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.



British Assets Gain, Mid-cap Stocks Lead after Labour Election Win

A view of the Palace of Westminster which houses Britain's parliament, during the general election, in London, Britain, July 5, 2024. REUTERS/Hannah McKay Purchase Licensing Rights
A view of the Palace of Westminster which houses Britain's parliament, during the general election, in London, Britain, July 5, 2024. REUTERS/Hannah McKay Purchase Licensing Rights
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British Assets Gain, Mid-cap Stocks Lead after Labour Election Win

A view of the Palace of Westminster which houses Britain's parliament, during the general election, in London, Britain, July 5, 2024. REUTERS/Hannah McKay Purchase Licensing Rights
A view of the Palace of Westminster which houses Britain's parliament, during the general election, in London, Britain, July 5, 2024. REUTERS/Hannah McKay Purchase Licensing Rights

British domestic-focussed mid-cap stocks were the biggest gainers on Friday after the centre-left Labour Party surged to a comprehensive win in a parliamentary election with blue chip stocks, government bond prices and the pound higher.

Hopes that the incoming government will provide a period of economic stability after an often tumultuous 14 years of Conservative Party rule sent the FTSE 250 midcap index (.FTMC), up as much as 1.8% in early trading to its highest since April 2022.

The blue chip FTSE 100 index (.FTSE), was last up 0.2% and the yield on 10-year British government bonds or gilts, dropped 3 basis points to 4.17%, marginally better than other European markets, Reuters reported.

Labour won a massive majority in the 650-seat parliament while Rishi Sunak's Conservatives suffered the worst defeat in the party's long history as voters punished them for a cost of living crisis, failing public services, and a series of scandals.

"A landslide victory provides the sort of clarity and stability that equity markets need in an increasingly volatile world," said Ben Ritchie, head of developed market equities at abrdn.

"If the new government gets this right, businesses with significant exposure to the UK economy should be the likely winners - a shot in the arm in particular for companies in the FTSE 250 and FTSE Small Cap".

British home builders stood out, with an index tracking their shares up 2.3%.

"We think the formation of a Labour-majority government will have a positive impact on housebuilders and construction materials," said Aruna Karunathilake, portfolio manager at Fidelity.

"We expect Labour to reinstate housebuilding targets and perhaps also fund investment in local planning departments... That should alleviate builders’ concerns about planning bottlenecks impeding growth in the medium term."

Analysts at Goldman Sachs said that while Labour's manifesto policies imply relatively limited changes to fiscal policy they would modestly boost demand in the near term.

As a result, they raised their forecasts for British GDP growth by 0.1 percentage points in each of 2025 and 2026.