French Prosecutors Accuse Lebanon Central Bank Chief of Hiding Fraudhttps://english.aawsat.com/home/article/4286541/french-prosecutors-accuse-lebanon-central-bank-chief-hiding-fraud
French Prosecutors Accuse Lebanon Central Bank Chief of Hiding Fraud
Lebanon's Central Bank Governor Riad Salameh speaks during a news conference at Central Bank in Beirut, Lebanon, November 11, 2019. (Reuters)
French prosecutors have told Lebanon's central bank governor Riad Salameh they plan to press preliminary fraud and money laundering charges against him, partly based on allegedly forged bank statements used to conceal his wealth, according to French court documents seen by Reuters.
The accusation of using fake account statements, which had not previously been reported, is contained in documents sent to Salameh by French judicial authorities ahead of a planned hearing in France on May 16.
During that hearing, French prosecutors intend to press the preliminary charges and formally name him a suspect. Salameh declined to comment on his alleged use of fake documents. He has repeatedly denied accusations of fraud and money laundering, saying he is being made a scapegoat for Lebanon's financial crisis that erupted in 2019.
A lawyer for Salameh said earlier this month that his client had not yet decided if he would travel to France to attend the May 16 hearing.
As part of a joint investigation with counterparts in Lebanon and at least four other European countries, French prosecutors suspect Salameh, 72, colluded with his brother Raja to divert more than $300 million in public funds, some of which was used to buy properties across Europe.
According to Reuters, Riad and Raja Salameh have denied diverting public funds. French and other European investigators, who questioned
Salameh in Beirut last month, suspect the bulk of the governor’s fortune stems from the public funds he allegedly diverted.
As part of his response to accusations, Salameh sent French prosecutors a 65-page memo supplied by Marwan Kheireddine, the chairman of Lebanon's AM Bank.
The document seen by Reuters contains series of bank statements which, according to one of Salameh's lawyers, show how the governor’s savings rose from $15 million in 1993 to more
than $150 million by 2019 "as he capitalized interests".
But according to the French court documents seen by Reuters, French investigators have reached the conclusion the bank statements were fake.
Salameh "used fake records of bank accounts at AM Bank…provided by Marwan Kheireddine, to justify in a deceitful manner the origin of his properties or revenues," French prosecutors say in the court documents.
Kheireddine's lawyer, Thierry Marembert, said his client denied wrongdoing.
Following Salameh's questioning in Beirut, French prosecutors wrote that "Riad Salameh is not able to justify the different loans and investments that allowed him to increase his wealth by more than 250 million euros (at a minimum) during this period", according to the French court documents.
Salameh has said his fortune came from the sound management of savings he amassed during his career as an investment banker. Kheireddine was questioned in France earlier this month on
suspicion of participation in a criminal association and aggravated money laundering. The banker was told not to leave the country and his passport was confiscated.
Saudi Arabia's Finance Minister Mohammed Al-Jadaan speaks during a press briefing following a meeting of the IMFC (International Monetary and Financial Committee) at the 2026 IMF and World Bank Group Spring Meetings in Washington, DC, on April 17, 2026. (Photo by Kent Nishimura / AFP)
Saudi Arabia's Finance Minister Mohammed Al-Jadaan speaks during a press briefing following a meeting of the IMFC (International Monetary and Financial Committee) at the 2026 IMF and World Bank Group Spring Meetings in Washington, DC, on April 17, 2026. (Photo by Kent Nishimura / AFP)
The International Monetary and Financial Committee (IMFC) of the International Monetary Fund (IMF) announced a request for a one-year extension of Saudi Finance Minister Mohammed Aljadaan's term as Committee Chair after his current term ends on January 3, 2027.
The move aims to ensure continuity in the Committee's work and maintain momentum in advancing its key priorities, including important ongoing reforms.
In a statement issued Tuesday, the IMF said Committee members had asked Aljadaan to extend his term as Chair for an additional year and that he had agreed. Aljadaan was selected to chair the Committee for a three-year term beginning January 4, 2024.
Committee members expressed appreciation for Aljadaan's leadership, saying the extension would help ensure continuity and sustain momentum in addressing the Committee's key priorities, including its efforts on important ongoing reforms.
The IMFC is the primary policy advisory body of the IMF's Board of Governors and comprises finance ministers and central bank governors. It deliberates on major policy issues facing the Fund and the international monetary and financial system.
The Committee has 25 members, reflecting the composition of the IMF's Executive Board. Each member country, or group of member countries that elects an Executive Director to the Board, appoints a representative to the Committee.
