Taxi drivers block a road with their vehicles during a protest against the increasing prices of gasoline, consumer goods and the crash of the local currency, in downtown Beirut, Lebanon, Tuesday, Nov. 30, 2021. (AP Photo/Bilal Hussein)
Taxi drivers block a road with their vehicles during a protest against the increasing prices of gasoline, consumer goods and the crash of the local currency, in downtown Beirut, Lebanon, Tuesday, Nov. 30, 2021. (AP Photo/Bilal Hussein)
A World Bank report has said that in 2021 the number of poor Lebanese is expected to have increased by 1.5 million over baseline, and by 780,000 Syrian refugees.
At the international poverty line, the increase in poverty is found to be around 13 percentage points from baseline by the end of 2020, and 28 percentage points by end of 2021 for the Lebanese population.
For Syrian refugees, the increase is estimated at around 39 percentage points by end of last year, and 52 percentage points from baseline by end of 2021.
The World Bank data is consistent with the latest assessment conducted by the United Nations Economic and Social Commission for Western Asia (ESCWA), which concluded that the poverty rate in Lebanon doubled from 42 percent in 2019 to 82 percent of the total population in 2021.
According to the agency, nearly 4 million people live in multidimensional poverty, representing about one million households, of whom 77 percent are Lebanese.
The rise in poverty rates is proportional to the aggravation of inflation rates and the erosion of the purchasing power, as the price index, according to the Central Statistics Department, recorded an annual increase of 173.57 percent until the end of October.
The international institutions, which are closely following the exacerbation of the crises in Lebanon for the third year in a row, fear severe collapses caused by hyperinflation, which is further driven by the lifting of government subsidies and the continued devaluation of the local currency against the dollar.
This was confirmed by UNICEF field surveys, which showed that 8 out of 10 people in Lebanon live in poverty, 34% of whom are in extreme poverty.
Lebanon is also witnessing an unprecedented deterioration in the health care system, as hospitals suffer from a shortage of fuel, which leads to frequent power cuts, and a shortage of basic materials.
Prices of medications have also seen a significant increase after the government subsidy was restructured and reduced. This has made a large number of families unable to afford health care.
In this context, the report pointed out that while donor agencies, such as the United Nations High Commissioner for Refugees and the World Food Program, increased their assistance to refugees, this aid remained incommensurate with the deterioration of the value of the lira.
With the absence of reliable information on the poor, the World Bank does not expect recovery to take place imminently, but it stresses, on the other hand, that radical reforms and social protection programs help a lot in alleviating the impact of multiple crises.
File photo: Storage tanks of an oil refinery of Essar Oil, which runs India's second biggest private sector refinery, are pictured in Vadinar in the western state of Gujarat, India, October 4, 2016. REUTERS/Amit Dave/File photo
India Says Will Keep Expanding Oil Refining Capacity
File photo: Storage tanks of an oil refinery of Essar Oil, which runs India's second biggest private sector refinery, are pictured in Vadinar in the western state of Gujarat, India, October 4, 2016. REUTERS/Amit Dave/File photo
India will continue to build new crude oil refineries in order to ensure supply chain security even as Western nations shut processing units, Prime Minister Narendra Modi said.
“No new refinery has come up in the US in the last five decades and capacity in Europe has also been constantly declining,” Bloomberg quoted Modi as saying on Saturday, as he inaugurated the country’s first new refinery in a decade. He said India will continue to expand capacity.
The 180,000-barrels-a-day greenfield refinery in the heart of Rajasthan’s Thar desert, which has 2.4 million tons a year of petrochemical capacity and was built at a cost of $8.3 billion, is likely to be the only new refinery commissioned globally this year, according to BloombergNEF analysts.
The facility expands India’s refining capacity at a time when much of the West is shutting plants and investment elsewhere has slowed, highlighting New Delhi’s strategy of betting that robust domestic fuel demand, slower-than-expected electric-vehicle adoption and exports of refined products will continue to justify billions of dollars in new oil-processing infrastructure.
Meanwhile, traders have sold gasoline produced by Indian refiner Nayara Energy to Russia, which is grappling with fuel shortages triggered by Ukrainian attacks on its energy infrastructure, two sources with direct knowledge of the matter said on Thursday.
