Lebanese Products Return to Saudi Market with Aims to Exceed Pre-2021 Figures

Saudi Ambassador to Beirut Fahd Al-Dosari and officials from both countries at Beirut port at the launch of Lebanese exports to Saudi Arabia. (SPA)
Saudi Ambassador to Beirut Fahd Al-Dosari and officials from both countries at Beirut port at the launch of Lebanese exports to Saudi Arabia. (SPA)
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Lebanese Products Return to Saudi Market with Aims to Exceed Pre-2021 Figures

Saudi Ambassador to Beirut Fahd Al-Dosari and officials from both countries at Beirut port at the launch of Lebanese exports to Saudi Arabia. (SPA)
Saudi Ambassador to Beirut Fahd Al-Dosari and officials from both countries at Beirut port at the launch of Lebanese exports to Saudi Arabia. (SPA)

Lebanese products are once again entering the Saudi market, carrying with them more than just goods and commodities; they carry a message of confidence that has been rebuilt after years of pause, and an economic opportunity that Lebanon has been eagerly awaiting.

The return of the Saudi market - which alone represents about 85 percent of the size of the Gulf market - is not only a restoration of what was lost when exports reached about $378 million before the 2021 ban, but also opens the door to greater ambitions to expand the Lebanese presence in this vast market.

This strategic shift is supported by advanced digital inspection mechanisms that meet current requirements, confirming that the transition to the greater Gulf market is no longer based on intentions, but on compliance with strict standards that ensure the stability and preservation of this historic partnership.

On Saturday, the "whistle" sounded from Beirut for the return of Lebanese exports to the Kingdom, after a long ban of five years, which was imposed following widespread smuggling of contraband to the Kingdom.

Rabih el-Amine, Chairman of the Lebanese Executives Council, an economic and social gathering that includes a group of elite Lebanese professionals residing in the Kingdom and Gulf countries, told Asharq Al-Awsat that the return of Lebanese exports to the Kingdom is a step that goes beyond its direct commercial dimension.

"In essence, it is a restoration of trust, which represents the real capital in any sustainable economic relationship," he stressed.

"With this decision, Beirut is regaining its gateway to the most important export markets of all, bringing life back to its productive sectors in agriculture and industry, and hope to thousands of farmers in the Bekaa, the south, and the north, as well as to the factories that have survived in the most difficult conditions," he added.

He said the ban was lifted "at a time when the country's economy needs everything that drives it forward and secures job opportunities and the flow of hard currency."

Trade exchange

As for the Kingdom, el-Amine said that the decision, which came in implementation of the directives of Prince Mohammed bin Salman, Crown Prince and Prime Minister, and in response to the request of Lebanese President Joseph Aoun and Prime Minister Nawaf Salam, "embodies a firm Saudi position in support of Lebanon's stability and sovereignty over all its territory."

"It confirms that Beirut is regaining its role as a reliable partner whose territory is not used as a launching pad to harm its brothers," he stated.

"More importantly, this return was not based on intentions, but on concrete measures, from modern scanning devices in the ports of Beirut and Tripoli to the joint control mechanism that allows the port of Jeddah to view the results of the inspection as soon as the goods pass through," he explained.

Rabih el-Amine, Chairman of the Lebanese Executives Council.

He revealed that the Kingdom topped the Lebanese export markets before the ban. "In 2014 and 2015, it ranked first with about 12 percent of our total exports, with a value of about 378 million dollars in 2014, according to data from the Lebanese Customs and the Chamber of Commerce, while bilateral trade was estimated at hundreds of millions of dollars annually."

"The 2021 decision reduced this presence to almost zero. Our share in the Saudi market fell to about 3 percent in 2021, while the Kingdom's exports to Beirut continued and reached about $870 million in 2024, which reveals the size of the imbalance that we are seeking to correct today," el-Amine remarked.

The ambition, as expressed by PM Salam, is "not only to restore the figure to what it was before the ban, but to surpass it," he continued.

"The Saudi market alone represents about 85 percent of the size of the Gulf market, and if we offer a high-quality, competitively priced product, we can double our share, not just regain it," he noted.

