Lebanon's Finance Minister: 'Steps Needed After Long-term Investment Rating Downgraded '

FILE PHOTO: Minister Ali Hassan Khalil speaks during a meeting in Beirut.
FILE PHOTO: Minister Ali Hassan Khalil speaks during a meeting in Beirut.
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Lebanon's Finance Minister: 'Steps Needed After Long-term Investment Rating Downgraded '

FILE PHOTO: Minister Ali Hassan Khalil speaks during a meeting in Beirut.
FILE PHOTO: Minister Ali Hassan Khalil speaks during a meeting in Beirut.

Lebanon's Finance Minister Ali Hassan Khalil said a report by Moody's Investors Service that downgraded the country's long-term investment ratings reflects the need for quickly forming a new government and implementing reforms, the Associated Press (AP) reported.

Khalil's statement came in a tweet Tuesday after Moody's downgraded the Lebanon's issuer ratings to Caa1 from B3.

The outlook was changed to stable from negative.

Moody's said its decision reflects the heightened risk that the government's response to increased liquidity and financial stability risks will include "a debt rescheduling or other liability management exercise that may constitute a default under Moody's definition," according to AP.

Lebanon's economy has been under pressure with a debt of $85 billion equal to 150 percent of its GDP and little growth.



Saudi Arabia’s PIF Announces New Leadership Appointments

 Aerial view of the Saudi capital showing the Public Investment Fund (PIF) tower (SPA) 
 Aerial view of the Saudi capital showing the Public Investment Fund (PIF) tower (SPA) 
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Saudi Arabia’s PIF Announces New Leadership Appointments

 Aerial view of the Saudi capital showing the Public Investment Fund (PIF) tower (SPA) 
 Aerial view of the Saudi capital showing the Public Investment Fund (PIF) tower (SPA) 

Saudi Arabia’s Public Investment Fund (PIF) announced on Thursday a series of new leadership moves, including the appointment of Saad Alkroud as Head of the Local Real Estate Investment Division and Maram Al Johani as Acting Chief of Staff and Secretary General to the Fund’s Board of Directors.

In his new role, Alkroud will be responsible for developing PIF’s local real estate and infrastructure investment portfolio, which includes the giga-projects and several other strategic developments.

Alkroud joined PIF in 2016 as Head of Stakeholder Management, overseeing PIF Board and Committees affairs and international relations, as well as managing relationships with Saudi entities to deliver strategic initiatives and objectives.

In 2021, he was appointed as Chief of Staff, and in 2022 he took on additional responsibilities as Secretary General to the PIF Board of Directors.

In that position, he supervised corporate strategy and business plans, the PIF Project Management Office, including the establishment of new companies, and the affairs of PIF’s portfolio companies, stakeholders and committees.

He also serves on the boards of several PIF companies.

Alkroud’s appointment came after Eng. Aiman AlMudaifer has been named Acting CEO of NEOM since November 2024. AlMudaifer is also a board member of several PIF portfolio companies.

AlMudaifer has led the Local Real Estate Investment Division since 2018, helping to drive significant growth and transformation.

As of 2023, the portfolio included more than 35 real estate companies, with investments in Saudi real estate and infrastructure continuing to deliver sustainable returns.

The advancement of and investment in landmark developments and infrastructure projects have helped position PIF at the forefront of Saudi Arabia’s economic diversification, including the creation of tourism and cultural destinations.

PIF also announced that Maram Al Johani has been assigned as Acting Chief of Staff and appointed as Secretary General to the PIF Board of Directors.

She will lead organization-wide strategic planning, data and committees governance, and the project management office.

In addition, she will oversee portfolio company affairs and manage international and local stakeholders.

Al Johani joined PIF in 2017 after working for PricewaterhouseCoopers. She brings extensive experience to both roles, having served as PIF’s Head of Data and Committees Governance and Advisory Department since 2021.

PIF said these appointments reinforce the Fund’s strong leadership foundation and support the delivery of its unique mandate and long-term strategy, within the organization and across its portfolio of more than 220 companies, to create opportunities for the global economy and drive the economic transformation of Saudi Arabia.