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Northern Border Investment Forum Reviews Promising Opportunities

Northern Border Investment Forum “Promising Investment Prospects in the Northern Border Region” (SPA)
Northern Border Investment Forum “Promising Investment Prospects in the Northern Border Region” (SPA)
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Northern Border Investment Forum Reviews Promising Opportunities

Northern Border Investment Forum “Promising Investment Prospects in the Northern Border Region” (SPA)
Northern Border Investment Forum “Promising Investment Prospects in the Northern Border Region” (SPA)

The Northern Borders Investment Forum 2023 reviewed the promising investment opportunities within the Northern Borders Region.

The Forum highlighted the efforts of the Saudi Ministry of Environment, Water, and Agriculture in determining possible regulations and systems for investment and presenting investment opportunities under Vision 2030.

It also addressed the role of relevant authorities in organizing investments in the environment, water, and agriculture to improve the quality of life and their complementary consultative role.

The Forum witnessed a session themed “Promising Investment Prospects in the Northern Border Region,” featuring President of the Arab Tourism Organization Bandar al-Fuhaid, Deputy Minister for Economic Affairs and Privatization at the Ministry of Environment, Water and Agriculture Abdurahman al-Zoghaibi, Executive Vice President of the National Industrial Development Center for Shared Services Khalid al-Humoud, and Assistant Undersecretary of the Investment Development Agency at the Ministry of Investment Ammar al-Taf.

During the session, the participants underscored the pivotal role of the tourism sector in driving economic growth, fostering investment prospects, advancing sustainable and social development, and bolstering initiatives aimed at enhancing the tourism industry within the Northern Borders Region.

Fuhaid pointed out that the Kingdom’s GDP from tourism in 2022 will reach four percent, indicating that the country plans to increase it to ten percent by 2030.

He added that the Kingdom is one of the wealthiest countries at the regional and global levels regarding civilizational and cultural heritage.

During a dialogue session, the Forum discussed “Business Councils’ Efforts to Stimulate Investments in the Northern Border Region,” the efforts of business councils in stimulating investments in the region.

They addressed the qualitative leaps of Saudi Arabia in the trade exchange index and efforts harnessed to facilitate trade exchange between countries.

The session touched on the role of business councils operating under the umbrella of the Federation of Saudi Chambers in stimulating investments and supporting investors.

Participants in the dialogue session praised the business councils’ role in strategic achievements and projects, boosting relations, increasing the volume of trade exchange, and developing bilateral investments.

They stressed the importance of such meetings in boosting cooperation under a strong will and a qualitative shift in trade exchange to achieve Vision 2030 and its goals of diversifying incomes and increasing trade exchanges and partnerships in various sectors.

The participants called on all investors to exchange information and experiences through active participation in available projects, activating mechanisms that contribute to developing trade and investment exchange, and joint work mechanisms.

They also reiterated the need to join efforts to create a fertile and stimulating investment environment, create appropriate investment conditions, and hold joint investment events to research and explore promising investment opportunities.

The region directorate and the Federation of Saudi Chambers organized the Northern Borders Investment Forum 2023. It presented more than 157 investment opportunities in the northern border region, with an estimated value of $5.8 billion in various targeted sectors.

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Urgent Financial Tasks Await Lebanon’s Emerging Government

Lebanese President Joseph Aoun stands between Speaker of Parliament Nabih Berri and caretaker Prime Minister Najib Mikati (dpa)
Lebanese President Joseph Aoun stands between Speaker of Parliament Nabih Berri and caretaker Prime Minister Najib Mikati (dpa)
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Urgent Financial Tasks Await Lebanon’s Emerging Government

Lebanese President Joseph Aoun stands between Speaker of Parliament Nabih Berri and caretaker Prime Minister Najib Mikati (dpa)
Lebanese President Joseph Aoun stands between Speaker of Parliament Nabih Berri and caretaker Prime Minister Najib Mikati (dpa)

A broad internal consensus, encompassing both political and economic dimensions, is taking shape to adopt the principles outlined in the presidential inauguration address as the foundation of the new government’s program and ministerial statement. This approach aims to sustain Lebanon’s immediate and strong positive momentum, which is reinforced by widespread support on both Arab and international levels.

