As Crisis Hits, Lebanese Businesses Fight for Survival

Scores of Lebanese businesses have closed amid a severe economic crisis | AFP
Scores of Lebanese businesses have closed amid a severe economic crisis | AFP
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As Crisis Hits, Lebanese Businesses Fight for Survival

Scores of Lebanese businesses have closed amid a severe economic crisis | AFP
Scores of Lebanese businesses have closed amid a severe economic crisis | AFP

After decades of hard work, self-made Lebanese chocolatier Roger Zakhour thought he would finally be able to pass a successful business to his daughter. But then the economic crisis hit.

Instead of reaping profits this Christmas, he and his 29-year-old daughter are marking down their handmade ice cream logs.

"If it continues like this, in a few months I'll be bankrupt," the 61-year-old said sitting in his small shop, surrounded by colorful stacks of hand-crafted chocolates.

In protest-hit Lebanon, a free-falling economy, price hikes, and a severe dollar liquidity crunch have left local businesses struggling to stave off collapse.

Zakhour started making chocolates and then ice cream in the 1990s, refining his recipes until he became a go-to for five-star hotels and well-off Lebanese.

But as the economy worsened over the autumn, high-end hotels drastically reduced their orders and walk-in customers became rare.

Banks have restricted access to dollars since the end of the summer, sending prices soaring as importers struggle to secure enough hard currency to buy supplies.

"We're heading somewhere we never imagined we would," said Zakhour, who had just upgraded his kitchen when sales dropped off.

- Support fellow citizens -

In pursuit of high-quality products, Zakhour imports his ingredients, paying in euros or dollars.

But with withdrawals restricted and no transfers abroad, that is no longer viable.

"Now when something runs out, that's it," he said.

Unprecedented protests have swept Lebanon since October 17, with people from all backgrounds demanding a complete overhaul of a political class they deem useless and corrupt.

The government stepped down on October 29, but endless political deadlock has delayed a new one being formed to tackle the urgent need for economic reforms.

Zakhour's business is just one of thousands struggling to stay afloat.

Many Lebanese have been forced to close shop, and a large number have been fired or seen their salaries slashed by half, even as the cost of living increases.

Watching all this unfold, 31-year-old nursery school teacher Lea Hedary Kreidi and her family racked their brains to see how they could help.

Shortly after protests started, they launched a group on Facebook called "Made in Lebanon -- The Lebanese Products Group" to encourage Lebanese to buy locally produced goods.

In just two months, they amassed more than 32,000 members, who post ads for locally or homemade goods, or ask for local alternatives to imported products.

- 'Made in Lebanon' -

"We're used to going shopping and buying what our mothers used to buy. We grab what's in front of us without checking if it's made in Lebanon or not," she said, seated at home by a sparkling Christmas tree.

But there are locally made options for numerous products, including detergent, shampoo, nappies, peanut butter, ketchup, and children's building blocks.

"I was surprised by how many things there were that I didn't know about," said the mother of a baby boy.

In her drive to support her fellow citizens, Kreidi now skips her usual supermarket in favor of nearby small grocers.

This Christmas, only the children in her family will be receiving presents, which will all be made in Lebanon.

In Beirut, bar manager Rani al-Rajji says he is also having to adapt -- moving away from increasingly expensive imports while also remaining affordable.

"As much as I can, I'm trying to lessen the blow so our guests don't feel they've lost their purchasing power and can no longer afford to go out," said the 43-year-old, who is also an architect.

To do this, he and his co-founders are trying to increase local brands from a fifth to around a half of all bar and kitchen supplies.

"We're trying to use local products for all those with an alternative made in Lebanon," he said, sitting at the bar.

And they are also attempting to cut out unnecessary packaging and marketing costs, serving wine directly from the barrel and beer from the keg.

"We can't replace everything, but we can try to give Lebanese products more life, encourage their consumption," he said.

But some cash-strapped consumers say buying local is not their chief concern.

In a Beirut supermarket, 35-year-old Mariam Rabbah clutched a nearly empty basket wondering what to buy with her diminished salary.

"Everything is more expensive and we're now paid half," she said.

"Now what we care about is if something is cheap and good quality -- not whether it's imported or Lebanese."



Türkiye TPAO, Shell Sign Deal to Carry out Exploration Work offshore Bulgaria

A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. (Reuters)
A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. (Reuters)
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Türkiye TPAO, Shell Sign Deal to Carry out Exploration Work offshore Bulgaria

A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. (Reuters)
A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. (Reuters)

Türkiye Petrolleri (TPAO) has signed a partnership agreement with Shell to carry out exploration work in Bulgaria's maritime zone, the Turkish energy ministry and British oil major said on Wednesday.

European Union member Bulgaria, which had been totally dependent on Russian gas until 2022, has been seeking to diversify its gas supplies and find cheaper sources, Reuters reported.

