BEIRUT: The Lebanese government will resume negotiations with the International Monetary Fund while beginning reforms demanded by donors, according to a draft policy program that aims to tackle one of the worst financial meltdowns in history.
New Prime Minister Najib Mikati’s government will also resume negotiations with creditors over a restructuring of public debt on which Lebanon defaulted last year, the draft seen by Reuters on Wednesday said.
The government was agreed on Friday after more than a year of political conflict over seats in cabinet that left the country rudderless as more than three-quarters of the population fell into poverty and shortages crippled normal life.
The cabinet is due to meet on Thursday to approve the draft, which will then go to a vote of confidence in parliament.
Underscoring the gravity of the situation, the policy program was drawn up in a matter of days, much faster than the weeks the process has taken in the past.
The draft said the government was committed to resuming talks with the IMF for a short- and medium-term support plan.
Donors want to see Lebanon enact reforms, including measures to tackle the corruption and graft that led to the economic collapse, before they will unlock billions of dollars of assistance already earmarked for the country.
Talks with the IMF broke down last summer when Lebanon’s political elite and banking sector objected to the scale of financial losses set out in a recovery plan drawn up by the previous government.
The draft program said the Mikati government would renew and develop the previous financial recovery plan, which set out a shortfall in the financial system of some $90 billion — a figure endorsed by the IMF.
The government will also draw up a plan to “correct the situation of (the) banking sector,” which has been paralyzed since late 2019, the draft said.
Lebanon’s financial system unraveled in late 2019.
The root cause was decades of profligate spending by the state and the unsustainable way in which it was financed.
As dollars dried up, depositors were frozen out of their accounts. The value of hard currency savings has plummeted by up to 80 percent since then, with the Lebanese pound collapsing by 90 percent from a peg that had existed for more than two decades.
The program draft said the government was committed to all the articles set out in a reform initiative drawn up by France, which has been at the forefront of efforts to help Lebanon.
The government will work with parliament to pass a capital control law, the draft document said.
It also said parliamentary elections due next spring would be held on time.
Lebanon to resume IMF talks, begin reforms, draft policy statement says
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Lebanon to resume IMF talks, begin reforms, draft policy statement says
- New government will also resume negotiations with creditors over a restructuring of public debt
- The draft said the government was committed to resuming talks with the IMF for a short- and medium-term support plan
EV maker Lucid becomes first global automotive manufacturing company to join ‘Made in Saudi’ program
EV maker Lucid becomes first global automotive manufacturing company to join ‘Made in Saudi’ program
- Aims to increase industrial sector’s contribution to GDP to at least 20% by 2025
- Move seeks to attract additional investments, enhance non-oil exports, and create sustainable job opportunities
RIYADH: Electric vehicle manufacturer Lucid Motors has become the first global automotive company to join the Kingdom’s “Made in Saudi” program as the country continues strengthening its industrial capabilities.
The milestone grants Lucid the right to use the “Saudi Made” label on its products, symbolizing the nation’s focus on quality and innovation.
The strategy aims to increase the industrial sector’s contribution to the gross domestic product to at least 20 percent by 2025, tripling the current industrial base.
It also seeks to attract additional investments, enhance non-oil exports, and create sustainable job opportunities, aligning with Vision 2030’s economic diversification goal.
“This is a step that represents a strong push to enhance the image of the national industry and attract investments and global companies, which consolidates the Kingdom’s position as a global center for innovative manufacturing,” Minister of Industry and Mineral Resources Bandar Alkhorayef said in a post on his X account.
In a separate statement, the minister said that Lucid Motors’ inclusion in the program underscores Saudi Arabia’s strategic transformation toward creating a fully integrated electric vehicle manufacturing ecosystem.
The minister added that this initiative aligns with the objectives of the National Industrial Strategy, which focuses on empowering promising sectors and attracting high-value investments in advanced industries.
Lucid’s participation in the program follows the launch of its first international manufacturing plant in Saudi Arabia in Sept. 2023.
Located in King Abdullah Economic City, the facility is the Kingdom’s first-ever car manufacturing plant and represents a key milestone in its efforts to build a domestic automotive industry.
The facility can currently assemble 5,000 Lucid vehicles annually during its first phase. Once fully operational, the complete manufacturing plant, including the assembly line, is expected to produce up to 155,000 electric cars per year.
Saudi Arabia is aggressively promoting the adoption of electric vehicles as part of its Vision 2030 strategy, which aims to achieve net-zero carbon emissions by 2060.
A critical target of the initiative is for 30 percent of all vehicles in Riyadh to be electric by 2030, contributing to a broader goal of reducing emissions in the capital by 50 percent.
To support the transition, the Public Investment Fund — a major backer of Lucid Motors — has been instrumental in establishing a domestic EV manufacturing sector.
In addition to its stake in Lucid Motors, PIF has launched Ceer, the Kingdom’s first locally branded electric vehicle manufacturer, as part of its efforts to bolster the industry.
