BEIRUT: Lebanon’s politically influential Maronite Christian patriarch backed the long-serving central bank governor on Sunday, after the prime minister cast bank chief Riad Salameh as responsible for a currency crash that worsened sharply in recent days.
The pound, which has lost more than half its value since October, slid to record lows on a parallel market over the past week, losing some 15% of its value within a few days. Prime Minister Hassan Diab sharply criticized Salameh on Friday.
Currency changers have gone on strike and the parliament speaker urged the government to use “legal powers” to halt the fall in the pound. The past two days have seen bomb and firebomb attacks on banks, although there were no reports of injuries.
Amid a growing debate over whether the bank governor of 27 years should resign, Maronite Patriarch Bechara Boutros Al-Rai, Lebanon’s top Christian religious authority, said criticism of Salameh would only hurt the country.
“We ask: who benefits from the destabilization of the central bank governorship? The beneficiary himself knows,” said Rai. “We know the dire outcome, which is eliminating the confidence of the Lebanese people and (foreign) states in the constitutional foundations of the state.”
Lebanon is governed according to a sectarian political system that parcels out state positions according to religious group. The central bank governorship is reserved for a Maronite Christian while the premier is always a Sunni Muslim.
Diab’s government was formed in January with the support of powerful Iran-backed Shiite movement Hezbollah and has struggled to enact stalled reforms demanded by foreign donors.
Gebran Bassil, head of Lebanon’s largest Christian party, said while the central bank bore a large responsibility for losses and poor policies, it was the state “first and foremost” that must account for the crisis.
The currency’s rapid fall has raised the prospect of price hikes and broader unrest at a time when unemployment has soared and a coronavirus lockdown has dealt an additional blow.
On Saturday a small bomb was detonated outside a commercial bank in the southern city of Sidon, tearing apart its facade. A bank in the city of Tyre was attacked with molotov cocktails early on Sunday, according to security sources.
The attacks did not result in any injuries and the assailants remain unknown according to the security sources.
Lebanon’s top Christian cleric backs central bank governor as currency tumbles
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Lebanon’s top Christian cleric backs central bank governor as currency tumbles
- Currency changers have gone on strike and the parliament speaker urged the government to use “legal powers” to halt the fall in the pound
Saudi Arabia, Italy strengthen economic ties with 26 MoUs
- Italian defense group Leonardo signed an MoU to enhance cooperation with Saudi partners in aerospace and defense.
- Italian gas grid operator Snam entered into a deal with ACWA Power to explore joint investments in green hydrogen supply to Europe
JEDDAH: Saudi Arabia and Italy have signed 26 memoranda of understanding between public and private sector institutions, further enhancing their bilateral relations.
The agreements were formalized during a high-level roundtable meeting in the historicity of AlUla on Jan. 26, attended by Italy’s Prime Minister Giorgia Meloni, who began her three-day official visit to Saudi Arabia the previous day.
Earlier, Saudi Crown Prince Mohammed bin Salman welcomed Meloni in AlUla, where the two leaders discussed opportunities to deepen cooperation across various sectors.
Meloni said that Italy signed agreements worth around $10 billion with Saudi Arabia, reinforcing the strategic partnership between the two nations.
This comes as economic ties between Saudi Arabia and Italy have strengthened significantly in recent years, with Italian exports to the Kingdom rising by over 26 percent in the first 10 months of 2024 compared to the same period the previous year.
In a post on his X account, Minister of Investment, Khalid Al-Falih, said: “We held a meeting that included officials and representatives of several major companies in the Kingdom and Italy. We talked about investment opportunities in the two countries and the investment opportunities provided by Saudi Vision 2030.”
He added: “26 memoranda of understanding were signed between public and private sector institutions in the two countries.”
Among the major deals, Italy’s export credit agency SACE will provide $3 billion in loan guarantees for Saudi Arabia’s NEOM real estate project, supporting infrastructure, urban development, and transport. The deal is backed by a syndicate of international banks, including HSBC and Banco Bilbao Vizcaya Argentaria.
SACE also signed an MoU with Saudi Electricity Co. to support green projects and related engineering, procurement, and construction activities. Additionally, SACE committed a $100 million credit facility to ACWA Power for its green projects in Central Asia.
In other agreements, Italian gas grid operator Snam entered into a deal with ACWA Power to explore joint investments in green hydrogen supply to Europe.
Italian defense group Leonardo also signed an MoU to enhance cooperation with Saudi partners in aerospace and defense.
The roundtable discussions focused on key challenges in global financial markets, with a particular emphasis on developing innovative solutions to strengthen economic ties.