Economic bodies and professional unions representing business sectors have openly expressed their relief and full support for the strategic directions set by President Joseph Aoun following his election. However, they have made it clear that maintaining this positive momentum depends on the formation of a reform-oriented rescue government, composed of competent, experienced, and honest ministers. This government must also collaborate constructively with the president.

According to a senior financial official, the rescue mission will be challenging due to years of governmental inaction and constitutional voids, which led to a deterioration in public sector operations and the accumulation of economic, financial, and monetary crises over the past five years. These challenges were further compounded by a devastating war, which inflicted severe human and financial losses estimated at approximately $10 billion, thereby worsening the country’s financial gap, now estimated at $72 billion.

Economic and banking circles are looking to the new government to swiftly capitalize on extensive international support by restoring trust and reestablishing financial channels between Lebanon and its regional and international partners. Key to this effort are explicit and transparent commitments to combating illegal economic activities, corruption, smuggling, money laundering, and drug trafficking. In parallel, the government must prioritize strengthening judicial independence and implementing strict controls over land, sea, and air borders.

The national consensus evident in the presidential election, according to Mohammad Choucair, head of Lebanon’s economic associations, paves the way for constructive collaboration among political factions. This collaboration is crucial for addressing challenges, rebuilding the state, and benefiting from renewed international and Arab—particularly Gulf and Saudi—interest in Lebanon. Choucair emphasized the importance of normalizing relations with Gulf nations, supporting Lebanon’s recovery, and providing resources for reconstruction efforts.

One of the urgent tasks for the new government, according to the financial official, is revisiting the draft 2024 state budget, which was previously submitted to parliament. Adjustments are necessary to address fundamental discrepancies in expenditure and revenue projections, taking into account significant changes brought about by the Israeli war.

Ibrahim Kanaan, chairman of the Parliamentary Finance Committee, described the budget as “unrealistic, if not entirely fictitious,” particularly in its revenue estimates. He pointed out that revenue increases were based on income and capital taxes, internal duties, and trade-related fees, all of which have been severely impacted by the war.

Reassuring depositors, both domestic and expatriate, who have suffered massive losses over recent years, is another pressing issue. These losses were exacerbated by the inability of successive governments to implement a comprehensive rescue plan addressing the $72 billion financial gap fairly. The situation was worsened by mismanagement in the electricity sector and the squandering of over $20 billion in central bank reserves following the onset of the financial crisis.

In response to Aoun’s commitment to a fair resolution for depositors, the Association of Banks in Lebanon welcomed his emphasis on safeguarding deposits. It also expressed its readiness to collaborate with the central bank and the government to protect depositors’ rights, citing a recent State Council ruling that prohibits any financial recovery plans from including measures that would erode depositors’ funds.

In its final session, the caretaker government addressed long-standing creditor issues by unanimously agreeing to suspend Lebanon’s right to invoke statutes of limitations on claims by foreign bondholders under New York law. This suspension, effective until March 9, 2028, aims to facilitate future negotiations.

With this decision, the caretaker government tacitly acknowledged Lebanon’s pending debt obligations, including over $10 billion in suspended interest payments on Eurobonds and approximately $30 billion in principal debt. The resolution now awaits direct negotiations under the new administration, which faces the challenge of resolving a nearly five-year-old crisis triggered by the previous government’s uncoordinated decision to halt payments on all Eurobond obligations through 2037.

Caretaker Finance Minister Youssef Khalil emphasized that despite the difficult circumstances, “Lebanon remains committed to reaching a fair and consensual resolution regarding the restructuring of Eurobond debt.”