and disclosure. Diversification of investment portfolios and sectors. Adoption of international best practices in investment management. sovereign wealth Diversified long-term Assets fund portfolio investment Protaction 5 Report Methodology 04 and Scope Report Methodology Scope of the Report This report has been prepared in The report covers: reference to the general principles The Libyan Investment of the Global Reporting Initiative (GRI), taking into account the nature Authority.

of LIA as a sovereign investment Subsidiary investment institution and the diversity of its activities and portfolios. The report is based on a range of Selected subsidiaries within institutional sources, including: Periodic governance reports. Approved policies and The focus is placed on initiatives regulatory frameworks.

and practices most closely Risk management and related to governance, compliance reports. sustainability, and institutional ESG and sustainability development, reflecting the level initiatives of institutional progress during the reporting period. Data from subsidiaries and portfolio companies.

Relevant operational and strategic reports. 6 Business Model and 05 Investment Strategy LIA adopts a long-term investment model based on portfolio and asset Assets diversification to achieve financial sustainability and enhance resilience against economic fluctuations and market Diveralfication volatility.

The investment strategy aims to: Achieve stable and sustainable returns Governance Preserve the long-term value of assets Risk Strengthen institutional and management investment flexibility Improve portfolio management Sustainability efficiency Returnes Enhance investment decision-making processes LIA also works to strengthen integration between investment activities, governance, risk management, and sustainability, in line with modern global sovereign asset management practices.

7 Institutional Governance 06 and Regulatory Framework Institutional governance represents a fundamental pillar of LIA’s operating model, supported by an integrated governance framework aimed at enhancing efficiency, transparency, and institutional discipline. This framework includes: A Board of Directors with clearly defined roles and responsibilities.

Specialized committees under the Board. Approved policies and regulatory frameworks. Clear delegation and decision-making structures. Performance monitoring and evaluation mechanisms. As part of strengthening the regulatory and governance environment, LIA has continued to develop and update its internal policies and frameworks to improve operational efficiency and clarify roles, responsibilities, oversight, and compliance mechanisms.

As of the end of 2025, LIA had approximately 30 approved policies, regulations, and procedural manuals covering governance, investment, human resources, compliance, risk management, technology, and various operational areas. LIA also places strong emphasis on the governance of subsidiaries by ensuring adherence to institutional policies and strengthening disclosure and internal control systems.

8 Risk Management and 07 Institutional Compliance LIA adopts an integrated risk management approach as a key pillar in safeguarding assets and ensuring business and investment sustainability. The risk framework includes: Investment and financial risks. The Authority also promotes a strong compliance culture through: Anti-corruption policies.

Internal audit and control programs. Compliance with applicable laws and international standards Continuous efforts are made to enhance monitoring tools and improve risk management systems to strengthen responsiveness to future challenges. 9 Sustainability and ESG 08 Framework E S G LIA continues to integrate sustainability and Environmental, Social, and Governance (ESG) principles into its strategic direction and investment operations.

This approach is based on: Promoting responsible investment Considering ESG factors in investment evaluation Strengthening governance and institutional discipline Supporting operational and institutional sustainability Gradually enhancing non-financial disclosure The Authority is also working to develop a more adaptive institutional environment aligned with economic and regulatory changes, ensuring long-term sustainability of performance.

10 Alignment with the 09 Sustainable Development Goals (SDGs) The Libyan Investment Authority continues to align its institutional and investment activities with selected United Nations Sustainable Development Goals (SDGs), reflecting its commitment to long-term economic, social, and governance impact.

Source fold: Sustainability Reports 2024/2025; LIA 2025; IFSWF 2020 self-assessment; sustainability HTML; FAQ. Verify against the live page or PDF before citing beyond this page.

Performance & reporting

Transparency stack on Reports & Data includes Annual Report 2024, LIA 2025, Strategy briefs, Sustainability Reports, Investment Newsletter Q1 2024, separated financial statement 2019, valuation executive summaries, and policy PDFs. Media statements in 2025–2026 add dated directly managed portfolio prints. Consolidated IFRS statements are described as completed through 2022 with 2023 in preparation; separate LIA / Long-Term Portfolio audits described through 2024.

Statement on First Quarter 2026 Financial and Investment Performance - Libyan Investment Authority Media Releases Home News Media Releases الإعلامية والإعلام الإعلامية Statement on First Quarter 2026 Financial and Investment Performance The Libyan Investment Authority (LIA) is pleased to announce the financial performance results of its directly managed investment portfolio for the first quarter of 2026.

The market value of directly managed financial assets, including cash holdings, reached approximately USD 51.8 billion, compared with USD 50.9 billion at the end of 2025, representing growth of 1.7%, equivalent to an increase of USD 900 million. This increase was driven by a rise of approximately USD 600 million in the market value of the equity portfolio, in addition to realised returns from dividend distributions and interest earned on term deposits amounting to USD 307.7 million.

Accordingly, the directly managed financial investment portfolio generated returns of USD 307.7 million, derived from three diversified investment portfolios: the term deposit portfolio, valued at USD 25.2 billion, which generated returns of USD 234.3 million; the equity portfolio, valued at USD 13.5 billion, which generated returns of USD 72.9 million; and the investment funds portfolio, valued at USD 3.9 billion, which generated returns of USD 0.56 million.

LIA also maintains USD 9.22 billion in uninvested cash balances. These balances are separate from the total directly managed financial assets and arose as a result of the maturity of a number of financial instruments and securities, which were subsequently liquidated and converted into cash restricted under the freeze measures.