In another deal, Sultan bin Abdulrahman Al-Marshad, CEO of the Saudi Fund for Development, and Dario Scannapieco, CEO of Italy’s National Promotional Institution, signed a development cooperation agreement to enhance social and economic development between the two countries.
The agreement will facilitate expertise exchange and promote sustainable growth in line with global development goals.
SACE also finalized deals worth $6.6 billion with major Saudi financial and business counterparts to support Italian exports and strengthen trade relations.
“We are proud and honored to stand alongside players of primary standing in Saudi Arabia to facilitate Italian exports and develop win-win trade and investment relations between our two countries,” said Alessandra Ricci, CEO of SACE.
Saudi Arabia’s real estate sector thrives with $39bn in projects, record investment growth
RIYADH: Saudi Arabia’s real estate regulatory framework spurred significant growth in 2024, with 192 project licenses issued, totaling SR147 billion ($39 billion), according to a top official.
During the opening remarks of the fourth Real Estate Future Forum held in Riyadh, Saudi Minister of Municipalities and Housing Majid Al-Hogail said that the General Authority for Real Estate initiatives aims to enhance market transparency, attract investment, and regulate off-plan developments.
“The regulatory framework has contributed to significant growth over the past year, with the issuance of 192 licenses for projects exceeding a total value of 147 billion riyals, equivalent to $39 billion,” Al-Hogail said.
He added: “With the launch of real estate legislative initiatives, we have seen growth across all relevant fields. This regulatory framework aims to facilitate and regulate off-plan real estate project development provisions, from the licensing process to project completion.”
The forum is a unique platform uniting investors, consultants, and decision-makers from 120 countries under one umbrella.
It features over 500 speakers from both the public and private sectors, aiming to not only discuss the future of real estate but also shape a clear, unified vision that reflects shared ambitions and aspirations.
“The forum creates international high-quality opportunities to explore our real estate sector and enhance the quality of life, based on sustainable cities equipped with services that meet the expectations of residents in the Kingdom,” Al-Hogail said.
He added: “We are committed to continuing our efforts to ensure the sustainability of the real estate sector, attracting more international investments while creating a highly regulated environment that turns challenges into opportunities.”
Al-Hogail said that Saudi Arabia’s real estate sector has evolved from traditional urban development to become a key driver of both economic and social progress, with a strong focus on sustainability and innovation.
“We are at a crossroads where experience, innovation, and agility converge, turning dreams into reality. Our message to investors and innovators is clear — that the Kingdom is not just a place inclusive to project,” he said.
The minister also said that over the past several years, more than 20 key real estate regulations have been introduced by the General Authority for Real Estate, enhancing market transparency, attractiveness, and authenticity.
“These regulations have positioned the Saudi real estate market as one of the fastest-growing sectors globally, as highlighted in the 2024 Global Real Estate Transparency Index report,” Al-Hogail said.
Abdullah Al-Hammad, CEO of the Real Estate General Authority, said that the real estate sector’s contribution to the gross domestic product reached 12 percent, reflecting its growing importance in the national economy.
“The real estate sector achieved the highest participation rate in the labor market, with 25 percent of the participants in the social insurance system,” Al-Hammad said, emphasizing the sector’s role in employment generation and economic diversification.
He also said that more than 1130 licenses for foreign real estate investments were issued during the third quarter of 2024, demonstrating increased international interest in the Saudi market.
The first day of the event included announcements including the National Housing Company launching its new technology-focused company, NHC Innovation, to provide innovative real estate and municipal solutions and develop new technologies that meet market aspirations.
Announced by the CEO of NHC Mohammed bin Saleh Al-Buti, the new company will serve as an innovative technological arm, utilizing the latest technologies and best practices to develop solutions that contribute to sustainable growth.
The strategic expansion represents a significant move toward delivering technological solutions that meet market ambitions and enhance excellence and competitiveness in the real estate and municipal sectors.
NHC Innovation is set to develop and operate more than 400 services across 10 digital real estate platforms, serving over 19 million users.
These platforms include Sakani, Balady, Ejar, Forsah, and others, offering smart and advanced solutions to enable digital transformation in the real estate and municipal sectors.
The company focuses on providing innovative services that cater to evolving market needs while emphasizing sustainability and technological advancement.
This aligns with the objectives of Saudi Arabia’s digital transformation strategy, positioning the Kingdom as a global hub that supports competitiveness in the technology sector.