Export products

Agricultural and food products top Lebanon's exports to Saudi Arabia, such fruits and vegetables including apples, grapes, citrus fruits, cherries, and potatoes, as well as food industries and canned products.

These are commodities linked to production, processing, and marketing chains that employ thousands of families. In addition, there are high-value Lebanese categories that the Kingdom has consistently imported, from jewelry and precious metals to cosmetics, essential oils, and some industrial and pharmaceutical products.

Plastics and their products lead Saudi exports to Lebanon, followed by petroleum products, fuel, and mineral oils, then pharmaceutical and processed foodstuffs.

Demands of the Saudi market

El-Amine said that the Lebanese Executives Council provides exporters with an accurate reading of the Saudi market and its requirements, in terms of specifications, standards, compliance and logistics services.

"We connect Lebanese companies with their potential partners through bilateral meetings, delegations and forums, and we accompany entrepreneurs in preparing their products to the level of quality that this market deserves," he added.

He called for protecting and preserving this step in the long term through two tracks. "The first is to tighten security measures at crossings and borders in a way that prevents any recurrence of what led to the ban; and the second is to harmonize tax and financial procedures between the two countries," he suggested.

"It is the responsibility of the Lebanese exporters themselves to align their products with the specifications and standards adopted in the Kingdom, as the quality of the product and its compliance with the standards are its permanent pass to this market," he stressed.



Bolivia Approves $1.9 Billion IMF Deal, Eliminates Diesel Subsidies

A person is counting dollars in La Paz, Bolivia, 10 July 2026. (EPA)
A person is counting dollars in La Paz, Bolivia, 10 July 2026. (EPA)
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Bolivia Approves $1.9 Billion IMF Deal, Eliminates Diesel Subsidies

A person is counting dollars in La Paz, Bolivia, 10 July 2026. (EPA)
A person is counting dollars in La Paz, Bolivia, 10 July 2026. (EPA)

Bolivian lawmakers approved a $1.9 billion loan agreement with the International Monetary Fund on Friday, delivering the conservative government a key victory in its efforts to ease the country's deep economic crisis as unions threatened renewed protests.

Just hours after Congress approved the loan, President Rodrigo Paz announced an immediate end to subsidies for the diesel powering Bolivia’s trucks, buses and tractors — a step toward meeting IMF demands. Gasoline, used mainly in private cars, would remain subsidized for now, though Paz had already scaled back that support in recent months, The Associated Press said.

The Senate ratified the IMF agreement a day after the lower house approved it, clearing the final legislative hurdle for the three-year financing program aimed at replenishing dwindling foreign reserves and stabilizing the ailing economy marked by high inflation and weak growth. The IMF first announced the staff-level agreement in July after months of negotiations with Paz’s market-friendly government, which took power last year after nearly two decades of socialist rule as part of a wave of new Latin American leaders allied with the Trump administration.

The program still requires approval from the IMF’s executive board before funds can be disbursed. Economy Minister Christian Morales told senators that the deal would give other lenders, including the World Bank and the Inter-American Development Bank, greater confidence in the government and help it secure about $5 billion in additional financing.

But the assistance is conditioned on tough economic measures, including the elimination of fuel subsidies, that threaten to reignite unrest in Bolivia, where weeks of road blockades in June and July paralyzed much of the South American nation as demonstrators demanded Paz’s resignation. Congress on Thursday extended for another 90 days a state of emergency that Paz had declared to clear roads during the protests. It allows for military intervention and the suspension of some civil liberties.

The Bolivian Workers’ Central, the country’s main labor federation, and other unions have voiced fierce opposition to the IMF loan, warning that the government spending cuts required under the deal would drive up living costs and deepen hardship for struggling families.

Although Paz’s Christian Democratic Party lacks a majority in Congress, the centrist and right-wing lawmakers that dominate both chambers rallied behind the deal. The Movement Toward Socialism, the party that dominated Bolivian politics after the former coca growers’ union leader Evo Morales won the presidency in 2005, now holds just two of the 130 seats in the lower house and none in the 36-member Senate.

Declining natural gas exports have deprived Bolivia of dollars needed to import gasoline and diesel, contributing to chronic fuel shortages that began in 2023 and have persisted under Paz. The Iran war has pushed up global fuel costs, making fuel subsidies an even greater burden on public finances.

