BEIRUT: Lebanon’s President Michel Aoun promised on Monday that an audit into the country’s central bank crucial for financial rescue would hold the organization accountable, despite efforts to limit the probe.
The audit is a condition for Lebanon to secure foreign aid to help it recover from a financial meltdown the World Bank described as one of the world’s sharpest ever economic depressions.
Earlier this month, the staff union of Lebanon’s central bank said it did not want personal data handed over to the restructuring consultancy Alvarez and Marsal (A&M), which could further hamper attempts to carry out the audit.
Aoun is monitoring attempts to overcome “artificial obstacles” discouraging the company from carrying out a forensic audit, his media office said in a statement.
The statement added the presidency hopes that there is not “something to hide in the accounts of the bank.”
Aoun criticized what he called the “deliberate procrastination” by the central bank in handing over the complete data required by A&M.
The central bank issued a statement on Monday responding to the president’s criticisms, saying it provided A&M with all the required data “in a manner that doesn’t conflict with the law and international standards.”
The central bank said it stresses A&M should start its work and make sure itself that the data provided is correct.
Central bank governor Riad Salameh, who denies any wrongdoing during almost three decades leading the central bank, is being probed in Lebanon and at least four European countries, with his role under close scrutiny since Lebanon’s economic collapse in 2019.
“The Lebanese people have the right to know how the gap in the central bank’s accounts arose and grew. Private banks stumbled, depositors’ money was wasted, and a lifetime was robbed,” the president added.
The gap refers to a portion of losses in Lebanon’s financial sector attributable to the central bank.
The governor has support from several top politicians and stayed in his post even as the economy has been crushed by huge debts, the currency has collapsed and many Lebanese have been driven into poverty.
Aoun “promises the people that accountability is coming,” the statement said.
Lebanon President Aoun promises central bank audit will provide accountability
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Lebanon President Aoun promises central bank audit will provide accountability
- The central bank says audit company A&M must start its work and make sure the data provided is correct
Saudi Cabinet approves standard incentives for industrial sector
RIYADH: Saudi Arabia’s Cabinet has approved a set of standardized incentives aimed at boosting the Kingdom’s industrial sector, marking a significant step in the nation’s ongoing efforts to diversify its economy.
The decision was made during a Cabinet meeting chaired by Crown Prince Mohammed bin Salman on Tuesday, according to the Saudi Press Agency.
The Cabinet also endorsed several other key measures, including regulatory support for the National Cybersecurity Authority and structural changes for the National Center for Marine Information. These initiatives are part of a broader strategy to strengthen various sectors of the economy and reduce Saudi Arabia’s longstanding dependence on oil revenues.
As part of the country’s push for economic diversification, the National Industrial Development and Logistics Program reported in August that the number of industrial establishments in Saudi Arabia grew by 60 percent from 7,206 in 2016 to 11,549 in 2023.
“The Cabinet’s approval of standard incentives for the industrial sector supports and enables the transformation journey in the Kingdom, which contributes to achieving economic diversification and raising the sector’s contribution to the gross domestic product,” said Saudi Finance Minister Mohammed Al-Jadaan in a post on the social media platform X.
The Cabinet also commended the recent visits of French Prime Minister Emmanuel Macron and UK Prime Minister Keir Starmer to Saudi Arabia, recognizing that such diplomatic engagements will enhance international cooperation in various fields.
Additionally, the Cabinet highlighted Saudi Arabia’s improved credit ratings, noting that recent upgrades by international agencies reflect the progress of the Kingdom’s economic reforms. In November, Moody’s raised Saudi Arabia’s long-term local and foreign currency issuer ratings to Aa3 from A1, signaling strong creditworthiness and the Kingdom's ability to meet its financial obligations.
Another significant development highlighted by the Cabinet was the launch of the Riyadh metro project, which is expected to enhance infrastructure, promote economic growth, and improve the quality of life for citizens.
The Cabinet also approved a memorandum of understanding between Saudi Arabia’s Ministry of Environment, Water, and Agriculture and Cuba’s environmental agency to strengthen cooperation in environmental protection. Furthermore, it authorized the Ministry of Industry and Mineral Resources to pursue a draft memorandum of understanding with Iraq’s Geological Survey to enhance geological and scientific collaboration between the two countries.
These decisions underscore Saudi Arabia’s commitment to advancing its economic and infrastructural development while strengthening international ties and environmental stewardship.
Sports Boulevard Foundation launches $933m fund for mixed-use development in Riyadh
JEDDAH: Saudi Arabia’s Sports Boulevard Foundation has launched a SR3.5 billion ($933 million) real estate investment fund to develop Urban Wadi High Rises, a mixed-use project in Riyadh.
SBF signed agreements with Riyadh Development Co., Turkiye’s FTG Development, and Jadwa Investment to establish the fund, which aims to transform Riyadh’s urban landscape.
