BEIRUT: Lebanon’s parliament approved on Thursday a law to remove decades-old banking secrecy rules in order to better fight rampant corruption that has pushed the country to the edge of economic collapse.
The move opens the way for investigations into bank accounts of current and former officials such as Cabinet ministers, legislators and civil servants, state-run National News Agency reported.
The restoration of stolen public money in the corruption-plagued nation has been a key demand of protesters who have been demonstrating since mid-October against Lebanon’s ruling elite, which they blame for widespread corruption and mismanagement.
The approval of the law came two months after the Cabinet approved a draft resolution to abolish the country’s banking secrecy laws, which have turned tiny Lebanon into the region’s Switzerland, attracting clients from around the Arab world who prized the anonymity its banks offered.
The new law gives powers to National Anti-corruption Commission and a Special Investigative Committee at the central bank to investigate bank account of officials, the report said.
For Thursday’s session, Lebanese lawmakers convened inside a Beirut theater so that they could observe social distancing measures imposed during the pandemic. Dozens of anti-government demonstrators briefly clashed with riot police outside as legislators met.
As lawmakers in face masks arrived at the theater, known as the UNESCO palace, paramedics sprayed them with disinfectant before they entered, one at a time.
Lebanon has been facing its worst economic crisis in decades, with unemployment figures soaring and the local currency losing more than half of its value against the dollar.
After the banking secrecy measure was passed, Parliament Speaker Nabih Berri suspended the session until later in the afternoon when the legislators were to discuss a draft general amnesty law.
The amnesty issue has deeply divided parliamentary blocs, with Christian groups calling for pardoning Lebanese who fled to Israel after it ended its occupation of southern Lebanon in 2000, while former Prime Minister Saad Hariri and others want the release of hundreds of Islamists held as terror suspects.
Lebanon and Israel are at a state of war and some Lebanese who fled to Israel now hold Israeli citizenship. Scores of protesters demonstrated in Beirut and southern Lebanon on Thursday against pardoning those living in Israel.
Lebanon removes banking secrecy rules to fight corruption
https://arab.news/8ve8z
Lebanon removes banking secrecy rules to fight corruption
- The move opens the way for investigations into bank accounts of current and former officials such as Cabinet ministers
Closing Bell: Saudi main index slips to close at 11,346
RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, losing 17.52 points, or 0.15 percent, to close at 11,346.59.
The total trading turnover of the benchmark index was SR3.32 billion ($896 million), as 108 of the stocks advanced and 128 retreated.
The Kingdom’s parallel market, Nomu, also lost 508.04 points, or 1.82 percent, to close at 27,423.45. This comes as 30 stocks advanced while 45 retreated.
The MSCI Tadawul Index followed suit and lost 0.22 points, or 0.02 percent, to close at 1,451.79.
The best-performing stock of the day was SHL Finance Co., whose share price surged 8.74 percent to SR19.90.
Other top performers included SICO Saudi REIT Fund, which saw its share price rise 6.54 percent to SR4.40, as well as National Medical Care Co., whose shares surged 4.93 percent to SR149.
Middle East Specialized Cables Co. recorded the steepest decline, falling 8.33 percent to SR33. Fawaz Abdulaziz Alhokair Co. followed with a 6.62 percent drop to SR14.94, while Saudi Chemical Co. slipped 6.47 percent to SR8.39.
On the announcements front, MBC Group Co. reported its interim financial results for the period ending March 31. According to a statement on Tadawul, the company posted a net profit of SR263.5 million in the first quarter of 2025, marking a 117.2 percent increase compared to the same period in 2024. The surge in profit was primarily driven by a SR190 million rise in gross profit, attributed to higher revenues during the month of Ramadan.
MBC Group Co. ended the session at SR43.90, up 0.47 percent.
Al-Rajhi Co. for Cooperative Insurance also announced its interim financial results for the first quarter. A bourse filing showed that the company posted a net profit of SR90.7 million for the period ending March 31, representing an 18.4 percent decline compared to the same quarter last year. The drop in net profit was primarily attributed to a decrease in the insurance service result before re-takaful, total comprehensive income, and total investment income, as well as an increase in other operating expenses and gross written premiums.
Al-Rajhi Co. for Cooperative Insurance ended the session at SR123.40, down 2.76 percent.