“No one can buy something expensive and sell it cheap,” Paz said in his late-night declaration that diesel in Bolivia would now be sold at international prices.

To cushion the blow, he announced about $79 million in cash assistance for 2.9 million Bolivians, along with loans on preferential terms for truckers, small businesses and producers facing higher diesel costs. He pledged to redirect subsidy spending toward schools, hospitals and roads.


IMF Says Lebanon Economic Activity to Contract Sharply in 2026 as Conflict Weighs

FILE PHOTO: A view of the International Monetary Fund logo at its headquarters in Washington, D.C., US, November 24, 2024. REUTERS/Benoit Tessier/File Photo
FILE PHOTO: A view of the International Monetary Fund logo at its headquarters in Washington, D.C., US, November 24, 2024. REUTERS/Benoit Tessier/File Photo
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IMF Says Lebanon Economic Activity to Contract Sharply in 2026 as Conflict Weighs

FILE PHOTO: A view of the International Monetary Fund logo at its headquarters in Washington, D.C., US, November 24, 2024. REUTERS/Benoit Tessier/File Photo
FILE PHOTO: A view of the International Monetary Fund logo at its headquarters in Washington, D.C., US, November 24, 2024. REUTERS/Benoit Tessier/File Photo

The International Monetary Fund said on Friday that Lebanon's economic activity is expected to contract significantly in 2026 ‌as the ‌conflict in ‌the ⁠Middle East and broader ⁠regional security tensions continue to damage economic activity, infrastructure ⁠and living conditions, Reuters reported.

The ‌IMF ‌said inflation ‌remained in ‌the double digits and the country's current account deficit ‌had widened, largely due to higher ⁠energy ⁠costs, while infrastructure damage, internal displacement, and deteriorating living standards had added to economic pressures.


Oil Prices Fall on Easing Fears Over Saudi Supply Disruption

FILE PHOTO: Vessels near the Strait of Hormuz, as seen from Musandam, Oman, September 2, 2026. REUTERS/Stringer/File Photo
FILE PHOTO: Vessels near the Strait of Hormuz, as seen from Musandam, Oman, September 2, 2026. REUTERS/Stringer/File Photo
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Oil Prices Fall on Easing Fears Over Saudi Supply Disruption

FILE PHOTO: Vessels near the Strait of Hormuz, as seen from Musandam, Oman, September 2, 2026. REUTERS/Stringer/File Photo
FILE PHOTO: Vessels near the Strait of Hormuz, as seen from Musandam, Oman, September 2, 2026. REUTERS/Stringer/File Photo

Oil prices fell 2% on Friday, extending losses for a third straight session as easing concerns over Saudi supply disruptions outweighed anxiety about a widening of conflict across the Middle East.

Brent crude futures fell by $2.14, or 2%, to $102.68 a barrel by 0806 GMT. US West Texas Intermediate futures fell $1.83, or 1.8%, to $100.08, Reuters reported.

Benchmark Brent prices are on track for their first weekly loss in three.

Prices climbed to close to four-month highs earlier in the week after sources said crude loadings ⁠at Saudi Arabia's Red Sea export hub of Yanbu had been suspended and Riyadh cancelled some deliveries to Europe after its East-West pipeline was damaged in an attack last week.

However, prices have cooled since on reports that Saudi Arabia was seeking to restore about half the capacity of its East-West oil pipeline within days.

Saudi Arabia has sold about 60 million barrels of crude from its Gulf port of Ras Tanura inside the Strait of Hormuz for loading via ship-to-ship transfer at the Omani port of Sohar this month and next, multiple trade sources said on Friday.

The rebound in Saudi Aramco's exports from inside the Gulf to between 1 million to 1.5 million barrels per day on average, similar to or slightly higher than August's levels, has cooled global oil prices as it could make up for some of the ⁠volume lost at its port of Yanbu.

Chinese and South Korean refiners are among the top buyers of the spot supplies, while some volumes will be going to India and Japan, said the sources, who spoke on condition of anonymity.

"Recent efforts ‌to restore Saudi export capacity have reduced some of the immediate supply ‌anxiety," said Priyanka Sachdeva, head of market insights at Phillip Nova.