Spanning 40,000 sq. meters with a gross floor area exceeding 207,000 sq. meters, the Urban Wadi High Rises will adhere to Salmani architectural principles, blending cultural heritage with modern design, according to a press release.
The initiative is part of the broader Sports Boulevard project launched in 2019, which spans 135 km, linking Wadi Hanifa in the west to Wadi Al-Sulai in the east. Designed as the world’s largest linear park, it integrates sports, cultural, and environmental features to promote healthier lifestyles in line with Vision 2030’s Quality-of-Life objectives.
Jayne McGivern, CEO of the Sports Boulevard Foundation, said: “Establishing a real estate investment fund and the strategic partnership it entails is a significant step toward enhancing urban development.”
She added: “This fund reflects our unwavering commitment to the Sports Boulevard project and our vision of improving the quality of life in the city. We aim to transform Riyadh into one of the best in the world, contributing to regional growth and successfully achieving the overarching goals outlined in the Saudi Vision 2030.”
As part of the deal, Sports Boulevard Development Co. will hold the majority stake, while Riyadh Development Co. and FTG Development will act as co-investors and developers. Jadwa Investment will manage the closed-ended fund, the release added.
“Through collaboration with our partners, we will be able to provide Sports Boulevard’s Urban Wadi destination with world-class facilities that will guarantee a positive impact in all areas related to Riyadh’s community,” said McGivern.
This is the second real estate investment fund launched by SBF, following its earlier fund announcement for the Promenade destination. The foundation described the initiative as a unique partnership model between the public and private sectors.
Urban Wadi will feature a water canal with green spaces, pedestrian and cycling paths, shaded play areas, sports courts, a kayaking zone, and retail spaces with shops and restaurants. A 10,000-sq.-meter shaded structure will provide an additional community gathering space for residents and visitors.
Jehad Al-Kadi, CEO of Riyadh Development Co., emphasized the project’s alignment with Vision 2030, noting its potential to enhance Riyadh’s infrastructure and support the Kingdom’s growth ambitions.
“We are proud to announce the establishment of a real estate investment fund as part of our strategic partnership with the Sports Boulevard Development Company. This investment will support the common goal of the Sports Boulevard Project by providing world-class facilities to the residents and visitors of Riyadh,” said Al-Kadi.
Given the project's significance and the Kingdom’s current economic and investment dynamics, he noted that a successful partnership had been formed with international real estate developer FTG Development to implement best practices in design, construction, and asset management.
Tariq Al-Sudairy, managing director and CEO of Jadwa Investment, underscored the fund’s role in strengthening Riyadh’s global standing, adding: “The management of this Fund demonstrates our commitment to strengthening Riyadh’s position as a global city by developing sustainable infrastructure to the highest standards, attracting investments that contribute to achieving the goals of Saudi Vision 2030, and improving the quality of life in the capital.”
Launched in 2019 under the leadership of King Salman and Crown Prince Mohammed bin Salman, the Sports Boulevard project is a flagship initiative designed to enhance Riyadh’s livability and promote active lifestyles.
Saudi Entertainment Ventures unveils $346m destination in Jazan region
- Development supports SEVEN’s goal to expand entertainment offerings across the Kingdom
- Global architecture firm Gensler will design the project
RIYADH: Saudi Arabia’s Jazan region is set to host a new SR1.3 billion ($346 million) entertainment destination, with Saudi Entertainment Ventures, or SEVEN, awarding the project’s development contract to Alfanar Projects.
The project, covering 60,000 sq. meters of land and 73,000 sq. meters of built-up space, will be located near the North Corniche Park along Jazan’s waterfront, offering easy access for locals and visitors from nearby regions, according to a press release.
The development supports SEVEN’s goal to expand entertainment offerings across Saudi Arabia, contributing to Vision 2030. It also aligns with the Jazan Municipality’s growing investment portfolio, valued at SR4 billion.
Abdullah Nasser Al-Dawood, the chairman of SEVEN, said: “We are excited to unveil SEVEN’s new entertainment destination in Jazan, reflecting our ongoing commitment to enriching the Kingdom’s entertainment offering and enhancing the quality of life for communities across Saudi Arabia.”
He added: “This destination celebrates the natural diversity and rich cultural heritage of the Jazan region, providing exceptional leisure experiences for residents and visitors alike.”
The venue will feature attractions such as an indoor golf course, an entertainment district with rides, a cinema complex, a karting track, an indoor adventure center, as well as various dining and retail outlets.
Global architecture firm Gensler will design the project, incorporating elements of the Red Sea coastline, Jazan’s mountain ranges, and the region’s iconic jasmine flowers, the release added.
“We are honored to collaborate with SEVEN to develop this landmark entertainment destination in Jazan. Our shared commitment to excellence and innovation will ensure the project meets the highest quality of standards and contributes meaningfully to the Kingdom’s growing entertainment sector,” said Amer Alajmi, executive vice president of Alfanar Projects.