LIA is currently working to reinvest these balances in low-risk instruments. Applications have been submitted to the relevant authorities in the jurisdictions where the frozen funds are held to obtain licences for the reinvestment of approximately USD 5 billion. The funds will be invested, in coordination with the relevant sanctions committee, within the same geographical scope in which they are currently held, thereby ensuring full compliance with international restrictions and the continuity of asset management.

This is being undertaken within the framework of a strategic asset allocation approach aligned with the leading practices of sovereign wealth funds, alongside a medium-term asset allocation that is consistent with the recommendations contained in United Nations Security Council Resolution 2769 (2025), which permits LIA to invest liquidity in term deposits and low-risk fixed-income instruments.

The value of assets indirectly managed through subsidiaries amounts to USD 28.2 billion, based on the latest valuation conducted by Deloitte in 2019. LIA continues to work on the valuation of subsidiary assets for 2025 with the aim of updating their fair values and incorporating them into the Authority’s consolidated financial statements.

The Board of Directors has appointed the advisory firm that will support the implementation of the project, and the project plan will be formally announced by the end of June 2026. At the same time, LIA continues to prepare the Group’s consolidated financial statements in accordance with the International Financial Reporting Standards (IFRS), thereby enhancing transparency and providing a comprehensive financial picture for all national and international stakeholders.

LIA has completed the preparation of consolidated financial statements up to the 2022 financial year and is currently preparing the consolidated financial statements for 2023. In parallel, LIA continues to complete the audit of the separate financial statements of the Libyan Investment Authority and the Long-Term Portfolio up to the 2024 financial year.

As a result, most of the requirements for achieving synchronisation between the preparation and audit processes have been met. Libyan Investment Authority Issued on : 15th June 2026 Statement on First Quarter 2026 Financial and Investment Performance Categories تصنيفات Press releases Statements For all press enquiries, please contact: media@lia.ly الإعلامية للاستفسارات الإعلامية، يرجى التواصل معنا من خلال البريد الإلكتروني: media@lia.ly About LIA Governance Investments News & Resources Contact Us © 2026 LIA, .

About LIA Governance Investments News & Resources Contact Us © 2026 LIA, . Libyan Investment Authority Statement on 2025 Financial Performance Results - Libyan Investment Authority Media Releases Home News Media Releases الإعلامية والإعلام الإعلامية Libyan Investment Authority Statement on 2025 Financial Performance Results The Libyan Investment Authority is pleased to announce the financial performance results of its direct investment portfolio for the fiscal year 2025.

The market value of directly managed financial assets reached $41.7 billion, comprising investable assets subject to international freezing measures. The portfolio achieved total returns of $2 billion, equivalent to an annual yield of 4.79%. The LIA’s financial investment portfolio consists of three diversified portfolios: time deposits valued at $24.9 billion, equities valued at $12.9 billion, and investment funds valued at $3.8 billion.

Additionally, LIA holds $9.1 billion in uninvested cash reserves, accumulated from maturing securities converted to restricted cash under freezing measures. These funds remained uninvested during the prior period. LIA is currently reallocating these reserves into low-risk instruments, pursuant to UN Security Council Resolution 2769 (2025), which permits investment in time deposits and fixed-income bonds with limited risk.

The above figures pertain solely to the LIA’s direct financial investments. Meanwhile, assets managed through subsidiaries were last valued at $28.2 billion by Deloitte in 2019. LIA is preparing a comprehensive 2025 revaluation of subsidiary assets to update fair values and incorporate them into consolidated reporting.

Source fold: FY2025 and Q1 2026 media statements; Investment Newsletter Q1 2024; roadmap/AI releases; Reports & Data index.

Controversies & debates (official-attributable first)

Lead with LIA-attributable materials: English Commercial Court confirmation page; chairman interview hosted on lia.ly; media statements on freeze/IAN implementation and any official responses to circulating judgments. Label secondary press separately. Do not invent narratives.

UK Court Confirms Ali Mahmoud Hassan Mohamed as lawful chairman of the Libyan Investment Authority - Libyan Investment Authority LIA in the news Home LIA in the news 25 March 2020 Governance UK Court Confirms Ali Mahmoud Hassan Mohamed as lawful chairman of the Libyan Investment Authority The Libyan Investment Authority (LIA) and its chairman, Dr Ali Mahmoud, have won a landmark legal case before the English Commercial Court in London which confirms his status as the sole validly-appointed chairman of the LIA.

Mr Justice Andrew Baker held that: “Dr Mahmoud has established his current lawful standing as LIA Chairman”[1] and that “Dr Mahmoud today stands validly appointed as the Chairman of the Board of Directors of the LIA, having been so appointed by Resolution 1 on 15 July 2017”[2], in accordance with Libyan law.

Dr Mahmoud’s opponents had unnecessarily questioned the validity of his appointment, using the LIA’s assets held by the Receivers in London to fund their opposition. The judge was clear that the claims to the Chairmanship of the LIA made by each of Mr Breish, Dr Hussein and Dr Derregia are not viable[3].

Commenting on Mr Breish’s sustained opposition to the GNA’s appointment of Dr Mahmoud, the judge said that “[t]he reality, in my judgment, is that matters moved on, but Mr Breish did not”[4]. The judge found Dr Hussein’s claim to the Chairmanship of the LIA to be “impossible”[5] and was similarly “sceptical” about Dr Derregia’s belated and rather opportunistic claim.[6] This important decision comprehensively rejects the position of Mr Breish, Dr Hussein and Dr Derregia.

Their challenge to the LIA’s leadership has caused significant problems for the LIA in dealings with its banks, counterparties and various international bodies. This litigation was not only unnecessary and unjustified, but it has been exploited by the LIA’s opponents and it has greatly increased the LIA’s legal costs.

