So far, airline companies in the Middle East, which serves as a connection hub for east-west travel, have incurred losses amounting to $100 million following the outbreak of the Coronavirus, International Air Transport Association (IATA) announced yesterday. “Air ticket sales too, from, and within the Middle East are expected to ... Read More »
Countries of the European Union reportedly “support” the reform goals set by the Lebanese government and are “committed” to the goals agreed at the CEDRE conference, al-Joumhouria daily reported on Tuesday. Quoting western diplomatic sources, the daily said that “EU countries are fully committed to support Lebanon, its people, its ... Read More »
A drillship anchored off Lebanon Tuesday to explore for oil and gas, an energy firm and the government said, raising hopes for a future boost to the country’s crumbling economy. Information Minister Manal Abdel Samad said the first ever such exploration would start within 48 hours. The Tungsten Explorer was ... Read More »
Lebanon on Tuesday took another step to try and deal with a massive debt that stands at more than $87 billion or more than 150% of the GDP. Manal Abdul Samad, the information minister, said the government has agreed to appoint Cleary Gottlieb Steen & Hamilton LLP as a legal ... Read More »
Saudi Arabia’s Capital Market Authority (CMA) has given companies listed on the country’s stock exchange, known as Tadawul, until the end of March to disclose its annual reports for 2019. Local media recently reported that Saudi Aramco – world’s largest oil producer – was yet to announce its business and ... Read More »
Investors holding Lebanese bonds are expecting the worst, as years of financial mismanagement may well push the country to default on its debt for the first time in its history. International Monetary Fund officials have been called in to help find a solution to manage Lebanon’s overwhelming debt — some ... Read More »
An International Monetary Fund delegation wraps up Sunday a three-day visit to Lebanon during which it met with senior political and financial officials. “The delegation stressed that the starting point for the solutions should be reforms, topped by the electricity file,” media reports said. “The delegation also asked Lebanese officials ... Read More »
The International Monetary Fund (IMF) will continue meetings with Lebanese authorities on Monday, sources familiar with the process said, extending a visit to provide technical advice that was expected to end on Sunday. The IMF began meetings with Lebanese authorities on Feb. 20 to provide broad technical advice on how ... Read More »
The English-speaking Emirati Khaleej Times newspaper reported that in the third quarter of 2019, the merger of two local banks caused licensed commercial banks to drop to 59, including 21 national banks and 38 foreign banks. ADCB merged with Union National Bank in May 2019, as the combined entity took ... Read More »
France is ready to support Lebanon financially, bilaterally or multilaterally, its finance minister said on Sunday according to a Reuters report, warning against mixing economic recovery in the small Mediterranean state with US-led efforts to counter Iran in the region. “France always stands ready to help Lebanon. It has always ... Read More »
Lebanese Ministry of Information