The project is an exciting opportunity for Alfanar to play a key role in bringing world-class experiences to the Jazan community and beyond.”
He described the project as an “exciting opportunity” for Alfanar to play a pivotal role in delivering world-class experiences to the Jazan community and beyond.
The Jazan region is seeing a surge in development, with a project pipeline currently containing 47 projects with a combined construction cost exceeding SR3 billion. Among the projects are two seafront developments, 15 boulevard and resort projects, four hotels, three hospitals, 10 markets, and 13 industrial sites.
SEVEN, part of the Qiddiya Investment Co. and backed by the Public Investment Fund, is investing more than SR50 billion in developing 21 entertainment destinations across 14 cities in Saudi Arabia, furthering the Kingdom’s ambitions to transform its leisure and tourism sectors.
30 Polish firms set to open HQs in Saudi Arabia, says minister
- Interest with Kingdom’s efforts to position itself as a regional hub for digital innovation under its Vision 2030 plan
- Kingdom’s Regional Headquarters program came into effect at the beginning of 2024
RIYADH: Poland is currently working to establish headquarters for up to 30 companies in Saudi Arabia as both nations focus on expanding business cooperation, particularly in technology and digital sectors.
Polish Deputy Prime Minister and Minister of Digital Affairs Krzysztof Gawkowski confirmed this during a meeting in Riyadh with Hassan bin Moejeb Al-Huwaizi, chairman of the Federation of Saudi Chambers, and several investors from the Kingdom, the Saudi Press Agency reported.
The interest of Polish firms in setting up headquarters in the Kingdom aligns with Saudi Arabia’s efforts to position itself as a regional hub for digital innovation under its Vision 2030 plan.
“The Kingdom’s experience in the field of technology, digitization, and artificial intelligence represents an inspiring experience and a model to be emulated in the Middle East,” Gawkowski said.
Gawkowski revealed that several Polish companies have already obtained licenses to open offices and branches in Saudi Arabia.
This comes after the Kingdom’s Regional Headquarters program came into effect at the beginning of 2024, aiming to attract multinational corporations to set up their Middle East base in the country. The program offers significant financial incentives, including a 30-year corporate tax exemption for qualifying activities.
The meeting, which included representatives from both governments, aimed at strengthening business ties and exploring opportunities in emerging technologies, including artificial intelligence and digital infrastructure.
During the discussions, the Polish minister noted that his government is ready to support Saudi projects and investments in Poland, offering all necessary guarantees and facilities.
Ibrahim Al-Mubarak, assistant minister of investment and CEO of the Investment Marketing Authority, emphasized Saudi Arabia’s potential as a key partner for Poland in sectors like communications, information technology, and artifical intelligence.
He also highlighted opportunities in food security and agriculture.
Hassan Al-Huwaizi, chairman of the Federation of Saudi Chambers, highlighted that the meeting follows the success of a recent visit by the federation’s delegation to Poland.
He emphasized the goal of expanding trade beyond the current $9 billion and expressed optimism for broader cooperation between the two nations.
Abdullah Abu Dabil, chairman of the Saudi-Polish Business Council, added that companies from the European country are set to open their headquarters in the Kingdom by the first quarter of 2025. He also mentioned that a joint action plan is being developed, along with an exhibition for Polish companies in the Kingdom.
The meeting also featured presentations from the Saudi Data and Artificial Intelligence Authority and Polish counterparts, exploring digital infrastructure and investment opportunities in both countries.
Saudi Arabia has extracted lithium from oilfield runoffs, says vice minister
- Lithium is a key component in the batteries of electric cars, laptops, and smartphones
RIYADH: Saudi Arabia has successfully extracted lithium from brine samples from Aramco’s oilfields and plans to launch a commercial pilot program for direct extraction soon, the Saudi vice minister of mining affairs said on Tuesday.
Lithium Infinity, also known as Lihytech, a startup launched out of King Abdullah University for Science and Technology, will lead the extraction project with cooperation from Saudi mining company Ma’aden and Aramco, Khalid Al-Mudaifer told Reuters.
“They are extracting lithium through their new technology they have developed in King Abdullah University for Science and Technology and they are in accelerated development in this regard,” he said.
“They’re building a commercial pilot at the oil fields. So the brines that come out of the field will feed into this commercial pilot on a continuous basis,” added Al-Mudaifer.
Lithium is a key component in the batteries of electric cars, laptops, and smartphones.
The vice minister said that while the cost of extracting lithium from the brine runoffs from oil fields remained higher than the traditional method of extraction from salt flats, but added he expected that if lithium prices grew the project would soon be commercially viable.
Aramco, KAUST, and Ma’aden did not immediately reply to Reuters requests for comments.