Indeed, the unjustified claims to the chairmanship have required Receiverships to be established over the LIA’s assets in London. Although Mr Breish, Dr Hussein and Dr Derregia are trying to prolong the Receiverships by launching appeals against previous decisions by Mr Justice Andrew Baker, he was clear that there is “lack of identifiable benefit” of continuing the Receiverships; and that “it is in the LIA’s interests for [the Receivers’ fees] to stop being incurred; and that will only happen if the receiverships are discharged.”[7] The LIA said today that this conclusive ruling will now enable the LIA to focus all its efforts on protecting and enhancing the assets of the Libyan people.

The LIA can now concentrate on its transformation strategy to improve governance through the support of international experts, administrative reform and continued transparency. A spokesman for the Board of Directors stated: “This is a very important victory for the LIA. The long legal battle has been unnecessary and detrimental to the LIA.

The judgment allows the LIA to focus on delivering its mission to improve the lives of the Libyan people. “The LIA is delighted that this matter is resolved, but is disappointed that resources of the Libyan people have been unnecessarily wasted by the three individuals who needlessly challenged the authority of Dr Mahmoud and the GNA.

Those individuals claimed to be acting in the interests of the LIA but they have succeeded only in causing more money to be incurred in litigation. “The judgment provides a firm foundation for the LIA to deliver its core objectives and to preserve and protect its assets for the long-term benefit of the Libyan people.

The victory of the LIA is a victory for the people of Libya.” Source Categories Assets Business Governance News Transformation Archives November 2025 November 2024 July 2021 December 2020 November 2020 October 2020 September 2020 August 2020 July 2020 June 2020 May 2020 April 2020 March 2020 October 2019 About LIA Governance Investments News & Resources Contact Us © 2026 LIA, .

About LIA Governance Investments News & Resources Contact Us © 2026 LIA, . Getting the Libyan Investment Authority back on track again: An interview with LIA chairman Ali Mahmoud Hassan - Libyan Investment Authority LIA in the news Home LIA in the news 6 May 2020 Transformation Getting the Libyan Investment Authority back on track again: An interview with LIA chairman Ali Mahmoud Hassan Ever since Libya’s descent into division and political and economic chaos in 2014, the affairs of the Libyan Investment Authority (LIA) have mirrored those of the country.

Competing claims to the authority’s leadership resulted in a lack of proper supervision of the LIA’s assets and subsidiaries, worth over $67 billion at the last proper assessment – but that was back in 2012. The dead hand of division led to assets losing value or being lost altogether in some cases.

Source fold: LIA UK-court page; LIA-hosted interview; related media statements. Verify against the live page or PDF before citing beyond this page.

Timeline (official milestones)

• 2006-08-28: LIA established (Resolution 208) — About / FAQ.
• 2010: Law No. (13) reorganises LIA — Governance / LIA 2025.
• 2011: UNSC resolutions 1970 / 1973 / 2009 — asset freeze frame — protect-our-assets.
• 2012: Board of Trustees decision No. 12 (13 Aug 2012) referenced on Leadership org-structure note; Sovrano 2012 valuation materials listed on Reports & Data.
• 2017-07-15: Resolution 1 appointing Dr Ali Mahmoud as Chairman (per LIA UK-court summary).
• 2019: Deloitte subsidiary valuation USD 28.2B (still cited 2025/26); Board Vice Chair appointment (Feb 2019).
• 2020-01: Transformation strategy launch; 2020 English court confirmation narrative; IFSWF self-assessment PDF.
• 2023: UNSC resolution 2701 — willingness to reconsider freeze challenges (LIA narrative).
• 2024: Annual Report 2024 — total value USD 71.9B; Sustainability Report 2024.
• 2025: Strategy 2025–2027; UNSC resolution 2769; FY2025 directly managed print USD 41.7B + USD 9.1B cash; Sustainability Report 2025; LIA 2025 Santiago disclosure.
• 2026-Q1 / Jun 2026: Q1 portfolio statement USD 51.8B directly managed incl. cash; IAN #8 welcome (Jul 2026); AI transformation release; Paris meeting on Res. 2769 implementation.

Depth annex — Annual Report 2024 narrative

Additional sourced folds from Annual Report 2024 (overview, strategy, investments, governance, Santiago and sustainability chapters). Figures already tabulated above are not re-invented here.

Libyan Investment Authority www.lia.ly Contents Overview About the Authority 4 Investments via Subsidiaries & Affiliated Portfolios 34 Geographic Presence 5 Libyan Foreign Investment Company 35 Key Performance Highlights 6 Long-Term Investment Portfolio 38 Message from the Board of Directors 10 Oil Investments Company 41 Chairman's Statement 11 Libya Africa Investment Portfolio 44 Our History 13 Libyan Fund for Domestic Investment & Development 47 Key Achievements of 2024 14 Our Strategy 19 Our Governance Asset Freeze Measures 22 Legal Framework 50 Board of Trustees 50 Our Investments Board of Directors 51 Board Committees 52 Financial Investments 25 Executive Management 53 Time Money Market Portfolio 26 Organizational Structure 54 Equities Portfolio 29 Disclosure & Transparency 54 Alternative Portfolio 31 Three Lines of Defense 55 Oil Projects & Renewable Energy 32 Commitment to the Santiago Principles 56 Sustainable Development 56 Overview About the Authority Our History Geographic Presence Key Achievements of 2024 Key Performance Highlights Our Strategy Message from the Board of Directors Asset Freeze Measures Chairman's Statement About the Authority The Libyan Investment Authority is Libya's sovereign wealth fund, established in 2006.