Reuters reported on Wednesday that Russia had begun seaborne imports of gasoline from India, without naming the supplier.
Reuters said that at least 60,000 metric tons of gasoline had been dispatched from India to Russia, citing an industry source, with another source saying that two tankers, carrying 30,000 to 40,000 tons each, had been sent.
Egypt Expects €1.5 billion from EU Assistance Package in Coming Dayshttps://english.aawsat.com/business/5292038-egypt-expects-%E2%82%AC15-billion-eu-assistance-package-coming-days
Egypt Expects €1.5 billion from EU Assistance Package in Coming Days
The Central Bank of Egypt in downtown Cairo (Asharq Al-Awsat)
Egypt expects to receive €1.5 billion ($1.72 billion) from the European Union in the coming days, the first of two remaining tranches of a €5 billion macro-financial assistance package, Foreign Minister Badr Abdelatty said on Saturday.
Speaking at a press conference in Egypt's new administrative capital alongside European Commissioner for the Mediterranean Dubravka Suica, Abdelatty said the outstanding €3 billion would be disbursed in two equal tranches of €1.5 billion each, Reuters reported.
He said Cairo hoped the last payment would be transferred by the start of the autumn.
The EU has so far disbursed €2 billion of the package, having transferred an initial €1 billion tranche in January 2025 and a second €1 billion earlier this year.
The macro-financial assistance forms part of a broader €7.4 billion funding deal the EU announced in 2024, which also includes €5 billion in concessional loans.
Saudi Hospitality Boom: 50 Global Brands Race Ahead with $120 Billion in Investmentshttps://english.aawsat.com/business/5292021-saudi-hospitality-boom-50-global-brands-race-ahead-120-billion-investments
Saudi Hospitality Boom: 50 Global Brands Race Ahead with $120 Billion in Investments
Jeddah Corniche stands out as one of the Kingdom's premier destinations for landmark tourism and hospitality developments (SPA).
Saudi Arabia continues to cement its position as one of the fastest-growing hospitality markets in the region and the world, driven by the rapid expansion of mega tourism projects and emerging destinations. This momentum is prompting the world's leading hotel companies to accelerate their investments and launch unprecedented projects across the Kingdom.
During the first half of this year, Saudi Arabia's hospitality sector continued to attract major investments, with leading international hotel groups announcing new hotel openings and signing record expansion agreements across the Kingdom's cities and flagship developments.
This activity coincides with Saudi Arabia maintaining the largest hotel pipeline in the Middle East, driven by pioneering destinations such as NEOM, the Red Sea, Qiddiya, and Diriyah, alongside continued growth in Riyadh, Makkah, and Madinah.
An Asharq Al-Awsat review found strong alignment between the expansion plans of these hospitality brands and the objectives of Saudi Vision 2030. According to the latest Ministry of Tourism data, more than 50 global hospitality brands are expanding in the Kingdom through investments exceeding $120 billion, with plans to add more than 200,000 new hotel rooms. The private sector plays a pivotal role, contributing around 50 percent of these investments to meet growing demand and cater to the diverse preferences of travelers, from luxury hotels and coastal resorts to heritage and rural accommodations.
In this context, investors and tourism industry experts said the momentum reflects a qualitative transformation that is enhancing service standards and strengthening competitiveness, supported by an attractive investment environment and flexible regulatory frameworks that have successfully streamlined the investment journey for both foreign and domestic investors.
Global Investments
At the beginning of 2026, Marriott announced an agreement to add five new hotels in Jeddah, Makkah, and Madinah, providing more than 2,700 rooms.
Sofitel, the French luxury hospitality brand owned by Accor, also announced the official opening of the Sofitel Riyadh Hotel & Convention Center.
Knowledge Economic City also announced a DoubleTree by Hilton hotel, the first property within the city's master plan. Designed to offer a new level of comfort and connectivity in Madinah, the project comes as Red Sea Global recently officially opened the SLS Red Sea Resort on Shura Island, marking the brand's first property in the Kingdom. The resort features 150 luxury accommodations, including guestrooms, suites, and private pool villas, in addition to a full-service spa, a cinema, and a range of vibrant leisure facilities.