The IMFC normally meets twice a year, once during the Spring Meetings and again in the fall, alongside the Annual Meetings of the IMF and World Bank Group.
Diversified Oil Export Routes Pave the Way for Strong Saudi Economic Recovery in 2027https://english.aawsat.com/business/5329136-diversified-oil-export-routes-pave-way-strong-saudi-economic-recovery-2027
Diversified Oil Export Routes Pave the Way for Strong Saudi Economic Recovery in 2027
Cars drive past city skyscrapers in Riyadh on October 11, 2026. (Photo by Fayez Nureldine / AFP)
As war reshapes energy flows across the region, the International Monetary Fund (IMF) is forecasting a strong recovery for Saudi Arabia's economy in 2027, with growth projected at 7.9 percent, driven by renewed momentum in production and exports as disruptions to shipping ease. Compared with Gulf economies more exposed to disruptions in transit through the Strait of Hormuz, this forecast rests on Saudi Arabia's diversified oil export routes, which help cushion the impact of the shock.
The IMF has also revised its outlook for the Saudi economy in 2026, projecting a smaller contraction than in its previous forecasts. The trajectory of the recovery will therefore depend on how long the disruptions persist and how quickly energy and trade flows return to normal.
The IMF's forecasts reflect both the scale of the shock facing regional economies and the recovery expected as its effects subside. In its World Economic Outlook report, titled Resilience Under Strain, Urgent Choices, the IMF projects that the economies of the Middle East and Central Asia will contract by 0.3 percent in 2026, followed by growth of 6.3 percent in 2027.
Compared with its April estimates, the IMF lowered its 2026 forecast by 2.2 percentage points while raising its 2027 projection by 1.7 percentage points. The revisions reflect an assumption that the Strait of Hormuz will remain closed longer than previously expected, intensifying pressure on regional economies this year but setting the stage for a stronger recovery once it reopens and production, exports and transportation resume.
Under this scenario, the IMF expects GDP to contract by 16.7 percent in Kuwait, 16 percent in Iraq, 15.6 percent in Qatar and 11.3 percent in Bahrain in 2026. In 2027, all four economies are projected to rebound sharply, with Iraq growing by 19 percent, Qatar by 18.8 percent, Kuwait by 17.1 percent and Bahrain by 13.9 percent, as production, exports and logistics return to normal operations.
Saudi Arabia's Economic Outlook
By contrast, the IMF expects the disruptions to have a relatively less severe impact on Saudi Arabia. It has revised its estimate for the Saudi economy's contraction in 2026 to 3.3 percent, compared with 5 percent in its July forecast and 6.4 percent in April. At the same time, it raised its forecast for Saudi economic growth in 2027 to 7.9 percent, up from 2.4 percent in its July update and 3.4 percent in April. The Ministry of Finance, meanwhile, expects stronger growth of 12.8 percent, according to its pre-budget statement. Although the estimates differ in magnitude, they reflect optimism about the recovery next year, amid hopes that production, exports and trade will regain momentum as shipping disruptions ease.
This outlook is consistent with World Bank projections. In its October report on the economic outlook for the Middle East, North Africa, Afghanistan and Pakistan, the bank anticipated a strong rebound in regional growth in 2027, forecasting expansion of 7.8 percent for the region's economies, excluding Iran, if the conflict subsides by the end of 2026. It attributed the recovery primarily to the resumption of hydrocarbon production and exports as trade routes reopen and energy flows gradually normalize. In Saudi Arabia, the bank noted that the East-West Pipeline had enabled exports to be rerouted to the Red Sea port of Yanbu, helping the Kingdom limit the impact of disrupted shipping through the Strait of Hormuz.
The IMF's projected contraction for the Saudi economy this year is smaller than the Ministry of Finance's estimate of a 3.6 percent decline in real GDP in 2026. The recovery outlook also aligns with the IMF's findings during its July Article IV consultations with Saudi Arabia, when it highlighted the economy's resilience to disruptions in oil and trade flows, supported by diversified energy and logistics infrastructure and the ability to reroute shipments.
Oil Export Routes
Against this backdrop, Saudi Arabia is benefiting from multiple oil export routes and working to strengthen its ability to deliver supplies to global markets through the Red Sea. Energy Minister and Minister of Industry and Mineral Resources Prince Abdulaziz bin Salman announced a target of increasing oil export capacity to approximately 10 million barrels per day within two to three years by upgrading the East-West Pipeline and expanding its associated infrastructure. He also pointed to the possibility of temporarily converting a gas pipeline to transport oil, adding approximately 1.2 million barrels per day of capacity within seven to eight weeks before returning it to its original use to meet summer demand.