Its investment portfolio spans a diverse range of sectors and asset classes and is distributed across a wide geographic footprint. The Authority aims to generate sustainable, long-term investment returns that help diversify and grow national resources and secure a promising future for generations to come.

Vision Mission To achieve sustainable returns for the The Libyan Investment Authority is committed to managing future of generations to come. and growing the sovereign wealth entrusted to it in a way that delivers balanced, sustainable returns. Through carefully studied investments aligned with international best practice, we diversify assets and manage risk to safeguard them for future generations.

Together with transparency and effective governance, we work to strengthen the trust of our stakeholders and reinforce the Authority's role in supporting financial stability and creating added value for the Libyan economy. Values Partnership & National Impact Sustainability & Responsibility Innovation & Agility We build strategic partnerships that We focus on sustainable asset We develop innovative, advance national economic returns that serve the public interest forward-looking solutions across development, acting as an engine and benefit the Libyan people, our investment and management of financial stability and sustainable weighing economic, social and strategies, embracing agility amid growth.

Governance & Excellence Integrity & Transparency We follow global governance best We uphold the highest standards of practice to ensure efficiency and integrity and transparency in accountability across all operations, managing assets, building while striving for institutional stakeholder trust through disclosure excellence.

Annual Report 2024 4 Geographic Presence Global Impact 5 Continents 80+ Countries 400+ Companies Key Financial Highlights Steady Growth Financial Assets of the Libyan Investment Authority LIA Financial Investment Portfolio | 39.51 54.95% Total Value 71.9 Investments in Subsidiaries & Affiliates | 29.35 40.82% billion USD Cash Flows from Investment Activities | 3.04 4.23% LIA Financial Investment Portfolio Total Portfolio Value: 39.51 billion USD Market Value (billion USD) 35.08 37.28 39.51 2022 2023 2024 Distribution of the LIA's Financial Investment Portfolio 57.51% 23.49% 19% Equities Money Market Alternative Portfolio Portfolio Portfolio $9,282,676,006.92 $22,723,513,448.01 $7,513,145,899.94 Annual Report 2024 6 Key Financial Highlights Steady Growth Financial Investment Portfolio Returns Total Returns: 1.63 billion USD Total Returns (billion USD) 0.59 1.64 1.63 2022 2023 2024 Return on Assets of the Financial Investment Portfolio 4.38% 2024 4.41% 0.94% 2023 2022 4.38% Distribution of Returns from the LIA's Financial Investment Portfolio Item Value (US Dollars) Percentage Money Market Portfolio 1.13 billion 69.5% Equities Portfolio Dividends 266.47 million 16.5% Net Increase in Alternative Portfolio Asset Value 227.39 million 14.0% Annual Report 2024 7 Key Financial Highlights Steady Growth Subsidiaries & Affiliated Portfolios Net performance of subsidiaries & affiliated portfolios (million USD) 2024 402.2 2023 1,070 2022 140.7 Net performance of subsidiaries & affiliated portfolios for 2024 (million USD) 171 162 56.5 12.2 Annual Report 2024 8 Key Financial Highlights Steady Growth Libyan Foreign Investment Company 100% 5.2% 54% 52% Shareholding percentage Return on shareholders' equity of investments in the hotels & real of investments located in North Africa estate sector Long-Term Investment Portfolio 100% 1.55% 94% 80% Shareholding percentage Return on shareholders' equity of investments in the financial sector of investments located in Europe Oil Investments Holding Company 100% 2.4% 100% 95% Shareholding percentage Return on shareholders' equity of investments in the energy sector of investments located in Europe Libya Africa Investment Portfolio 100% 0.7% 97% 66.56% Shareholding percentage Return on shareholders' equity of investments in oil, gas, financial & of investments located in Africa real estate Annual Report 2024 9 Message from the Board of Directors In another year of accomplishments and successes, and in keeping with our commitment to developing and growing the Authority's asset portfolio, the Board of Directors continued throughout 2024 to carry out its role of strategic oversight and direction · guided by the adopted governance framework, committed to enhancing institutional performance, and ensuring that the Authority's activities remain aligned with its long-term objectives.

The Board focused on supporting the Executive Management in implementing the approved plans and on monitoring performance against clear indicators, with strong emphasis on transparency and accountability at every level. It also worked to develop policies and procedures that ensure effective risk management, strengthen the Authority's ability to adapt to change, and deliver sustainable returns.

We look forward to continuing to work hand in hand with all stakeholders · guided by a clear vision and a firm commitment to the principles of governance and sustainability · to reinforce the Authority's standing both nationally and internationally. Board of Directors of the Libyan Investment Authority Annual Report 2024 10 Chairman's Message The year 2024 marked a pivotal milestone in the Authority's journey toward excellence, as we achieved a series of accomplishments that strengthened our standing among sovereign wealth funds.

These were the fruit of a clear strategic vision, well-organized institutional work, and a firm commitment to the values of transparency, governance, and sustainability. We saw notable growth in asset value, reinforced the international community's confidence in our capabilities, and continued to build an advanced governance system supported by digital transformation and global best practices.

These successes were not merely numbers, but deliberate steps toward a sustainable economic impact that reflects our strategic ambitions. A Look Back at the Past Year The Libyan Investment Authority intensified its efforts during 2024 to strengthen its financial and investment performance, updating its corporate governance model and embedding environmental and social standards at the core of its strategy.

It was also keen to raise levels of disclosure by publishing periodic data that reflects progress and affirms its commitment to transparency and accountability. Financial and Investment Performance In 2024 the Authority continued to strengthen its financial position with confidence and stability, growing the value of its assets to USD 71.9 billion.

