Despite Great Snow, Lebanon's Ski Season Suffers Amidst Crisis

People ride a ski lift at Mzaar Ski Resort in Kfardebian, Lebanon January 11, 2020. REUTERS/Aziz Taher
People ride a ski lift at Mzaar Ski Resort in Kfardebian, Lebanon January 11, 2020. REUTERS/Aziz Taher
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Despite Great Snow, Lebanon's Ski Season Suffers Amidst Crisis

People ride a ski lift at Mzaar Ski Resort in Kfardebian, Lebanon January 11, 2020. REUTERS/Aziz Taher
People ride a ski lift at Mzaar Ski Resort in Kfardebian, Lebanon January 11, 2020. REUTERS/Aziz Taher

It is a sunny day on Lebanon’s ski slopes after weeks of snowfall but, as the economic crisis bites, there is no sign of the traffic that would typically jam the road.

“It is still slow, but the weather is great and the snow as well, so we invite everyone to come,” said Nicole Wakim Freiha, marketing and development manager of Mzaar ski resort, which has slashed prices by 30% in a bid to entice skiers.

With views stretching out to the Mediterranean to the west and Syria to the east, Mzaar has some of Lebanon’s best ski runs. But several of the slopes have remained closed since the first heavy snow in December, reflecting demand.

Tourism has traditionally been an important part of the Lebanese economy, which is mired in its worst crisis since the 1975-90 war. The crisis has led banks to impose tight restrictions on how much cash savers can withdraw, forcing even those with money to think more carefully before they spend.

“This year it is looking less crowded, this year when we came on the road, traffic was less,” said tour guide Bassam Dalle. “It’s obvious, we all know why.”

A Finnish guide who organizes snowmobile tours in the area said a third of the Nordic tourists who had booked with him this year had canceled.

“It’s a fantastic place, amazing mountain ranges ... plenty of snow, sunshine, warm, and people are very friendly, so it’s a dream destination,” said the guide.

Skier Gaby Tabbal was enjoying the day, though several slopes were shut. Though numbers were down, he noted there were still people skiing: “This is the first day this year, the weather is beautiful, the snow is beautiful.”



Gold Rises on Dip-buying, Focus on US-China Trade Updates

FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo
FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo
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Gold Rises on Dip-buying, Focus on US-China Trade Updates

FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo
FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo

Gold prices rebounded on Thursday as investors bought bullion following a sharp decline in the previous session, while focus still remained on US-China trade tensions.
Spot gold was up 1.6% to $3,340.79 an ounce, as of 0907 GMT, Reuters reported. Bullion lost over 3% on Wednesday, in its worst daily performance since late November.
US gold futures gained 1.8% to $3,352.10.
"Gold's pullback earlier has cleared some of the froth from its latest surge. That in turn attracted some buy-the-dip action, amid still-persistent global trade war fears," said Han Tan, Exinity Group's chief market analyst.
"Given the still-evident tailwinds for this precious metal, gold bugs could ultimately conquer the $3,500 level with conviction."
Non-yielding bullion, traditionally seen as a hedge against global instability, has risen over 27% so far this year.
The International Monetary Fund made sharp reductions to its outlook for both US and global growth this year, with President Donald Trump's tariff policy the central reason behind the downgrade.
"If the economic outlook deteriorates further, then there's no reason why gold could not receive another strong bid," said Ole Hansen, head of commodity strategy at Saxo Bank.
However, US Treasury Secretary Scott Bessent said the US economic growth will surpass the IMF's revised estimate of 1.8%, down from 2.7% in January, if Trump administration's policies are implemented.
He also said that the excessively high tariffs between the US and China are unsustainable, and must be reduced before trade negotiations can proceed.
Supporting gold, the US dollar eased, making the greenback-priced bullion cheaper for overseas buyers.
Spot silver fell 0.5% to $33.37 an ounce, platinum was steady at $973.25 and palladium was down 0.6% to $939.53.