TPAO and Shell will jointly explore the Khan Tervel block, located near Türkiye's Sakarya gas field, and will hold a five-year licence in Bulgaria's exclusive economic zone, Minister Alparslan Bayraktar said.

Shell will continue as operator of the block, while TPAO will take a 33% interest in the licence, a Shell spokesperson said.

Since the start of this year, TPAO has signed energy cooperation agreements with ExxonMobil, Chevron and BP for possible exploration work in the Black Sea and the Mediterranean.

In April, Shell signed a contract with Bulgaria's government to allow the oil major to explore 4,000 square metres in the block.


Saudia Signs Strategic Partnership Agreement with Six Flags and Aquarabia Qiddiya City

udia will develop special travel packages designed to enable visitors to experience world-class attractions - SPA
udia will develop special travel packages designed to enable visitors to experience world-class attractions - SPA
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Saudia Signs Strategic Partnership Agreement with Six Flags and Aquarabia Qiddiya City

udia will develop special travel packages designed to enable visitors to experience world-class attractions - SPA
udia will develop special travel packages designed to enable visitors to experience world-class attractions - SPA

Saudia Airlines has signed a five-year strategic partnership with Six Flags and Aquarabia Qiddiya City, becoming the official premier partner exclusively in the airline category.

As part of the partnership, Saudia will develop special travel packages designed to enable visitors to experience world-class attractions. The collaboration also brings the spirit of Six Flags and Aquarabia Qiddiya City to the skies through special aircraft branding across Saudia’s fleet, SPA reported. 

Chief Marketing Officer of Saudia Group Khaled Tash said in a press release: "Saudia is committed to supporting national development projects as part of its contribution to Vision 2030, aligned with our strategy to bring the world to the Kingdom. Partnerships of this scale with national partners play a key role in positioning Saudi Arabia as a leading global destination for entertainment and tourism."

Park President of Six Flags and Aquarabia Qiddiya City Brian Machamer added: "Our partnership with Saudia not only reflects a shared ambition to connect the Kingdom to the world through world-class entertainment experiences, but strengthens our ability to attract visitors from around the world and realize our vision of setting a new global benchmark for immersive, world-class theme park entertainment and reinforcing Saudi Arabia’s growing presence on the global tourism stage."

Six Flags Qiddiya City sets a new benchmark for exceptional entertainment regionally and globally. Spanning six iconic themed lands, the theme park takes visitors on an immersive journey across 28 rides and attractions designed to world-class standards. Beyond the scale and diversity of its offerings, Six Flags Qiddiya City stands out for pushing the boundaries of engineering and entertainment, featuring five exclusive, record-breaking rides that have redefined global benchmarks. Leading these innovations is Falcons Flight, the roller coaster that has captured global attention as the fastest, tallest, and longest in the world.

Aquarabia Qiddiya City delivers a distinctive aquatic entertainment experience, offering 22 rides and water attractions, along with a man-made river designed for both relaxation and family-friendly water fun. For guests seeking privacy and elevated comfort, Aquarabia features 91 luxury cabanas, positioning the destination as a fully integrated leisure offering that redefines water-based entertainment to the highest international standards.

Located in the Tuwaiq Mountains near Riyadh, Qiddiya City is an emerging destination bringing together entertainment, sports, and culture. Six Flags and Aquarabia Qiddiya City form part of its entertainment offering.


Moody’s Establishes Regional HQ in Riyadh, Deepening Presence in Region

(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)
(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)
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Moody’s Establishes Regional HQ in Riyadh, Deepening Presence in Region

(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)
(FILES) Signage for Moody's Corporation is displayed at their headquarters at 7 World Trade Center on March 18, 2025 in New York City. (Photo by ANGELA WEISS / AFP)

Moody’s Corporation announced that it has established its regional headquarters in Riyadh, reflecting ongoing commitment to support the development of the Kingdom’s capital markets and economy.

“This investment aligns to the Kingdom's Vision 2030 initiative and underscores its dynamism and growth,” Moody’s said in a statement this week.

The new regional headquarters marks an expansion of Moody’s presence in Saudi Arabia, where the company first opened an office in 2018, and reflects its longstanding commitment to the Middle East.

“The headquarters will strengthen Moody’s engagement with Saudi institutions and enable broader access to Moody’s decision grade data, analytics and insights,” said the statement.

“Our decision to establish a regional headquarters in Riyadh reflects our confidence in Saudi Arabia’s strong economic momentum, as well as our commitment to helping domestic and international investors unlock opportunities with our expertise and insights,” said President and Chief Executive Officer of Moody’s Rob Fauber.

“We are well positioned to provide the analytical capabilities and market intelligence that investors and institutions need to navigate evolving markets across the Middle East,” the statement quoted him as saying.

Mahmoud Totonji will lead the regional headquarters as General Manager.