Libya has reopened its stock market for the first time since the fall of Muammar Gaddafi.

“We open trading in 10 companies with a capital value of $3bn,” said Ahmed Karoud, general manager at the Libyan Stock Exchange at a news conference in Tripoli on 15 March. “This opening sends a sign to the world that Libya is now a stable country where the economy is kicking off again.”

The bourse was shut down on 17 February 2011. Prior to the conflict, there were 13 companies actively trading, this is now down to ten as three of the firms have yet to meet regulatory requirements.

The bourse had previously been scheduled to open at the end of February this year, but electricity outages resulted in the delay.

Libya is expected to attract investors keen to tap into the country’s growth potential. Earlier this year, regional brokerage firm Mubasher Financial Services told MEED it had high hopes for its operations in the oil-rich African state.

Foreign investors will be allowed to own up to 10 per cent of a listed firm in Libya.