Lebanese Products Return to Saudi Market with Aims to Exceed Pre-2021 Figures

Saudi Ambassador to Beirut Fahd Al-Dosari and officials from both countries at Beirut port at the launch of Lebanese exports to Saudi Arabia. (SPA)
Saudi Ambassador to Beirut Fahd Al-Dosari and officials from both countries at Beirut port at the launch of Lebanese exports to Saudi Arabia. (SPA)
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Lebanese Products Return to Saudi Market with Aims to Exceed Pre-2021 Figures

Saudi Ambassador to Beirut Fahd Al-Dosari and officials from both countries at Beirut port at the launch of Lebanese exports to Saudi Arabia. (SPA)
Saudi Ambassador to Beirut Fahd Al-Dosari and officials from both countries at Beirut port at the launch of Lebanese exports to Saudi Arabia. (SPA)

Lebanese products are once again entering the Saudi market, carrying with them more than just goods and commodities; they carry a message of confidence that has been rebuilt after years of pause, and an economic opportunity that Lebanon has been eagerly awaiting.

The return of the Saudi market - which alone represents about 85 percent of the size of the Gulf market - is not only a restoration of what was lost when exports reached about $378 million before the 2021 ban, but also opens the door to greater ambitions to expand the Lebanese presence in this vast market.

This strategic shift is supported by advanced digital inspection mechanisms that meet current requirements, confirming that the transition to the greater Gulf market is no longer based on intentions, but on compliance with strict standards that ensure the stability and preservation of this historic partnership.

On Saturday, the "whistle" sounded from Beirut for the return of Lebanese exports to the Kingdom, after a long ban of five years, which was imposed following widespread smuggling of contraband to the Kingdom.

Rabih el-Amine, Chairman of the Lebanese Executives Council, an economic and social gathering that includes a group of elite Lebanese professionals residing in the Kingdom and Gulf countries, told Asharq Al-Awsat that the return of Lebanese exports to the Kingdom is a step that goes beyond its direct commercial dimension.

"In essence, it is a restoration of trust, which represents the real capital in any sustainable economic relationship," he stressed.

"With this decision, Beirut is regaining its gateway to the most important export markets of all, bringing life back to its productive sectors in agriculture and industry, and hope to thousands of farmers in the Bekaa, the south, and the north, as well as to the factories that have survived in the most difficult conditions," he added.

He said the ban was lifted "at a time when the country's economy needs everything that drives it forward and secures job opportunities and the flow of hard currency."

Trade exchange

As for the Kingdom, el-Amine said that the decision, which came in implementation of the directives of Prince Mohammed bin Salman, Crown Prince and Prime Minister, and in response to the request of Lebanese President Joseph Aoun and Prime Minister Nawaf Salam, "embodies a firm Saudi position in support of Lebanon's stability and sovereignty over all its territory."

"It confirms that Beirut is regaining its role as a reliable partner whose territory is not used as a launching pad to harm its brothers," he stated.

"More importantly, this return was not based on intentions, but on concrete measures, from modern scanning devices in the ports of Beirut and Tripoli to the joint control mechanism that allows the port of Jeddah to view the results of the inspection as soon as the goods pass through," he explained.

Rabih el-Amine, Chairman of the Lebanese Executives Council.

He revealed that the Kingdom topped the Lebanese export markets before the ban. "In 2014 and 2015, it ranked first with about 12 percent of our total exports, with a value of about 378 million dollars in 2014, according to data from the Lebanese Customs and the Chamber of Commerce, while bilateral trade was estimated at hundreds of millions of dollars annually."

"The 2021 decision reduced this presence to almost zero. Our share in the Saudi market fell to about 3 percent in 2021, while the Kingdom's exports to Beirut continued and reached about $870 million in 2024, which reveals the size of the imbalance that we are seeking to correct today," el-Amine remarked.

The ambition, as expressed by PM Salam, is "not only to restore the figure to what it was before the ban, but to surpass it," he continued.

"The Saudi market alone represents about 85 percent of the size of the Gulf market, and if we offer a high-quality, competitively priced product, we can double our share, not just regain it," he noted.