This reflects the efficiency of our investment strategies and the Authority's agility in adapting to global economic shifts. The financial-asset portfolio · time deposits, equities, and investment funds · grew by 6% over the previous year: the time-deposits portfolio reached USD 22.72 billion, the equities portfolio rose by 11%, and the investment-funds portfolio achieved an annual return of 3.12%.

Investment and Development Activity The Authority also advanced major projects with international partners. In infrastructure and real-estate development, the redevelopment of Tripoli International Airport was launched with the Libyan Ministry of Transport and Qatar's UCC, and a memorandum was signed to develop Sector 'C' of the Abu Lailah Tower, alongside the study of new opportunities within Libya.

Internationally, the 'One Ninety' project in Cairo reached 84% completion, the real-estate portfolio of the Libyan Foreign Investment Company expanded by 687,000 square meters, and the company built and renovated more than 4,000 hotel rooms to the highest standards. Annual Report 2024 11 Chairman's Message As part of its digital transformation, the Authority Chairman and members of the Board of Trustees for launched a set of technology initiatives that included their continued support, and to the Board of Directors for upgrading the digital infrastructure, deploying the SAP their commitment to advancing the Authority.

I also system, and launching a project to install an integrated express my deep gratitude to my colleagues across the platform for managing financial and investment Authority's staff, whose dedication and devotion were operations · alongside embedding artificial-intelligence essential to achieving these results.

technologies into operational processes to enhance efficiency and accuracy. Ali Mahmoud Hassan Chairman of the Board of Directors and Chief Executive Looking Ahead Officer The past few years were an important foundational phase in which we achieved tangible progress within a disciplined strategic framework · grounded in clear performance indicators and aligned with the challenges and opportunities of the surrounding environment.

Building on those efforts, we launched our new strategy for 2025·2027: an ambitious roadmap that guides us toward a new phase of growth and development. This strategy will be the compass that steers our decisions and sets our priorities. Through it we aspire to cement the Authority's standing among the world's leading sovereign wealth funds by enhancing efficiency and broadening the scope of our investments.

Governance and Sustainability We have made governance a strategic priority · adopting global best practice, strengthening oversight frameworks, and raising the level of compliance · which has reflected positively on the Authority's standing within international governance indices, particularly through our commitment to the Santiago Principles, the key reference for sovereign wealth funds worldwide.

In sustainability, we have taken serious steps to reduce the environmental impact of our investments, especially in high-emission sectors. Among them, the Authority's Oil Investments subsidiary launched its 2030 strategy, which aims to generate 30% of its returns from non-oil sources.

Thanks and Appreciation In closing, I extend my thanks and appreciation to the Annual Report 2024 12 Our History Ռ 19 Years Since Establishment 2006 2018 Year of Establishment Freezing of Returns & Profits The Libyan Investment Authority is established as Libya's The UN Security Council issues a notice freezing the Authority's sovereign wealth fund.

2008 2019 Transfer of Companies & Funds Strengthening Governance & Transparency All investment companies and funds are transferred to the Libyan - Bylaws of subsidiary entities amended to strengthen Investment Authority. - Asset-valuation results of USD 68.4 billion received from 2009 Deloitte.

- IFRS accounting standards adopted in financial reporting. Financial Investment Portfolio The Financial Investment Portfolio is launched to enhance asset diversification. 2020 Reinforcing Legitimacy 2010 A legal victory in the UK High Court reinforces the legitimacy of the Authority's legal representative.

Source fold: Annual Report 2024 PDF text extract. Verify against the live page or PDF before citing beyond this page.

Depth annex — LIA 2025 (Santiago-oriented disclosure)

LIA 2025 walks Santiago Principles with LIA-specific implementation language on legal framework, policy purpose, coordination, governance, and investment practices.

LIA 2025 Libyan Investment Authority Pillar 1: Legal Legal framework,objectives,and coordination with macroeconomic policies Principle 1 1. The legal framework for the SWF should be sound and support its effective operation and the achievement of its stated objective(s). The legal framework for the SWF should ensure legal soundness of the SWF and its transactions.

The key features of the SWF’s legal basis and structure, as well as the legal relationship between the SWF and other state bodies, should be publicly disclosed. The Libyan Investment Authority (LIA) operates pursuant to Law No. 13 of 2010, which restructured it as a sovereign wealth fund responsible for managing and developing Libya’s national wealth.

This law mandates the LIA to protect Libyan assets and invest them in a manner that ensures sustainability, supports economic stability, and benefits the future of the country and upcoming generations. In areas not explicitly covered by Law No. 13 of 2010, guidance is derived from the provisions of Law No.

23 of 2010 concerning commercial activity, serving as a regulatory framework in such cases. 12 of 2010 on labour relations, along with other relevant and applicable legislation. 1.1 All transactions conducted by the LIA are executed within a structured legal framework, based on its founding law, approved executive regulations, and internal policies.

The LIA is fully committed to complying with local laws and relevant international standards, thereby ensuring the legal soundness of all its operations and minimising any potential regulatory and legal risks. 1.2 The LIA transparently discloses its legal framework and organisational structure on its official website, illustrating the authorities and responsibilities of the Board of Trustees, the Board of Directors, and the Executive Management.

It also clarifies the legal and regulatory relationships with state entities such as the Audit Bureau and the Administrative Control Authority, while maintaining its independence in asset management and, concurrently, upholding accountability and compliance in accordance with applicable Libyan legislation.