Meanwhile, Saudi-based Blacksand and Marriott International signed an agreement to develop 10 new hotels across the Kingdom, adding more than 1,300 hotel rooms over the next four years. The deal reflects the strong momentum in Saudi Arabia's hospitality and tourism sectors in line with the objectives of Saudi Vision 2030.
In April, the King Abdullah Financial District Development and Management Company (KAFD DMC), the entity responsible for managing and operating the district, opened W Riyadh – KAFD, marking the debut of the W Hotels brand in Saudi Arabia.
In the latest of these developments, The Ascott Limited recently announced plans to open Ascott Villas Riyadh in the fourth quarter of 2026. The project will be the company's first villa community in the Kingdom and will comprise 86 villas in Riyadh's Hittin district.
The announcement also reflects The Ascott Limited's broader expansion strategy, as the company seeks to strengthen its presence in the Saudi market as part of its plan to reach 15,000 units across the Kingdom by 2030, capitalizing on the continued growth of the tourism and business sectors in Riyadh and other major cities.
Reflecting the growing appeal of the Saudi market to leading international investors, Dar Global announced a strategic partnership with The Trump Organization to develop Trump International Tower Jeddah. The landmark luxury project, which will feature a five-star hotel and high-end branded residences, underscores the transformation of the Red Sea coastline into a magnet for some of the world's most prestigious hospitality and luxury brands.
A rendering of the new Ascott Villas Riyadh project (Asharq Al-Awsat).
Investor Confidence
Majed Al Hokair, a businessman and investor in the tourism and entertainment sector, told Asharq Al-Awsat that the Kingdom's growing success in attracting global hotel brands reflects a qualitative transformation in its tourism sector.
"The focus is no longer simply on increasing the number of hotels. It is now about building an integrated tourism ecosystem that caters to a wide range of visitor segments," he said.
Al Hokair said the entry and expansion of prestigious international brands in cities such as Riyadh, Jeddah, Makkah, and Madinah reflects investors' confidence in the future of the Saudi market. It also enhances service quality and raises the level of competition, ultimately improving the visitor experience.
He added that tourists' preferences have evolved in recent years, and the Kingdom is increasingly able to meet those changing expectations through a diverse portfolio of hospitality offerings, including luxury hotels, boutique hotels, resorts, rural accommodations, and heritage accommodations, all distinguished by high standards of quality.
National Talent
For his part, tourism investor Nasser Abdulaziz Al Ghaylan told Asharq Al-Awsat that the continued momentum in the entry and expansion of global hotel brands will position Saudi Arabia among the region's leading tourism and investment destinations in the years ahead, particularly with the rollout of major developments such as NEOM, the Red Sea, Qiddiya, and Diriyah, alongside the objectives of Saudi Vision 2030.
Al Ghaylan said the long-term success of these investments will depend on continued investment in developing Saudi talent, enhancing the visitor experience, and providing a diverse and sustainable range of tourism offerings, ensuring balanced growth that further strengthens the Kingdom's position on the global tourism map.
The Ministry of Tourism recently released a report titled Global Investments in Saudi Tourism to coincide with its participation in the Future Hospitality Summit, held in Riyadh from June 22 to 24. The report highlighted the growing interest among international investors in entering the Saudi tourism market and expanding their presence in the Kingdom.
Mövenpick Resort Al Khobar enhances the appeal of tourism destinations along the Eastern Province's coastline (SPA).
The report notes that more than 50 global hospitality brands are expanding across the Kingdom, supported by growing tourism demand and a comprehensive investment environment that has positioned Saudi Arabia as the Middle East's largest tourism market in terms of tourism development projects.
It highlights key indicators reflecting the sector's accelerating momentum, including investments exceeding $120 billion and the addition of more than 200,000 new hotel rooms by 2030, with around 50 percent of those projects expected to be financed by the private sector.
The report also highlights the investment environment underpinning the sector's growth, pointing to significant improvements in the tourism sector's regulatory framework, streamlined licensing procedures, investment incentives, digital services, and business centers that help shorten the investor journey, enhance clarity around regulatory requirements, and facilitate access to the relevant government entities.
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