Infrastructure development is also a core focus, with the Kingdom planning to deploy 5,000 fast chargers across Saudi Arabia by 2030 to facilitate the adoption of EVs.
Consumer interest in EVs is steadily growing, with over 40 percent of Saudi consumers considering purchasing an electric vehicle within the next three years, according to a 2024 report by London-based professional services network PwC.
Faisal Sultan, vice president and managing director for the Middle East at Lucid Motors, expressed the company’s pride in joining the program, saying: “We are delighted to join the ‘Made in Saudi’ program and have the honor of using the ‘Saudi Made’ label, which represents quality and excellence.”
He added: “We are committed to embodying the values of this national identity, such as sustainability, innovation, and excellence. With the increasing focus on electric vehicles in the Kingdom, we aim to deliver an advanced and unique experience to our customers.”
The minister said that Saudi Arabia has emerged as a central hub for electric vehicle production, supported by modern infrastructure, incentivizing policies, and a highly skilled workforce.
He also said that major players like Lucid Motors strengthen the Kingdom’s position as a global center for future-focused industries while contributing to increased local content, non-oil exports, industrial localization, and knowledge transfer.
Launched in March 2021, Saudi Arabia’s Made in Saudi program promotes domestic products and services, encouraging local consumption and boosting non-oil exports.
The move aligns with Saudi Arabia’s broader industrial strategy, which aims to increase the sector’s gross domestic product contribution to 20 percent by 2025 and drive investments in advanced industries.
It also supports Vision 2030’s goal of reducing the nation’s reliance on oil by fostering high-value sectors like electric vehicle manufacturing.
Saudi authorities warn of inclement weather as country braces for heavy rainfall
- Riyadh received the season’s first rainfall with an umbrella of cloud enveloping the city skyline on Tuesday
- Makkah, Madinah and Jeddah received heavy rainfall on Monday with floods in low lying areas
RIYADH: Saudi Arabia’s meteorology authorities have forecast more rain accompanied by thunderstorms across several regions, with a red alert in Makkah, Asir and Baha regions due to the inclement weather.
The National Center for Meteorology forecast moderate to heavy rainfall, accompanied by thunderstorms, hail and strong winds in parts of Asir, Al-Baha and Makkah.
Fog may form in some areas of these regions, it added.
Temperatures will drop and frost may form in the northern parts of the Kingdom, according to the NCM.
It added that dust-stirring winds will blow and rain may fall in parts of Riyadh, Qassim, the Eastern Region and Jazan regions.
Meanwhile, Riyadh received the season’s first rainfall with an umbrella of cloud enveloping the city skyline on Tuesday. Some areas in the capital also were lashed by hail.
Makkah, Madinah and Jeddah received heavy rainfall on Monday with floods in low lying areas, forcing the Civil Defense to warn against venturing into flooded areas and valleys.
The General Directorate of Civil Defense has issued warnings and safety instructions, as the country braces for heavy rainfall, urging the public to stay at home, avoid valleys and waterlogged areas, and adhere to all safety directives.
“We follow the weather conditions in some areas of the Kingdom, and call for staying away from valleys and water bodies,” the Civil Defense posted on X.
“During rain, stay away from low-lying areas, water pools and deep valleys,” it added.
Makkah Governorate on X posted several videos of heavy rains, thunderstorm and waterspouts.
Social media is filled with videos from the holy cities of Makkah and Madinah, and the Red Sea City of Jeddah, showing streets and city roads flooded, and cars submerged as result of heavy rainfall.
According to the NCM, winds over the Red Sea will be northeasterly to northerly in the northern and central parts, and southeasterly to southwesterly in the southern part at speeds of 20-50 km per hour. Waves may range from one meter and a half to more than two meters, and the sea will be relatively calm to choppy.
Al-Habtoor Palace opens doors at Budapest’s iconic Adria Palace
Al-Habtoor Group has announced the official launch of Al-Habtoor Palace, Budapest, located within the historic Adria Palace in the heart of the Hungarian capital. This iconic building, originally constructed in the early 20th century, has been a landmark of architectural elegance and cultural significance. It has been reimagined into Al-Habtoor Palace to deliver an elevated luxury hospitality experience that combines timeless grandeur, sophistication with modern luxury.
Positioned as “A Jewel of Dubai Hospitality,” Al-Habtoor Palace marks a significant milestone in the group’s vision to bring Dubai’s renowned luxury and excellence to Europe. Guests can now enjoy a unique blend of refined amenities, bespoke care, and world-class standards that have earned Al-Habtoor Hospitality a distinguished reputation in the UAE and globally.
Inspired by the success of Al-Habtoor Palace Dubai in Al-Habtoor City, a symbol of sophistication and grandeur, the Budapest property offers the same unmatched levels of personalized service and luxury, while embracing the rich heritage of Adria Palace, a cornerstone of Budapest’s cultural legacy.