The policy purpose of the SWF should be clearly defined and publicly disclosed. The LIA’s main purpose is defined in Law No. 13 of 2010 concerning its reorganisation. The law states that the LIA aims to invest the assets of the Investment Fund in a manner that supports Libya’s financial and economic stability and contributes to diversifying the national income sources for the benefit of future generations.

In accordance with the provisions of Article 5 of the aforementioned law, the LIA has prepared an investment policy statement approved by the Board of Trustees, which provides a clearer definition of its investment objectives. Additionally, the LIA focuses on investing funds allocated for external investment based on sound economic principles across various sectors.

This approach aims to support the development and diversification of the national economy, generate financial returns, and promote sustainability for future generations. To achieve these objectives, the LIA adopts an investment strategy based on: Establishing international investment portfolios to create diversified income sources independent of the local economy, which is heavily reliant on the oil and gas sector.

Maximizing the value of its contributions to portfolios, funds, and subsidiary companies. Appointing top-tier portfolio and fund managers and investment consultants. All nominations undergo a rigorous review process, including assessment of professional capability, performance track records, and legal status, before being entrusted with managing the LIA’s assets.

Periodic performance reviews are also conducted. The LIA also engages specialised consultants to conduct due diligence studies and comprehensive evaluations of investment managers to ensure sound investment decisions that align with the strategic asset allocation plan. These objectives are publicly disclosed through legal texts, official reports, and information published on the LIA’s official website.

In addition, these reports are submitted to relevant national and international bodies, underscoring the LIA’s commitment to its stated policy goals. Where the SWF’s activities have significant direct domestic macroeconomic implications, those activities should be closely coordinated with the domestic fiscal and monetary authorities, so as to ensure consistency with the overall macroeconomic policies.

The LIA primarily conducts its investment activities in international markets, while local investments are managed through the Libyan Domestic Investment and Development Fund; one of the LIA’s subsidiaries. This fund, which was established pursuant to Resolution No. 107 of 2009, is responsible for investing the LIA’s resources domestically on a commercial basis across various sectors, including construction, agriculture, industry, tourism, education, healthcare, finance, real estate, and other economically viable fields.

Its objective is to develop the private sector and diversify the national economy. Furthermore, the LIA maintains operational independence from the Central Bank of Libya and the Ministry of Finance in its investment decisions. It remains continuously informed of macroeconomic developments through ongoing coordination with local authorities.

The relationship between the LIA and Libyan financial oversight bodies is governed by national legislation, including Law No. 19 of 2013, which organized the Audit Bureau, and Law No. 20 of 2013, which established the Administrative Control Authority. The LIA’s Board of Trustees, which comprises the Prime Minister, the Governor of the Central Bank of Libya, the Ministers of Planning, Finance, Economy and Trade, along with three independent members, is committed, by virtue of their leadership roles in the state and their Board membership, to supporting the LIA’s vision and reinforcing the national interest through its activities, while ensuring the preservation of the independence of its positions and investment decisions.

There should be clear and publicly disclosed policies, rules, procedures, or arrangements in relation to the SWF’s general approach to funding, withdrawal, and spending operations. The source of SWF funding should be publicly disclosed. The general approach to withdrawals from the SWF and spending on behalf of the government should be publicly disclosed.

The LIA operates within a clear governance framework based on the provisions of Law No. 13 of 2010, which defines its organizational structure, competencies, and investment responsibilities. This law serves as the fundamental legal basis ensuring the separation between ownership, oversight, and executive management.

13 of 2010 specify the LIA’s funding sources, which include monetary funds and assets allocated by the state, surpluses from the general budget, as well as revenues generated from its investment activities. Upon its establishment, the LIA was allocated an initial sovereign capital sourced from accumulated oil revenue surpluses.

The LIA has increased its asset value through the transfer of ownership of several investment entities, in accordance with the provisions of the Law No. 4.1 Funding sources are disclosed in official documents, including Law No. 13 of 2010 and the financial disclosures published on the LIA’s official website.

4.2 The LIA enjoys independent legal personality and financial autonomy under Law No. This legal framework reinforces the LIA’s integrity and safeguards its operational independence. The relevant statistical data pertaining to the SWF should be reported on a timely basis to the owner, or as otherwise required, for inclusion where appropriate in macroeconomic data sets.

Source fold: LIA 2025 PDF. Verify against the live page or PDF before citing beyond this page.

Depth annex — Strategy 2021–23 & IPS excerpts

Earlier Strategy 2021/2023 and the Investment Policy Statement supply multi-year continuity for researchers tracking how freeze-constrained SAA language evolved into the 2025–2027 brief.

Strategy of the Libyan Investment Authority March 2021 2021 2022 2023 1 Contents Introduction 1 1. Current challenges facing the Authority 1.1. The need for capacity building 1.3. LIA ‘s vision and strategic objectives 2.1. Investment Development 2 The vision statement of the Libyan Investment Authority Achieving sustainable investment returns for future generations Strategic Goals • Preservation of the assets of the Libyan Investment Authority and maximizing its market value.

• Investing in accordance with the best practices of global sovereign wealth Funds: wisely, sustainably, and balancing the achievement of returns and risks. • Diversification of investments in terms of markets and asset classes through the assistance of the best investment experts.

• Investment in the leading, most transparent markets and making investment decisions based on the forecast of investment returns. • Building confidence, commitment to integrity, highest degree of transparency, compliance with the Santiago Principles, and a robust internal code of conduct.

• Work as an integrated Authority through a unified investment strategy and policies for the Authority and its subsidiaries. • Establishing a strong governance and control framework that enables senior management to impose supervision and control at the level of the Authority and its subsidiaries.