Saudi Ground Services Co. has announced its interim financial results for the period ending March 31. According to a Tadawul statement, the company reported a net profit of SR97.6 million in the first quarter of 2025, marking a 37 percent increase compared to the same period in 2024. The growth was primarily driven by an SR18.3 million rise in revenue year on year.
Saudi Ground Services Co. ended the session at SR49.00, down 1.53 percent.
Saudi Chemical Co. has announced its consolidated financial results for the first quarter of 2025. A bourse filing showed the company reported a net profit of SR82.33 million for the period ending March 31, reflecting a 9.9 percent decline compared to the same quarter last year. The decrease was attributed to higher finance costs, the revaluation of derivative financial instruments related to interest rate exposure, and an increase in zakat and tax provisions.
Saudi Chemical Co. ended the session at SR8.95, down 6.47 percent.
Dallah Healthcare Co. has announced its interim financial results for the period ending March 31. According to a Tadawul statement, the company reported a net profit of SR155.56 million in the first quarter of 2025, marking a 30.3 percent increase compared to the same period a year earlier. The rise in profit was driven by higher revenues, along with non-recurring gains of SR51 million resulting from the company’s 33.33 percent stake in a real estate fund through an in-kind contribution of land.
Dallah Healthcare Co. ended the session at SR120, up 0.17 percent.
Tamkeen Human Resource Co. has announced its consolidated financial results for the first quarter of 2025. A bourse filing revealed the company recorded a net profit of SR26 million for the period ending March 31, representing a 40.54 percent increase compared to the same quarter last year. The surge in earnings was attributed to growth in the group’s revenues, gross profit, and operating profit.
Tamkeen Human Resource Co. ended the session at SR55.30, up 3.61 percent.
Umm Al Qura for Development and Construction Co. has announced its consolidated financial results for the first quarter of 2025. A bourse filing showed the company posted a net profit of SR159.6 million for the period ending March 31, reflecting a staggering 3,219.3 percent increase compared to the same quarter a year earlier. The sharp rise in profit was primarily driven by a significant surge in revenues.
Umm Al Qura for Development and Construction Co. ended the session at SR24.26, up 0.34 percent.
Taiba Investments Co. has announced its interim financial results for the period ending March 31. According to a statement on Tadawul, the company reported a net profit of SR131.3 million in the first quarter of 2025, marking a 36.6 percent increase compared to the same quarter last year. This growth is mainly attributed to the rise in operating revenues during the first quarter of 2025.
Taiba Investments Co. ended the session at SR43.25, up 1.5 percent.
First Saudi-made THAAD system parts completed in Jeddah
JEDDAH: Saudi Arabia has completed the first domestically manufactured components for the Terminal High Altitude Area Defense system launcher in Jeddah, marking a significant step forward in the Kingdom’s ongoing efforts to localize its defense industry.
The milestone was highlighted during a recent meeting at Arabian International Co. for Steel Structures in Jeddah, attended by senior defense officials and industry leaders.
Among those present were Tim Cahill, president of missiles and fire control at Lockheed Martin; Nawaf Al-Bawardi, assistant deputy of the General Authority for Military Industries; and Wasim Attieh, president of AIC.
The meeting focused on reviewing progress in the local production of THAAD system components, following a partnership between Saudi Arabia and Lockheed Martin aimed at strengthening local manufacturing capabilities.
The achievement follows two contracts signed during the 2024 World Defense Show in Riyadh, as part of a broader strategy to localize key THAAD components. It builds on previous efforts announced at the 2022 edition of the show, including initiatives to domestically produce missile containers and launch platforms.
In a statement, Lockheed Martin emphasized the significance of the development, noting AIC’s advanced manufacturing capabilities and precision welding expertise.
“It is particularly significant as it demonstrates how the two companies successfully worked to bolster manufacturing expertise, strengthening the country’s defense industrial base while establishing a second source and building resilience for the US supply chain,” the statement said.
Cahill lauded the achievement as a major milestone for both countries. It is a tremendous milestone for the US and Saudi Arabia as both nations work to fulfill the Kingdom’s THAAD procurement, he said.
“Through this program, we’re not only supporting Saudi Vision 2030 and enhancing regional defense capacity, but we’re also generating high-quality manufacturing jobs in the US and strengthening the American defense industrial base, a testament to the value of our partnership with AIC Steel and the Kingdom of Saudi Arabia.”
