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.



Saudi Minister of Finance Approves 2025 Annual Borrowing Plan

A night view of Riyadh, Saudi Arabia. (SPA)
A night view of Riyadh, Saudi Arabia. (SPA)
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Saudi Minister of Finance Approves 2025 Annual Borrowing Plan

A night view of Riyadh, Saudi Arabia. (SPA)
A night view of Riyadh, Saudi Arabia. (SPA)

Saudi Minister of Finance Mohammed Abdullah Al-Jadaan approved on Sunday the Annual Borrowing Plan for the fiscal year 2025, following its endorsement by the Board of Directors of the National Debt Management Center.

The plan highlights key developments in public debt for 2024, initiatives related to local debt markets, and the funding plan and its guiding principles for 2025, in addition to the 2025 issuances’ calendar for the Local Saudi Sukuk Issuance Program in Saudi Riyal.

According to the plan, the projected funding needs for 2025 are estimated at approximately SAR139 billion. The amount is intended to cover the anticipated budget deficit of SAR101 billion for the fiscal year 2025, as outlined in the Ministry of Finance’s Official Budget Statement, and the principals’ repayment of the debts maturing in the current year, 2025, amounting to approximately SAR38 billion.

To boost the sustainability of the Kingdom's access to various debt markets and broaden the investor base, Saudi Arabia aims in 2025 to continue diversifying local and international financing channels to efficiently meet funding needs.

This will be achieved through the issuance of sovereign debt instruments at fair pricing, guided by well-defined and robust risk management frameworks.

Additionally, the Kingdom plans to benefit from market opportunities by executing private transactions that can promote economic growth, such as export credit agency financing, infrastructure development project financing, capital expenditure (CAPEX) financing, and exploring tapping into new markets and currencies based on market conditions.