The minister of municipalities and housing, the minister of industry and mineral resources, and the CEO of NHC participated in the signing ceremonies of agreements between the company and government entities and the private sector, with a total value of approximately SR30 billion.
One of the agreements is a memorandum of understanding signed between Asir Region Municipality and AMEK Group in tourism creation and adventures for up to SR600 million.
The Ministry of Industry and Mineral Resources also signed an MoU to collaborate on supply chains and industrial link programs to support and lead local content in the real estate development sector
King Abdulaziz City for Science and Technology also signed an MoU, in cooperation with Al Saif Company which focuses on collaboration in developing construction and building using off-site construction technologies.
The NHC signed supply chain service agreements with several real estate development companies to enhance the success of real estate development projects and ensure the sustainability of quality and efficiency.
The company also signed an open purchase agreement with Zamil Air Conditioners Factory and Alfanar Construction Systems, to secure supply chains for air conditioning works, and ensure a steady supply for construction needs.
The Kingdom’s Vision 2030 reforms have positioned the country as a leader in real estate development, combining innovation, sustainability, and economic growth.
Riyadh Air secures license for advanced flight simulator
RIYADH: Saudi Arabia’s Riyadh Air has obtained a General Authority of Civil Aviation license for its first Boeing 787-9 full-flight simulator, a key step in its preparations for a 2025 operational launch.
The device, aimed at enhancing pilot training and safety standards, is a major addition to Riyadh Air’s training infrastructure.
This comes as Saudi Arabia aims to become a regional aviation hub, aligning with Vision 2030 goals to expand annual passenger capacity to 330 million, increase air cargo volumes to 4.5 million tonnes, and connect to 250 global destinations by the end of the decade.
Peter Bellew, chief operating officer at Riyadh Air, said: “This milestone underscores our commitment to world-class pilot training and operational excellence. The advanced simulator will enhance our pilots’ capabilities, aligning with Riyadh Air’s ambition to redefine aviation standards and deliver a next-level flying experience.”
He added: “We will continue investing in cutting-edge solutions that drive efficiency, safety, and excellence across our operations.”
Captain Sulaiman Al-Muhaimedi, GACA’s executive vice president for aviation safety and environmental sustainability, presented the operational certificate to Bellew during a ceremony.
Riyadh Air, a subsidiary of the Public Investment Fund launched by Crown Prince Mohammed bin Salman in March 2023, completed its first non-commercial flight from Riyadh to Jeddah for certification on Sept. 12.
Jordan’s exports to GAFTA countries rise by 15.6%
RIYADH: Jordan’s exports to countries within the Greater Arab Free Trade Area recorded a year-on-year rise of 15.6 percent by the end of November, new figures revealed
According to official statistics compiled by the Jordan News Agency, the Middle Eastern nation’s exports to GAFTA countries reached 3.25 billion Jordanian dinars ($362 billion), up from 2.81 billion dinars in the same period of the previous year. Jordan’s exports to the 18 GAFTA countries include fertilizers, pharmaceuticals, and agricultural products.
Similarly, the data showed that Jordan’s imports from the free trade zone also grew during the same period, rising by 8.5 percent to reach 4.69 billion dinars.
Imports from GAFTA countries primarily consist of crude oil and its derivatives, jewelry, and food products, as well as plastic sheets, titanium oxide, polystyrene, iron, and steel products, among others.
The newly released data falls in line with the recent rise in exports and imports recorded between Jordan and GAFTA countries, which jumped 9.7 percent and 9.3 percent, respectively, in the first three months of 2024.
The data also showed that the increase in exports and imports helped reduce the trade deficit with GAFTA countries to 1.43 billion dinars, down from 1.50 billion dinars in the same period last year.
Meanwhile, trade volume between Jordan and GAFTA countries surged to 7.95 billion dinars by the end of November, compared to 7.14 billion dinars in the same period a year earlier.
Saudi Arabia emerged as Jordan’s top export destination within the group, with exports to the country amounting to 1.07 billion dinars, a 13.7 percent rise from the same period in 2023.
The Kingdom also ranked as Jordan’s largest import source, with exchange totaling 2.69 billion dinars, resulting in a trade deficit of 1.66 billion dinars with Saudi Arabia by the end of November.
Jordan’s exports to US surges 14.9 percent
Additional data from Jordan News Agency disclosed that the country’s exports to the US increased 14.9 percent year on year in the first 11 months of 2024 to reach 2.04 billion dinars.
The country’s primary exports to the North American country include garments, jewelry, fertilizers, and pharmaceuticals as well as IT services, food products, live animals, and engineering goods.