These measures strengthen the Kingdom's ability to diversify its export outlets, while the IMF's 2027 forecasts assume that production, exports and trade will return to normal as shipping disruptions ease.
In this context, data from Kpler showed that Saudi crude oil exports rose to 6.67 million barrels per day in September, reaching their highest level in seven months and returning to prewar levels. This reflects renewed momentum in the Kingdom's oil flows, supported by increased exports through the Strait of Hormuz since September, alongside the benefits of diversified export outlets.
Alongside the anticipated recovery, credit rating agency Moody's had forecast that spending restraint and a reprioritization of government investments would support a fiscal recovery in 2027 and help the Kingdom preserve fiscal space to continue its economic diversification projects. The agency noted that prolonged trade disruptions and additional spending had limited the fiscal improvement it previously expected, while disruptions to strategic maritime shipping routes could persist until mid-2027, potentially affecting oil production.
As for economic indicators, the IMF expects inflation in Saudi Arabia to reach 1.9 percent in 2026 and rise to 2.2 percent in 2027. It also projects a current account deficit equivalent to 3.5 percent of GDP this year, narrowing to 1.3 percent next year.
Saudi Minister of Energy Prince Abdulaziz bin Salman Al Saud speaks at the 25th WPC Energy Congress in Riyadh, Saudi Arabia, October 12, 2026. REUTERS
International Monetary and Financial Committee Meeting
These forecasts come as the repercussions of the war and its effects on growth, trade and energy flows dominate the agenda of the IMF and World Bank Group Annual Meetings, taking place in Bangkok from October 12 to 18.
Saudi Finance Minister Mohammed Al-Jadaan is leading the Kingdom's delegation to the meetings and chairing a meeting of the IMF's International Monetary and Financial Committee, which is discussing the global economic outlook, risks to growth, economic policy priorities and the Fund's role in helping member countries address current challenges. These discussions are particularly significant given the differing effects of the conflict on regional economies, from pressures caused by disruptions to production and trade to opportunities for recovery as energy flows and exports resume.
Saudi Arabia's Finance Minister Mohammed Al-Jadaan speaks during a press briefing following a meeting of the IMFC (International Monetary and Financial Committee) at the 2026 IMF and World Bank Group Spring Meetings in Washington, DC, on April 17, 2026. (Photo by Kent Nishimura / AFP)
Ultimately, the trajectory of Saudi Arabia's recovery in 2027 will remain tied to how quickly energy and trade flows are restored. Meanwhile, diversified export outlets and non-oil activities, together with the reprioritization of spending and investment, provide support for the economy's ability to overcome the repercussions of regional disruptions.
Saudi Aramco Targets 80% Growth in Gas Sales by 2030https://english.aawsat.com/business/5329123-saudi-aramco-targets-80-growth-gas-sales-2030
Saudi Aramco Targets 80% Growth in Gas Sales by 2030
3D-printed oil pump jacks and the Saudi Aramco logo appear in this illustration taken March 2, 2026. (Reuters)
Saudi Arabia is moving to expand its gas and liquefied gas production capabilities by developing facilities and infrastructure across the sector, amid growing demand for gas and its increasing role in the energy mix. Saudi Aramco aims to increase gas sales by 80 percent by 2030 compared with 2020 and 2021 levels.
Abdulkarim Al-Ghamdi, Executive Vice President of Gas at Saudi Aramco, disclosed the target during a panel discussion at the WPC Energy Congress in Riyadh on Tuesday. He also revealed plans to build and commission six to seven gas and liquefied gas facilities between 2025 and 2027.
Al-Ghamdi said Saudi Arabia's oil production assets and export capabilities are spread across different parts of the Kingdom, strengthening its ability to respond to disruptions and unforeseen scenarios. He added that the country has an extensive gas network, including the Master Gas System, which stretches thousands of kilometers from east to west.
He explained that more than 90 percent of the materials Aramco needed during disruptions linked to global conflicts were sourced locally. The company also relies on partnerships across several assets and facilities, including refineries and pipeline networks.
According to Al-Ghamdi, resilience in the energy sector is not limited to responding to crises after they occur. It also involves anticipating potential disruptions, protecting assets, diversifying their geographic locations and ensuring they can continue operating under exceptional circumstances.
He added that Aramco relies on integrated operating systems, interconnected supply chains and advanced data analytics solutions to help protect facilities and reduce the risk of operational disruptions.
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