Money Markets
The Laico Regency Hotel in Nairobi. PHOTO | FILE
By BRIAN NGUGI
In Summary
The UN-backed Libyan government of national accord
has tapped a long-term confidant of the late deposed Libyan ruler
Colonel Muammar Gaddafi to steer the country’s massive global
investments that manages Laico Regency hotel and Oil Libya in Kenya.
Mr Ali Shamekh was appointed the chief executive of officer
of the Libyan Investment Authority, the sovereign fund which manages
assets and funds valued at about $67 billion (Sh6.7 trillion) and around
550 companies globally.
In Kenya, the Libyan government has interests in oil retailing and the hospitality sectors.
The Laico Regency, formerly Grand Regency, in
Nairobi was for instance sold to the Libyans in 2008 with heavy
involvement of Mr Shamekh who was then a familiar face in Kenya. This
followed a protracted process which saw the Central Bank of Kenya
dispose off the imposing outfit on Uhuru Highway.
Mr Shamekh will be charged with seeking better
returns for the fund whose investments faltered following the death of
the former leader. Mr Shamekh has held various leadership positions in
Libya.
In a statement, the board of directors of the
Libyan Investment Authority said Mr Shamekh will be expected to help
revive the fortunes of the fund.
“This choice comes amidst tough political and
economic circumstances which Libya faces… the current stage dictates
that focus be on directing investments into Libya as well as
contribution in executing projects inside Libya,” it said in a
statement. The authority has in recent years been hit by divisions and
infighting and Mr Shamekh will also be expected to promote unity.
During Gaddafi’s reign that ended tragically in
2011, the sovereign wealth fund that was established to invest Libya’s
massive oil revenues became Africa’s second-largest.
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