• Improving LIA ‘s image in front of internal and external stakeholders. • Training and qualifying national cadres in the field of investment. 3 Introduction In the context of modernization and development, with the view to elevating the Libyan Investment Authority to the ranks of sovereign Funds and achieve its goals, namely, maximizing the value of the assets of the Libyan people which are entrusted with the Libyan Investment Authority, the Board of Directors decided to formulate a clearly defined strategy that is appropriate to the requirements of the current stage pursuant to an updated strategic track.

This includes the formulation of a vision statement and goals that define what LIA aspires to concretize in the long term. Additionally, putting in place a detailed strategic plan in the short term, which consists of implementable steps on which the Authority must endeavor to achieve these strategic goals.

For the success of this trajectory, the Libyan Investment Authority has exerted efforts to create an appropriate, favorable business environment that meets the requirements of this transformation. It has made great strides in its efforts to bring about transformation during 2020, by launching several major work programs, including: the strategic transformation program, valuation and preparation of financial statements, analysis of the impact of sanctions and the termination of disputes and Litigation regarding LIA ‘s leadership.

The Libyan Investment Authority, having become stable and having achieved the desired results from those endeavors, embarked on the stage of the elaboration of the strategic plan. To formulate LIA strategy, many basic factors were taken into account, the most important of which are the current status of LIA, analysis of its surrounding environment, international freezing decisions, lessons learned from the experiences of peer sovereign wealth Funds, and LIA ’s tasks and objectives.

Based on that study, an analysis was conducted on the gap in LIA between the current situation and what it should be according to its vision. A set of basic objectives have been developed that ensure bridging the gap and having access to the vision. Likewise, a strategic action plan has been developed for the near term that includes a set of specific, implementable and measurable steps aimed at achieving the strategic goals of LIA.

4 This strategy dealt with a review of the current challenges, constraints, limitations and shortcomings faced by LIA in comparison with its counterpart sovereign wealth Funds. The strategy relied on that comparison to conduct a gap analysis and the needs of LIA. Outputs were used to define the required capacities and priorities of reform activities that would ensure the optimal functioning of LIA as a Sovereign Wealth Fund.

This strategy, also addressed the requirements of Law No. (13) of 2010 regulating the Libyan Investment Authority. An official vision statement was formulated. The strategic objectives were harmonized which define the goal of the Authority in the next ten years and beyond. They were formulated with the objectives of the Authority specified under this law.

The strategic objectives are a concrete set of the principles and aims that will allow LIA to move forward towards achieving its specific vision. This strategy focuses on the work of the Authority in particular. It, also ensures the management of the investments of the subsidiaries in accordance with unified investment policies and objectives, and paves the way for the implementation of a comprehensive long-term strategy in the coming stage that brings about tangible changes in the portfolios, Funds, subsidiaries and its management mechanism, to serve as a comprehensive vision and strategy for the Authority and its subsidiaries as a whole.

The current challenges facing the Authority In addition to reviewing the best practices of SWFs, and to help formulate LIA’s vision and strategic objectives, a gap analysis was conducted to identify constraints and inadequacies that prevent LIA from operating optimally as a Sovereign Wealth Fund.

These critical challenges revealed by the gap analysis can be summarized in three main themes: the need to enhance confidence, the need to build capacities, and the need to develop investment. The need to enhance confidence Considering that, the Libyan Investment Authority is a Libyan sovereign wealth Fund owned by future generations and managed independently, and given the critical political phase that Libya has gone through and the international freezing decisions, which impacted the image of LIA at home and abroad, it increased confidence risks, especially with local and international stakeholders, namely, it 5 impacted its ability to safely manage the assets of the Libyan people which were entrusted with LIA.

Some of these factors are outside the direct influence of LIA, such as international freezing decisions, turmoil and political instability that Libya witnessed. However, there are other factors, that fall under the direct control of LIA, including low transparency measures, such as the use of an old website, failure to publish annual audits and the non-activation of the role of the Board committees in addition to the lack of audited reports, valuation and consolidated financial statements, which raises controversy about LIA’s control over all its assets.

So, it is important that LIA's strategy focuses on raising transparency in therein and work towards taking the necessary measures to achieve this. The need for capacity building Having the right set of capacities is of paramount importance for SWFs not only in terms of investment, but also for building and enhancing stakeholders’ confidence in the Fund's ability to manage its assets.

Source fold: Strategy 2021–23; IPS; Strategy 2025–2027 brief. Verify against the live page or PDF before citing beyond this page.

FAQ

Q1. What is the Libyan Investment Authority?

The Libyan Investment Authority (LIA) is Libya’s national sovereign wealth fund. It was established on 28 August 2006 and reorganised under Law No. (13) of 2010 as an investment Authority with legal personality and independent financial liability. Its published purpose is to manage, preserve and develop surplus Libyan oil-revenue reserves for the long-term benefit of the Libyan people and future generations. Official site: https://lia.ly/.

Q2. What official USD scale figures has LIA published recently?

Prefer dated official USD slices from lia.ly — do not invent a single consolidated headline from INST estimates. Annual Report 2024 cites total value USD 71.9 billion (financial investment portfolio USD 39.51B; subsidiaries/affiliates USD 29.35B; cash flows from investment activities USD 3.04B) and financial-portfolio returns USD 1.63B. The FY2025 media statement cites directly managed investable financial assets USD 41.7B with returns USD 2.0B (4.79%), plus USD 9.1B uninvested restricted cash. The Q1 2026 statement (15 June 2026) cites directly managed financial assets including cash of approximately USD 51.8B versus USD 50.9B at end-2025. Subsidiaries remain cited at USD 28.2B on the Deloitte 2019 valuation pending 2025 revaluation. Older About/Portfolio page headlines (~USD 80B / 2019) should be labelled as older valuations.

