Lebanon's Central Bank Seeks to Provide Dollars for Imports at Rate of 3,200 Pounds

FILE PHOTO: A woman walks outside of Lebanon's Central Bank building in Beirut, Lebanon March 16, 2018. REUTERS/Mohamed Azakir/File Photo
FILE PHOTO: A woman walks outside of Lebanon's Central Bank building in Beirut, Lebanon March 16, 2018. REUTERS/Mohamed Azakir/File Photo
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Lebanon's Central Bank Seeks to Provide Dollars for Imports at Rate of 3,200 Pounds

FILE PHOTO: A woman walks outside of Lebanon's Central Bank building in Beirut, Lebanon March 16, 2018. REUTERS/Mohamed Azakir/File Photo
FILE PHOTO: A woman walks outside of Lebanon's Central Bank building in Beirut, Lebanon March 16, 2018. REUTERS/Mohamed Azakir/File Photo

The Lebanese central bank revealed on Friday that it's working to provide dollars for imports at an exchange rate of 3,200 Lebanese pounds to reduce food prices.

This comes as part of efforts to rein in spiralling inflation as the local currency collapses.

The central bank is already providing dollars for imports of wheat, fuel and medicine at a rate of 1,507.5 pounds - an official peg that has remained in place even as the pound has slumped on the parallel market.

"Banque du Liban will continue to inject dollar banknotes that it acquires via the banks with the aim of financing imports at the price of 3,200 Lebanese pounds per US dollar with the aim of reducing the price of food products," the central bank said in a statement, Reuters reported.

Dollars are currently changing hands on a parallel market at ore than 4,000 pounds.

The Lebanese pound has lost more than 60% of its value since October, when the country's long-brewingeconomic troubles grew into a major financial and banking crisis.

A government plan for getting Lebanon out of the crisis is based on a shift to a flexible exchange rate, although only in the "coming period" - and the currency peg will be maintained for now, Finance Minister Ghazi Wazni said last week.



13th Saudi Smart Grid Conference Opens in Riyadh

The three-day conference brings together experts and specialists from 25 countries and features 28 panel discussions and technical sessions. (SPA)
The three-day conference brings together experts and specialists from 25 countries and features 28 panel discussions and technical sessions. (SPA)
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13th Saudi Smart Grid Conference Opens in Riyadh

The three-day conference brings together experts and specialists from 25 countries and features 28 panel discussions and technical sessions. (SPA)
The three-day conference brings together experts and specialists from 25 countries and features 28 panel discussions and technical sessions. (SPA)

The 13th Saudi Smart Grid Conference (SASG 2025), and its accompanying exhibition, opened in Riyadh on Monday under the patronage of the Saudi Ministry of Energy.

Held the theme “Innovation Today for a Sustainable Tomorrow,” the three-day conference brings together experts and specialists from 25 countries and features 28 panel discussions and technical sessions presenting 225 scientific papers on global advancements in smart grid systems.

In an opening address, Assistant Minister of Energy for Electricity Affairs, Eng. Nasser Al-Qahtani highlighted the continued support extended to the energy sector by the Kingdom’s leadership.

He commended the Minister of Energy’s support for convening and sponsoring the conference, noting its importance in advancing dialogue on smart grid technologies.

“Smart grid technologies are a cornerstone of the global energy transition,” Al-Qahtani said. “They enable improvements across electricity generation, transmission, and distribution, while strengthening grid security and reliability.”

In line with Saudi Vision 2030, the Ministry of Energy is advancing long-term planning to optimize the use of the Kingdom’s diverse energy resources, with the aim of strengthening grid security and resilience and improving generation efficiency, he added.

These efforts reinforce Saudi Arabia’s leadership in this vital sector, position the Kingdom as a global hub for electricity interconnection and renewable power exports, and support the development of a regional electricity trading market, an optimal energy mix, and national emissions-reduction targets, he remarked.

Al-Qahtani stressed that the Kingdom’s electricity sector has undergone significant transformation in recent years, including major upgrades to grid infrastructure to enhance readiness for renewable energy integration and energy-storage systems.

“Smart grids are a fundamental component of electricity sector development,” he said. “They enhance incident response, accelerate system recovery, and improve service reliability by analyzing smart-meter data through the use of artificial intelligence to support proactive, data-driven decision-making.”

He noted that distribution network automation in the Kingdom reached approximately 40% by the end of 2025, an optimal level in line with international best practices in terms of return on investment.