Khalaf Ahmad Al-Habtoor, founding chairman of Al-Habtoor Group, said: “The introduction of Al-Habtoor Palace in Budapest reflects our vision to expand our homegrown luxury brand to Europe. Nestled within the historic Adria Palace, Al-Habtoor Palace represents the pinnacle of hospitality while offering an unforgettable experience in one of Europe’s most vibrant cities. This marks the global debut of our ultra-luxury Al-Habtoor Palace brand from Hungary, the jewel of Central Europe, and a significant milestone for our group.”
Now welcoming guests, Al-Habtoor Palace, Budapest offers a unique stay as a beacon of luxury and sophistication, seamlessly blending the historical charm of Adria Palace with the renowned warmth and excellence of Dubai’s hospitality.
Jean-Marie Le Pen, French far-right leader known for fiery rhetoric against immigration, dies at 96
- A polarizing figure in French politics, Le Pen was convicted numerous times of antisemitism, discrimination and inciting racial violence
- Le Pen routinely countered that he was simply a patriot protecting the identity of “eternal France”
PARIS: Jean-Marie Le Pen, the founder of France’s far-right National Front who was known for fiery rhetoric against immigration and multiculturalism that earned him both staunch supporters and widespread condemnation, died Tuesday. He was 96.
A polarizing figure in French politics, Le Pen was convicted numerous times of antisemitism, discrimination and inciting racial violence. His statements — including Holocaust denial, racist denunciations of Muslims and immigrants and his 1987 proposal to forcibly isolate people with AIDS in special facilities — shocked his critics and strained his political alliances.
Le Pen routinely countered that he was simply a patriot protecting the identity of “eternal France.”
Le Pen, who once reached the second round of the 2002 presidential election, was eventually estranged from his daughter, Marine Le Pen, who renamed his National Front party, kicked him out and transformed it into one of France’s most powerful political forces while distancing herself from her father’s extremist image.
Jordan Bardella, president of the National Rally as the party is now known, confirmed Le Pen’s death in a post on social media platform X. Bardella’s unusually warm tribute highlighted Le Pen’s polemical past, including his ties to the Algerian war, describing him as a “tribune of the people” who “always served France” and expressing condolences to his family, including Marine.
The post appeared to blur the distance the rebranded party had sought to establish between its firebrand founder and its more polished, modern direction under Marine Le Pen.
French President Emmanuel Macron, a centrist, expressed “his condolences to (Le Pen's) family and friends,” in an uncharacteristically short statement issued by the presidential palace.
“A historic figure of the far right, he played a role in the public life of our country for almost 70 years, which is now a matter for history to judge,” the statement read.
Marine Le Pen, thousands of kilometers (miles) away in the French territory of Mayotte, was inspecting the aftermath of destructive Cyclone Chido at the time of her father’s death.
Despite his exclusion from the party in 2015, Le Pen’s divisive legacy endures, marking decades of French political history and shaping the trajectory of the far right.
His death came at a crucial time for his daughter. She now faces a potential prison term and a ban on running for political office if convicted in an embezzling trial.
As Le Pen’s health deteriorated in recent years, he was hospitalized several times, including after he suffered a stroke.
Le Pen is survived by his wife and three daughters, Marie-Caroline, Yann and Marine.
Israel extends closure of Al Jazeera’s West Bank office
- Israel suspended Al Jazeera’s Ramallah office for 45 days in September on charges of “incitement to and support for terrorism”
- Announcement comes days after Palestinian Authority also suspended the network’s broadcasts for four months
RAMALLAH, Palestinian Territories: Israeli authorities renewed a closure order for Al Jazeera’s Ramallah office in the occupied West Bank on Tuesday, days after the Palestinian Authority suspended the network’s broadcasts for four months.
An AFP journalist reported that Israeli soldiers posted the extension order Tuesday morning on the entrance of the building housing Al Jazeera’s offices in central Ramallah, a city under full Palestinian Authority security control.
The extension applies from December 22 and lasts 45 days.
In September, Israeli forces raided the Ramallah office and issued an initial 45-day closure order.
At the time, staff were instructed to leave the premises and take their personal belongings.
The move came months after Israel’s government approved a decision in May to ban Al Jazeera from broadcasting from Israel, also closing its offices for an initial 45-day period, which was extended for a fourth time by a Tel Aviv court in September.
Later in September, Israel’s government announced it was revoking the press credentials of Al Jazeera journalists in the country.
Prime Minister Benjamin Netanyahu’s government has long been at odds with Al Jazeera, a dispute that has escalated since the Gaza war began following Hamas’s attack on southern Israel on October 7.
The Israeli army has repeatedly accused the network’s reporters in Gaza of being “terrorist operatives” affiliated with Hamas or Islamic Jihad.
The Qatari channel denies the accusations, and says Israel systematically targets its staff in Gaza.