Attieh praised Lockheed Martin for its cooperation and commitment to the project.
Lockheed Martin has been “an excellent partner,” providing the necessary tools and training to support and advance the localized production of a key component of the THAAD weapon system, he said.
“I look forward to working together to ensure a more secure future for the Kingdom of Saudi Arabia.” He also expressed gratitude to GAMI for its support throughout the project.
Saudi Arabia has steadily increased its defense manufacturing capabilities, with military spending localization reaching 19.35 percent in recent years — up from just 4 percent in 2018. The Kingdom aims to surpass 50 percent by 2030, in line with its Vision 2030 goal to establish a self-sufficient defense sector.
The THAAD system, developed by Lockheed Martin, is a state-of-the-art missile defense platform capable of intercepting and destroying ballistic missiles at both endo- and exo-atmospheric altitudes. It is designed to provide protection against short-, medium-, and intermediate-range threats and is widely regarded for its high success rate in flight tests and operational use.
The continued collaboration between Saudi Arabia and Lockheed Martin underscores the Kingdom’s commitment to building a robust and independent military industrial base while reinforcing its strategic defense alliances.
Egypt’s annual inflation rises to 13.5% in April: CAPMAS
JEDDAH: Egypt’s annual inflation rose to 13.5 percent in April from 13.1 percent the previous month, driven by higher prices across key sectors including healthcare, transport, and housing, official data showed.
According to data released by the Central Agency for Public Mobilization and Statistics, or CAPMAS, the monthly consumer price index rose 1.3 percent to 253.8 points, up from 250.6 in March.
The data indicates continued inflationary pressures across essential sectors, affecting households nationwide, as Egypt grapples with the compounded impact of currency devaluations, ongoing subsidy reforms, and external shocks to global food and fuel prices.
The healthcare sector recorded the sharpest monthly gains, rising 7.7 percent, with prices of medical products and equipment surging 11.4 percent. Outpatient services rose 2.1 percent, while hospital services increased 1.6 percent, according to CAMPAS data.
Transport costs climbed 7.5 percent on the month, led by an 8.6 percent jump in private transport spending and an 8.2 percent increase in transport services. The cost of purchasing vehicles rose 1.3 percent.
Housing, water, electricity, gas, and fuel prices increased 2.8 percent. Electricity, gas, and fuel prices alone climbed 6.7 percent, while actual rent increased by 1.1 percent and home maintenance and related services rose by 1.0 percent.
Food and beverage prices declined 1.2 percent on a monthly basis, providing some relief to consumers. The decline was led by a 3.5 percent drop in meat and poultry, a 0.6 percent fall in dairy, cheese, and eggs, a 0.1 percent decrease in oils and fats, and a steep 5.1 percent drop in fruit prices.
However, prices in several other categories within the food segment increased. Cereal and bread prices rose 0.5 percent, fish and seafood increased by 1.7 percent, vegetables gained 1.2 percent, sugar and sugary foods edged up 0.4 percent, and other food products rose 1.2 percent.
Coffee, tea, and cocoa prices rose 0.4 percent, while mineral water, carbonated beverages, and natural juices were up 1.5 percent.
The restaurants and hotels category posted a 4.1 percent increase in April, as ready meal prices climbed 4.2 percent and hotel services rose 1.5 percent. Cultural and entertainment services prices rose 0.7 percent, including a 15.6 percent increase in costs tied to leisure and recreational services. The clothing and footwear division saw a 1.7 percent increase, with prices of garments, accessories, and cleaning services all moving higher.
Furniture and household equipment prices increased by 1.1 percent, while miscellaneous goods and services climbed 2.2 percent, driven largely by a 2.4 percent rise in personal care expenses and a 4.3 percent increase in prices of personal luggage items.
Jordan’s exports to GAFTA countries rise 12.2%
RIYADH: Jordan’s exports to countries in the Greater Arab Free Trade Area rose 12.2 percent year on year to 515 million Jordanian dinars ($726 million) by the end of February, amid strong demand for key goods.
According to official statistics reported by the Jordan News Agency, or Petra, the rise from 459 million dinars in the same period of 2024 was driven by increased shipments of fertilizers, medicines, and fresh and frozen agricultural products. Additional contributors included skincare items, food preparations, and furniture, as well as fabrics, garments, and other goods.
