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Saudi Arabia, Tunisia Sign 7 MoUs in Various Fields

The Tunisian-Saudi Investment and Partnership Forum kicked off Wednesday in Tunis. (Tunisian Businessmen website)
The Tunisian-Saudi Investment and Partnership Forum kicked off Wednesday in Tunis. (Tunisian Businessmen website)
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Saudi Arabia, Tunisia Sign 7 MoUs in Various Fields

The Tunisian-Saudi Investment and Partnership Forum kicked off Wednesday in Tunis. (Tunisian Businessmen website)
The Tunisian-Saudi Investment and Partnership Forum kicked off Wednesday in Tunis. (Tunisian Businessmen website)

The Tunisian-Saudi Investment and Partnership Forum kicked off Wednesday at the Tunisian Union of Industry, Commerce, and Crafts (UTICA) headquarters in Tunis.

Over 100 Saudi businessmen and government officials from both countries were present.

The event is designed to scale up partnerships between businesses.

This forum is being held along with the 11th session of the Tunisian-Saudi Joint Committee meeting.

Saudi Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef signed seven memoranda of understanding with Tunisian Interim Minister of Economy and Planning Sihem Boughdiri Nemsia on the sidelines of the 11th session of the Committee meeting.

The MoUs, which aim at enhancing Saudi-Tunisian cooperation in various fields, were signed in the presence of the Kingdom’s Ambassador to Tunisia, Dr. Abdulaziz bin Ali Al-Saqr.

Two of the MoUs were about agricultural scientific research and environment protection between the Saudi Ministry of Environment, Water, and Agriculture and the Tunisian Ministry of Agriculture, Water Resources and Fisheries, as well as the Ministry of Environment.

Another MoU was on industrial cooperation between the Saudi Ministry of Industry and Mineral Resources and the Tunisian Ministry of Industry and Energy. Alkhorayef and Nemsia also signed an MoU in tourism between their two countries.

In labor, another MoU was also signed between the Saudi Ministry of Human Resources and Social Development and Ministry of Vocational Training and Employment of Tunisia, along with another one in climate and meteorology between the Saudi National Center for Meteorology and its counterpart of Tunisia.

The Saudi non-oil exports to Tunisia during the third quarter of 2023 amounted to SAR513.42 million, with chemicals, polymers, packaging, and building materials being the most products the Kingdom has exported to Tunisia, while the volume of Saudi non-oil imports from Tunisia reached SAR206.59 million, topped by food products and textiles, heavy machinery and electronics.

The Saudi Industrial Development Fund’s contribution to financing joint projects in Tunisia amounted to SAR3.8 million, the value of the contribution to financing one project.

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Lebanon’s Struggling Economy Slides Toward Full Recession

The Jousieh crossing between Lebanon and Syria following an Israeli strike on October 25. (AFP)
The Jousieh crossing between Lebanon and Syria following an Israeli strike on October 25. (AFP)
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Lebanon’s Struggling Economy Slides Toward Full Recession

The Jousieh crossing between Lebanon and Syria following an Israeli strike on October 25. (AFP)
The Jousieh crossing between Lebanon and Syria following an Israeli strike on October 25. (AFP)

The ongoing Israeli war on Lebanon has led to significant economic losses estimated between $10 billion and $20 billion.

This range reflects the difficulty in accurately assessing the damage amid Israel’s ongoing military operations, including airstrikes and ground attacks.

The destruction of homes, infrastructure, and farmland has contributed to a state of uncertainty, along with an unprecedented wave of displacement affecting many families.

Experts agree that reliable economic data is hard to obtain while the conflict continues.

Reports from the Ministry of Health and international organizations said nearly 3,000 people have been killed and around 15,000 injured, mostly civilians.

Additionally, about 1.4 million people have been displaced from their homes, representing roughly a quarter of Lebanon’s population.

Growing economic crisis ahead

The war came at a time when Lebanon’s economy was already struggling after five years of crisis.

According to Mohammad Choucair, head of the Economic Bodies Association, the situation is worsening rapidly, threatening serious economic and social consequences.

Current estimates suggest that direct losses from the conflict could reach between $10 billion and $12 billion, impacting various sectors.

As the war continues, key sectors like tourism, agriculture, and trade are experiencing a sharp decline in business activity.

Many small and medium-sized enterprises are being forced to close or suspend operations due to direct damage from attacks, reduced consumer demand, and disruptions in trade and supply chains caused by the influx of displaced people.

International financial institutions are warning that the ongoing Israeli attacks could continue for several more months, possibly lasting until mid-2025.

The Institute of International Finance (IIF) forecasts a 7% contraction in Lebanon’s GDP by the end of this year, followed by a 10% decline next year.

This would bring the total economic decline to nearly 60% from the peak GDP of around $53 billion recorded at the end of 2018.