Infrastructure Lebanon unveils plans to rebuild shattered Beirut port Lebanese companies will lead the multi-million-dollar funding for the rehabilitation of Beirut’s port, which will be based mainly on the revenues that the port has been collecting. Ali Hamieh, the country’s caretaker minister of public works and transport, announced the news on Wednesday. The port was partially destroyed in August 2020 when the detonation of […] March 14, 2024
Economy Lebanon pushed to the brink by the war next door Three years of deep recession and a full-scale war with Israel could halve Lebanon's economy February 28, 2024
Trade Iraq and Lebanon face long wait to join WTO Iraq and Lebanon have indicated a desire to resume talks aimed at joining the World Trade Organization (WTO), but history suggests the two could be in for a long wait. To join the WTO, a government has to bring its economic and trade policies into line with the organisation’s rules and principles and negotiate with […] February 27, 2024
Opinion Banking & Finance Lebanon’s bank restructuring offers a ray of light The government’s recapitalisation proposals signal a step in the right direction February 26, 2024
Analysis Economy Lebanon’s EDL harnesses the power of ‘dollarisation’ Lebanese citizens will soon be able to pay their electricity bills in US dollars as the unofficial “dollarisation” of the nation’s economy continues. The decision by Électricité du Liban (EDL) to allow customers to choose to pay their bills in USD instead of Lebanese lira was ratified by the electricity provider’s board of governors this […] February 20, 2024
Economy Lebanon switches to new exchange rate policy The Lebanese government is now using a dollar exchange rate closer to that of the parallel market when calculating taxes and fees for other administrative charges. The 2024 budget law, which was passed on January 26, ditches all references to the official LBP15,000 and LBP1,508 rates on which the bulk of government revenue was previously […] February 9, 2024
Analysis Energy Gunfights on the streets in Lebanon’s electricity Wild West A video is doing the rounds in Lebanon. The clip is not easy to find on social media, but it is being sent from friend to friend – and it’s got people talking since emerging last month. It shows an argument in a Beirut suburb turning ugly when a man pulls a gun on another […] February 7, 2024
Finance Lebanon passes 2024 budget without crucial reforms Lebanon’s parliament passed an amended budget for 2024 that experts said neglected to include crucial reforms that would help the country emerge from a financial meltdown that has gutted the public sector for nearly five years. The draft was passed late on Friday after three days of drawn-out disputes, including several heated exchanges in parliament’s […] January 29, 2024
Real Estate Khalaf Al Habtoor escalates dispute with Lebanon Emirati businessman Khalaf Al Habtoor has escalated his feud with the Lebanese authorities by launching an investment treaty dispute against the country. The legal notice of the dispute alleges that Beirut’s treatment of his conglomerate, Al Habtoor Group, breaches the investment treaty between the UAE and Lebanon. Under the 1999 agreement, Lebanon committed to protect […] January 10, 2024
Analysis Economy Gaza war proves ‘another large shock’ for fragile Lebanon Hopes that Lebanon’s economy could register its first annual growth in five years have been dashed by the impact of the Israel-Gaza conflict, according to the World Bank. Its latest Lebanon Economic Monitor said the fighting and fears of an escalation were “another large shock” to the country’s precarious economy. Before the outbreak of violence […] January 4, 2024
Tourism Gaza conflict puts pressure on neighbours’ economies A prolonged conflict in Gaza and Israel is likely to lead to a significant contraction in GDP and loss of foreign exchange receipts across Middle East and North Africa, according to S&P Global Ratings. The month-long conflict leaves the tourism sectors of Lebanon, Egypt and Jordan “most exposed” due to their geographical proximity to the […] November 7, 2023
Energy Lebanon wants Total-led consortium to drill new well Lebanon wants a consortium led by TotalEnergies to drill another well at offshore Block 9 quickly, after a first well did not find enough natural gas to be commercialised, the country’s energy minister, Walid Fayad, told Reuters. The consortium drilling in Block 9 also includes the Italian energy group Eni and the state-owned QatarEnergy. Fayad, […] October 25, 2023