He also highlighted the development of renewable power projects with a combined capacity of nearly 64 gigawatts, of which 12.3 gigawatts have already been connected to the national grid.

Additionally, battery energy-storage systems with a total capacity of 30 gigawatt-hours are under development, with 8 gigawatt-hours already grid-connected. These projects, he said, play a critical role in enabling the grid to balance real-time fluctuations between supply and demand resulting from the variable nature of renewable energy sources.

The opening ceremony included the recognition of the Energy Hackathon winners, the exchange of agreements, and the inauguration of the accompanying exhibition.

The conference provides a global platform for sharing expertise and forging partnerships in smart grids and the digital economy, and convenes international experts, decision-makers, researchers, and specialists.

Discussions will address key challenges and opportunities across the power sector, renewable energy, regulation and the future of smart grids, with emphasis on technology localization, capacity building and technical partnerships to strengthen smart infrastructure and support a sustainable, investment-friendly and innovation-enabling energy ecosystem.

The conference will also explore the integration of renewable energy sources, the latest developments in electricity storage solutions and smart load-management systems, as well as the role of cybersecurity in protecting energy infrastructure and strengthening system reliability.


Saudi Industry Minister, Syrian Counterpart Visit Made in Saudi Expo 

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef and Syrian Minister of Economy and Industry Mohammad Nidal al-Shaar at the Ministry of Interior’s pavilion at the Made in Saudi Expo 2025 in Riyadh. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef and Syrian Minister of Economy and Industry Mohammad Nidal al-Shaar at the Ministry of Interior’s pavilion at the Made in Saudi Expo 2025 in Riyadh. (SPA)
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Saudi Industry Minister, Syrian Counterpart Visit Made in Saudi Expo 

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef and Syrian Minister of Economy and Industry Mohammad Nidal al-Shaar at the Ministry of Interior’s pavilion at the Made in Saudi Expo 2025 in Riyadh. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef and Syrian Minister of Economy and Industry Mohammad Nidal al-Shaar at the Ministry of Interior’s pavilion at the Made in Saudi Expo 2025 in Riyadh. (SPA)

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef and Syrian Minister of Economy and Industry Mohammad Nidal al-Shaar visited the Ministry of Interior’s pavilion at the third annual Made in Saudi Expo 2025 in Riyadh, reported the Saudi Press Agency on Tuesday.

The event is being held from December 15-17.

The ministers reviewed efforts to localize spending on military and technological systems and promote national products and solutions in security and service sectors, including the Saudi armored vehicle “Al-Dahna,” the ministry’s e-platform “Absher,” and the “ASEF II” drone for environmental security and sustainability.

They also explored electronic services for citizens, residents, and visitors, as well as key developmental projects within the ministry and its security sectors.


Abu Dhabi Ports Signs MoU to Develop, Operate Shuaiba Container Terminal in Kuwait

Containers are seen at Abu Dhabi's Khalifa Port, UAE, December 11, 2019. REUTERS/Satish Kumar
Containers are seen at Abu Dhabi's Khalifa Port, UAE, December 11, 2019. REUTERS/Satish Kumar
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Abu Dhabi Ports Signs MoU to Develop, Operate Shuaiba Container Terminal in Kuwait

Containers are seen at Abu Dhabi's Khalifa Port, UAE, December 11, 2019. REUTERS/Satish Kumar
Containers are seen at Abu Dhabi's Khalifa Port, UAE, December 11, 2019. REUTERS/Satish Kumar

Kuwait Ports Authority (KPA) said on Monday it had signed a memorandum of understanding with Abu Dhabi Ports Group to develop and operate the container terminal at Kuwait’s Shuaiba port under a concession agreement.

Shuaiba port, established in the 1960s, is Kuwait’s oldest port. It covers a total area of 2.2 million square metres (543.63 acres) and has 20 berths, while the container terminal has a storage area of 318,000 sqare metres, according to KPA’s website.

The port, located about 60 km (37.3 miles) south of the capital, handles commercial cargo, heavy equipment, raw materials and chemicals essential to various industries.

The MoU represents “the first preliminary step” toward concluding a concession contract, subject to the completion of required studies, KPA said in a statement without disclosing the value of the deal, Reuters reported.

Under the agreement, Abu Dhabi Ports Group will prepare the technical, environmental and financial studies needed for the project, including infrastructure requirements.