Similarly, the data showed that Jordan’s imports from the US hit 1.13 billion dinars during the period, reflecting 4.7 rise compared to the corresponding period in 2023.
Jordan’s imports from the US consist of mineral products, transportation equipment, machinery, electrical appliances, and grains as well as chemicals, medical devices, processed foods, and wood pulp, among others.
This is in line with the fact that the trade partnership between the two nations was strengthened by the Free Trade Agreement, which was signed in October 2000 and took full effect in January 2010. This deal has led to an eightfold surge in bilateral trade, highlighting its importance in fortifying economic connections.
As a result of the rise in exports and imports, the trade balance between Jordan and the US recorded a surplus of 910 million dinars during the period.
The total volume of trade between the two countries climbed to 3.17 billion dinars by the end of November, compared to 2.86 billion dinars in the same period of 2023.
Saudi property sector poised for growth, key leaders at Real Estate Future Forum announce
RIYADH: Industry leaders, policymakers, and investors gathered at the Real Estate Future Forum in Riyadh, where key announcements highlighted Saudi Arabia’s ongoing focus on property development, investment strategies, and tourism expansion.
Building on these initiatives, the Governor of Asir Region Prince Turki Bin Talal revealed that the Public Investment Fund has nine projects in development, with four already launched and five underway.
“The largest PIF projects in the Kingdom are in the Asir region,” the governor said, adding that this is accompanied by an investment portfolio valued at SR30 billion ($7.9 billion).
Regarding hospitality, the governor highlighted that Asir currently has between 6,000 and 8,000 approved and licensed hotel rooms.
In line with this momentum, he also announced that the Ministry of Sports has officially recognized Abha’s World Cup bid as the best in the Kingdom.
Meanwhile, Prince Saud Bin Talal, governor of Al-Ahsa and acting CEO of the Al-Ahsa Development Authority, outlined plans for expanding the hospitality sector in the region.
“In our pipeline, we have more than seven or eight hotels and over 25 rural lodges. Among the key developments are three five-star hotels: Hilton, Radisson Blu, and Hilton Garden Inn,” he said.
The Saudi Minister of Tourism Ahmed Al-Khateeb underscored the rapid growth of the hospitality sector, revealing that the Kingdom currently has 475,000 hotel rooms, with projections to reach 675,000 by 2030.
Regarding hyper-tourism, he discussed the impact of the King Salman International Airport expansion and Riyadh Air, forecasting that at least 50 percent of the Kingdom’s tourism will be centered in the capital, while ensuring that efforts will not push the figure beyond 80–90 percent.
The expansion of King Salman International Airport is a key milestone in Saudi Arabia’s aviation growth, aligning with the country’s Vision 2030 objectives.
The first phase of the Terminal 1 expansion at King Khalid International Airport in Riyadh was inaugurated on Jan. 8, increasing the airport’s capacity to accommodate up to 7 million passengers annually.
This follows the completion of Terminals 3 and 4 in November 2022.
The airport has consistently been recognized as the Kingdom’s top-performing facility, upholding the highest compliance and operational standards.
In the financial sector, the Chairman of the Capital Market Authority Mohammed El-Kuwaiz highlighted the increasing focus on Saudi Arabia’s real estate investment market.
“Today, we have approximately 55 files for IPOs (initial public offerings) in the financial market, covering various sizes and companies. Around 20 percent of these files belong to real estate companies of different types,” he said.
He emphasized the growing diversity in real estate services, including developers and marketers, aligning with the Kingdom’s goal of securing financing across all productive sectors.
El-Kuwaiz further provided insights into best practices for listing companies, saying: “The best time to list a company is when its financial situation is stable and its funding needs are clear.”
He added: “If you’re prepared to share information as if they were partners, involve them in decision-making as if they were partners, and handle conflicts of interest as if they were partners, then you’re welcome.”
In a landmark decision, he also announced that listed companies owning properties in Makkah and Madinah can now welcome foreign investors, effective immediately. “On behalf of the CMA, we congratulate these companies,” he said.
Foreigners can now invest in Saudi-listed firms owning real estate in Makkah and Madinah, with non-Saudi ownership capped at 49 percent. The CMA said in a press release that the move enhances market competitiveness and supports Vision 2030.
The Real Estate Future Forum, running from Jan. 27 to 29 at the Four Seasons Hotel in Riyadh, aims to serve as a global platform for shaping the future of real estate.
With over 300 speakers from 85 countries, the event will focus on innovations, sustainability efforts, and investment strategies driving the sector under the theme, “Future for Humanity: Shaping Dreams into Reality.”