Analysis Banking & Finance Lebanon’s new bank rules offer ‘lollar’ accounts respite The Banque du Liban (BDL), Lebanon’s central bank, has issued a circular limiting fees and commissions that commercial banks can impose on so-called “lollar” accounts. Circular No. 679 prohibits the imposition of commissions that were established after October 31, 2019 on dollar deposits made before September 3, 2019. It also obliges banks to publish their […] October 5, 2023
Energy QatarEnergy coalition bids in Lebanon licensing round A coalition of TotalEnergies, Eni and QatarEnergy applied for the second licensing round to bid on oil and gas blocks 8 and 10 in Lebanese waters, an hour before the deadline on Monday, Lebanon’s energy ministry said. Last month the consortium began drilling an exploratory well in Lebanon’s block 9, one of the blocks falling […] October 3, 2023
Finance Lebanon needs deep reforms on unstable outlook says IMF The International Monetary Fund (IMF) has welcomed new policies enacted by Lebanon’s central bank, but said deep reforms were still necessary as the crisis-stricken country’s “outlook remains difficult and unstable”. Lebanon’s nearly four-year economic meltdown has cost the local currency roughly 98 percent of its value and impoverished thousands, but authorities have been slow to […] September 17, 2023
Economy Lebanon passes 2024 budget but debate rages on taxes and ‘dollarisation’ Lebanon’s caretaker cabinet passed a draft budget for 2024 on Tuesday with a focus on raising tax revenue and a move towards collecting fees and taxes in dollars. It was the first time since 2002 that a budget was approved within the constitutionally delineated time period of 31 October, which caretaker prime minister Najib Mikati […] September 13, 2023
Banking & Finance Lebanon to ditch Sayrafa currency exchange platform Lebanon’s cabinet has approved the replacement of the controversial Sayrafa currency exchange platform with a new one run through the Bloomberg trading system. Caretaker Information Minister Ziad Makari gave no indication of a time frame for the replacement when he spoke to reporters this week, saying only that the new platform would come into effect […] September 8, 2023
Economy Economic activity in Lebanon remains sluggish Lebanon’s economic activity appears to have contracted in August following a summer business lull according to a purchasing managers’ index published on Tuesday. The PMI is a monthly report based on survey responses from businesses regarding five subdivided performance indicators including new orders, output and employment. The report, compiled by BLOMInvest Bank and the ratings […] September 7, 2023
Retail Dubai Holding weighs sale of 25% stake in retail franchisee Dubai Holding, the investment vehicle of Dubai’s ruler Sheikh Mohammed bin Rashid Al Maktoum, is weighing the sale of its minority stake in Azadea Group, which operates Inditex franchises in the Middle East including Zara, three people with knowledge of the matter told Reuters. Dubai Holding has selected JPMorgan and Rothschild & Co to advise […] September 6, 2023
Economy Lebanon’s central bank refuses to cover state deficit Lebanon’s central bank will not print money to lend the state or cover the crisis-hit economy’s projected deficit, acting central bank governor Wassim Mansouri said on Friday, calling on leaders to undertake urgent financial reforms. Mansouri told a press conference at the central bank the draft budget for 2023 included a state deficit of 24 […] August 27, 2023
Oil & Gas Lebanon to conduct seismic studies on offshore block 8 Lebanon has granted a licence to a consortium of international companies to conduct seismic studies on its offshore oil and gas block 8, caretaker energy minister Walid Fayad said. “Today is a historic day in a journey that started in 2010,” the state-owned National News Agency cited the minister as saying. “There are major hopes […] August 25, 2023
Video length: 00:56 VIDEO Oil & Gas Drilling to begin on Lebanon’s block 9 Exploratory drilling in Lebanon’s offshore oil and gas block 9 will commence on Thursday of this week, caretaker energy minister Walid Fayad has said. “On August 24 the drilling process will begin, and it will be a historic day,” the state-owned National News Agency reported, citing the minister. “After 67 days, we will know the […] August 23, 2023