Q3. Who is the Chairman and CEO?

Dr. Ali Mahmoud Hassan Mohamed is Chairman of the Board and Chief Executive Officer on the official Board of Directors page. The same page states he has been Chairman and CEO since 2017. UAO person SSR: /registry/person/ali-mahmoud-hassan-mohamed/. Libya’s governance environment is contested; attribute leadership claims to LIA primaries and related court materials published on lia.ly, and label uncertainty.

Q4. Does LIA publish a named CIO?

No named Chief Investment Officer appears on the opened official Board of Directors or Our Leadership pages for this pass. Keep the CIO field empty. Do not invent a CIO title from secondary directories.

Q5. How is LIA governed?

Law No. (13) of 2010 frames purpose, Board responsibilities, financing and structure, and legal/financial independence. The Board of Trustees (appointed by the Council of Ministers; Prime Minister as Chairman, with Ministers of Planning, Finance and Economy, the Central Bank of Libya Governor, and experts) appoints and supervises the Board of Directors. The Board of Directors implements strategy and oversees committees including Audit, Risk & Compliance and Investment. Executive management implements Board-approved plans. Official bios list Vice Chairman Youssef Ahmed Al Mabrouk and members Anas Saad Lamin, Ahmed Abdullah Ammar and Mustafa Mohamed Elmanea.

Q6. What is the UN asset-freeze context?

LIA states that assets owned directly by the Authority remain subject to freezing measures under UNSC resolutions 1970, 1973 and 2009 of 2011, originally requested to safeguard assets. Official pages and media releases describe later engagement with the UN Panel of Experts and Committee, UNSC resolution 2701 (2023), resolution 2769 (2025) permitting reinvestment of frozen cash in low-risk time deposits / fixed income while remaining frozen, Implementation Assistance Notices, and resolution 2819 (2026). Treat this as sanction/compliance context — not as an unrestricted SWF mandate.

Q7. What subsidiaries does LIA name?

Official Portfolio materials name five subsidiaries/affiliated portfolios supervising part of the assets: the Libyan Foreign Investment Company (LAFICO); the Libya Africa Investment Portfolio (LAIP); the Libyan Fund for Internal Investment and Development; the long-term investment portfolio; and the Oil Investment Company. The Authority’s investment team is described as managing remaining financial assets (listed equities, bonds/money-market instruments, time deposits and cash).

Q8. What strategy documents are published?

lia.ly Reports & Data publishes The Libyan Investment Authority’s Strategy (2025–2027) brief, Strategy 2021/2023, Annual Report 2024, LIA 2025 (Santiago Principles-oriented disclosure), Sustainability Reports 2024 and 2025, an Investment Policy Statement, Risk Management materials, and related governance policies. The 2025–2027 strategy emphasises strengthening governance, enhancing transparency, safeguarding assets under freeze measures, and developing investment and financial performance.

Q9. What portfolio mix does the Q1 2026 statement show for directly managed assets?

As of the first quarter of 2026 statement: term-deposit portfolio about USD 25.2B (returns USD 234.3M in the quarter); equity portfolio about USD 13.5B (returns USD 72.9M); investment-funds portfolio about USD 3.9B (returns USD 0.56M); plus about USD 9.22B uninvested cash balances described as restricted under freeze measures. These figures are for directly managed financial assets — not a full group NAV including updated subsidiaries.

Q10. Is LIA an IFSWF / Santiago Principles participant?

Yes. Official site materials state LIA is a member of the International Forum of Sovereign Wealth Funds, and Reports & Data includes a 2020 IFSWF self-assessment PDF plus the LIA 2025 disclosure framed around Santiago Principles. Annual Report 2024 and governance pages emphasise improving compliance with the Santiago Principles as part of the transformation programme.

Q11. How should researchers treat contested leadership claims?

Use only attributable official/primary sources. LIA publishes a Board roster and a page summarising an English Commercial Court confirmation of Dr Ali Mahmoud Hassan Mohamed as lawful chairman. Parallel political claims outside those materials are secondary and should be labelled as such or omitted. Do not invent seats, succession, or CIO titles.

Q12. Where should researchers correct UAO Registry errors?

Send corrections to info@universalassetowners.com. Prefer primary documents on lia.ly (Annual Report 2024, FY2025 and Q1 2026 portfolio statements, Strategy 2025–2027, Board of Directors, protect-our-assets / UNSC materials) over secondary rankings. Currency discipline: official USD as LIA publishes; do not invent FX conversions or a single INST estimate as headline AUM.

Sources & further reading

• lia.ly English home
• Reports & Data (Annual Report 2024; LIA 2025; Strategy 2025–2027; Sustainability 2024/2025; IPS; Risk; policies)
• Board of Directors
• Asset freezing measures
• Q1 2026 financial & investment performance
• FY2025 financial performance statement
• UK court confirmation page (LIA)
• UAO person: Ali Mahmoud Hassan Mohamed; peers NBIM, ADIA, Varma.

No official investment-strategy VideoObject embed selected this pass.

Completeness note

This elite profile is built only from opened lia.ly HTML/PDF primaries dated through the 11 September 2026 research pass. Non-blocking expansions if disclosure thickens further: full 2025 consolidated IFRS statements; updated Deloitte/subsidiary fair values; named executive roster beyond Board; holdings-level disclosure; official embeddable strategy video.

Word-count target ~10k sourced. Daily-refresh disabled. Desk untouched. Corrections: info@universalassetowners.com.