Al-Alam was kidnapped in central Tripoli on July 15, the Libyan Olympic Committee said at the time.
He was followed by two vehicles and then seized by unidentified gunmen around 4 p.m., the committee said.
Al-Alam is supposed to head the Libyan delegation in London for the Olympic games, which begin on Friday.
On Monday, the committee issued a statement saying the “Libyan sports family” condemns “this heinous crime.”
It described al-Alam as a “man who greatly contributed to the” revolution that led to strongman Moammar Gadhafi’s ouster last year. Al-Alam “bore arms to defend its principles until Libya was liberated from the tyranny,” the statement said.