Lebanon Expects to Receive 1 Mn Tourists this Summer

A tourist takes a picture of fellow tourists at the sea castle in Sidon, Lebanon (File photo: Reuters)
A tourist takes a picture of fellow tourists at the sea castle in Sidon, Lebanon (File photo: Reuters)
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Lebanon Expects to Receive 1 Mn Tourists this Summer

A tourist takes a picture of fellow tourists at the sea castle in Sidon, Lebanon (File photo: Reuters)
A tourist takes a picture of fellow tourists at the sea castle in Sidon, Lebanon (File photo: Reuters)

Lebanon expects to receive one million tourists this summer, with 600,000 visitors already arriving in the country, caretaker Tourism Minister Walid Nassar said.

The latest data showed a 77 percent increase in travelers through Rafic Hariri International Airport in Beirut since the beginning of the year.

Nassar expressed his "optimism about the tourist season," saying in a statement during his participation in the "B Nos Jounieh" festival that over one million tourists are expected to arrive, and hoping for stability.

He said that despite the difficult economic conditions and the scarcity of funds in the municipalities, it is possible through creative ideas to create an atmosphere and restore joy to citizens while reviving the economic cycle.

On the eve of Eid al-Adha, about 30,000 passengers arrive daily through the airport, most Lebanese residents and expatriates.

The number of passengers at the airport in the first week of July increased 44.91 percent, compared to the same period last year, and reached 183,352 passengers.

Lebanon's National News Agency said that at the end of June, the number of passengers arriving through the airport increased during the first half of this year.

About 2,568,797 passengers arrived in Lebanon, compared to 1,444 502 passengers in 2021, which amounts to a 77.83 percent increase and a 113 percent increase over the same period in 2020.

However, the figures showed a decline of about 35 percent from the first half of 2019, when 4,400,523 passengers arrived at the airport.



Gold Hits Three-week Peak on Softer Dollar and Safe Haven Inflows

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)
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Gold Hits Three-week Peak on Softer Dollar and Safe Haven Inflows

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)

Gold prices touched their highest level in three weeks on Friday supported by a softer dollar and safe-haven buying, while markets braced for potential economic and interest rate changes from US President-elect Donald Trump's proposed policies.

Spot gold was little changed at $2,658.11 per ounce, as of 1115 GMT, hitting its highest level since Dec. 13. Bullion is up about 1.5% for the week so far.

US gold futures were steady at $2,672.20.

The dollar index fell 0.3% from over a two-year high hit in the previous session, making dollar-priced bullion more affordable for holders of other currencies, Reuters reported.

"Gold bulls are setting the tone early doors this year, enjoying the lift from safe haven bids while riskier equities struggle to hold on to nascent gains," said Exinity Group Chief Market Analyst Han Tan.

On the geopolitical front, in Gaza Israeli airstrikes killed at least 68 Palestinians, Gaza authorities said. While, Russia launched a drone strike on the Ukrainian capital Kyiv on Wednesday, city officials said.

Trump's inauguration on Jan. 20 has heightened uncertainty, with his proposed tariffs and protectionist policies expected by many economists to be inflationary and potentially spark trade wars.

"Markets are aware that Trump's policies risk reawakening US inflationary impulses, which should be a boon for gold so long as markets adhere to the precious metal’s role as an inflation hedge," Tan added.

Bullion, which is considered a hedge against economic and geopolitical uncertainties, tends to thrive in lower interest rate environment.

After delivering three consecutive interest rate cuts in 2024, the US central bank now projects only two reductions in 2025 due to due to stubbornly high inflation.

Spot silver rose 0.6% to $29.75 per ounce.

"Lower real US yields and stronger global industrial production should favor the metal in 2025," UBS said in a note, adding that they see silver to trade between $36-38/oz in 2025.

Platinum added 0.8% to $930.09, and palladium gained 1.2% to $922.58. Both metals were on track for weekly gains.