The latest trade data aligns with broader optimism about Jordan’s economic outlook, with Central Bank Governor Adel Sharkas saying in March that the country's economy is projected to grow 2.7 percent in 2025, accelerating to 3.5 percent in the medium term.
“Foreign trade data from the Department of Statistics (DoS), monitored by ‘Petra,’ showed a decline in the Kingdom’s (Jordan’s) trade deficit with the GAFTA countries for the same period, reaching JD348 million, compared to JD369 million against last year,” the Petra report stated.
Established in January 2005, GAFTA operates as an economic alliance with the objective of promoting trade and economic unity among Arab nations. Comprising 18 member states, GAFTA is dedicated to bolstering regional trade by lowering customs tariffs.
GAFTA imports into Jordan also climbed, rising 4.2 percent to 863 million dinars from 828 million dinars, bringing the total trade volume to 1.37 billion dinars—up from 1.28 billion dinars a year earlier.
Jordan’s imports primarily include crude oil and its derivatives, jewelry, and food products. Other major import categories are plastic items, titanium dioxide, and polyethylene, as well as polystyrene, iron, and various other goods.
Saudi Arabia remained Jordan’s top regional trade partner, accounting for 141 million dinars in exports — a 6.8 percent rise—and 519 million dinars in imports, resulting in a bilateral deficit of 378 million dinars.
Iraq followed with 136 million dinars in Jordanian exports, up 15.3 percent, while trade with Syria surged to 35 million dinars — a 483.3 percent jump from the previous year.
In March, Sharkas shed light on how inflation in Jordan reached 2.2 percent in the first two months of this year and is expected to stabilize at 2 percent for 2025.
Saudi industrial output rises 2% in March on strong manufacturing gains
RIYADH: Saudi Arabia’s industrial production index rose 2 percent year on year in March 2025, driven by strong growth in manufacturing, particularly in the chemical and food industries, official data showed.
The IPI increased to 106.5 in March from 105.4 in February, reflecting a 1.1 percent rise on a monthly basis, according to preliminary data from the General Authority for Statistics.
The manufacturing sub-index registered a 5.1 percent annual increase in March compared to the same month in 2024. This growth was supported by a 14.3 percent uptick in the manufacture of chemicals and chemical products and the manufacture of food products, which increased by 6.9 percent.
The data underscores continued momentum in the Kingdom’s non-oil industrial base, a key pillar of the Vision 2030 economic diversification strategy.
In a release, GASTAT stated: “On a monthly basis, the sub-index of manufacturing activity showed an increase of 2.9 percent, supported by the rise in the activity of the manufacture of chemicals and chemical products, which increased by 7.2 percent, and the manufacture of food products which increased by 12.4 percent.”
Mining and quarrying activity, which includes crude oil extraction, slipped 0.2 percent year on year in March. Saudi Arabia produced 8.96 million barrels of oil per day during the month, slightly down from 8.97 million bpd a year earlier. On a monthly basis, mining activity ticked up 0.1 percent.
Other sectors showed mixed performance. The output of non-metallic mineral products increased 6.1 percent year on year, while the basic metals segment fell 6.6 percent but edged up 1.4 percent from February.
The production of electrical devices grew 4 percent year on year but declined 1.1 percent month on month.
The paper and paper products segment saw a 1 percent annual increase and a 0.6 percent rise from the previous month. Furniture output contracted 15.7 percent year on year but rose marginally, by 0.2 percent, on a monthly basis.
Other economic activities within the manufacturing sector grew by 0.4 percent year on year and 0.3 percent month on month.
Meanwhile, the electricity, gas, steam, and air conditioning supply sub-index dropped 0.9 percent year on year and 7.7 percent month on month. In contrast, water supply, sewerage, and waste management activities surged 15 percent annually and 3.7 percent from February.
Overall, oil-related industrial activities rose 0.5 percent annually and 0.1 percent monthly in March. Non-oil activities, which encompass manufacturing and utilities, expanded 5.6 percent year-on-year and 3.3 percent month on month.
The Industrial Production Index measures changes in industrial output based on the International Standard Industrial Classification framework, covering mining, manufacturing, utilities, and waste management sectors.