Export products

Agricultural and food products top Lebanon's exports to Saudi Arabia, such fruits and vegetables including apples, grapes, citrus fruits, cherries, and potatoes, as well as food industries and canned products.

These are commodities linked to production, processing, and marketing chains that employ thousands of families. In addition, there are high-value Lebanese categories that the Kingdom has consistently imported, from jewelry and precious metals to cosmetics, essential oils, and some industrial and pharmaceutical products.

Plastics and their products lead Saudi exports to Lebanon, followed by petroleum products, fuel, and mineral oils, then pharmaceutical and processed foodstuffs.

Demands of the Saudi market

El-Amine said that the Lebanese Executives Council provides exporters with an accurate reading of the Saudi market and its requirements, in terms of specifications, standards, compliance and logistics services.

"We connect Lebanese companies with their potential partners through bilateral meetings, delegations and forums, and we accompany entrepreneurs in preparing their products to the level of quality that this market deserves," he added.

He called for protecting and preserving this step in the long term through two tracks. "The first is to tighten security measures at crossings and borders in a way that prevents any recurrence of what led to the ban; and the second is to harmonize tax and financial procedures between the two countries," he suggested.

"It is the responsibility of the Lebanese exporters themselves to align their products with the specifications and standards adopted in the Kingdom, as the quality of the product and its compliance with the standards are its permanent pass to this market," he stressed.



Egypt Signs Preliminary Financing Agreement on $650 Million Solar Project in Upper Egypt

A general view of the Benban plant of photovoltaic solar panels in Aswan, Egypt, November 17, 2019. (Reuters)
A general view of the Benban plant of photovoltaic solar panels in Aswan, Egypt, November 17, 2019. (Reuters)
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Egypt Signs Preliminary Financing Agreement on $650 Million Solar Project in Upper Egypt

A general view of the Benban plant of photovoltaic solar panels in Aswan, Egypt, November 17, 2019. (Reuters)
A general view of the Benban plant of photovoltaic solar panels in Aswan, Egypt, November 17, 2019. (Reuters)

Egypt has signed a preliminary financing agreement with Norway's Scatec and three multilateral development banks for a $650 million solar power project in the southern province of Qena, the cabinet said on Monday.

Egypt ‌is scaling ‌up renewable energy ‌projects ⁠to reduce its natural ⁠gas import bill, targeting a 42% share of renewable energy in its electricity generation mix by 2030.

The Dandara project in ⁠Nagaa Hammadi city will ‌have generation ‌capacity of 1 gigawatt and ‌battery storage of 200 megawatt ‌hours, the cabinet said.

The European Investment Bank, European Bank for Reconstruction and Development and African ‌Development Bank are participating in the financing arrangements while ⁠the ⁠National Bank of Egypt will take an equity stake in the project company.

The project will be built in two phases, each adding 500 megawatts of solar capacity and 100 megawatt hours of battery storage.


RSNF Launches HMS NEOM Under Second Phase of Sarawat Project

HAZEM, the first Saudi naval combat management system of its kind, is among the project’s most significant outcomes. It was developed through a strategic partnership between Saudi Arabian Military Industries (SAMI) and Spain’s Navantia - SPA
HAZEM, the first Saudi naval combat management system of its kind, is among the project’s most significant outcomes. It was developed through a strategic partnership between Saudi Arabian Military Industries (SAMI) and Spain’s Navantia - SPA
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RSNF Launches HMS NEOM Under Second Phase of Sarawat Project

HAZEM, the first Saudi naval combat management system of its kind, is among the project’s most significant outcomes. It was developed through a strategic partnership between Saudi Arabian Military Industries (SAMI) and Spain’s Navantia - SPA
HAZEM, the first Saudi naval combat management system of its kind, is among the project’s most significant outcomes. It was developed through a strategic partnership between Saudi Arabian Military Industries (SAMI) and Spain’s Navantia - SPA

The Royal Saudi Naval Forces (RSNF) launched His Majesty's Ship NEOM (HMS NEOM), the second ship in the second phase of the Sarawat Project, at Navantia’s shipyard in San Fernando, Spain, following the completion of hull construction and assembly.

The outfitting, installation and integration of the ship’s systems will be completed in Saudi Arabia, followed by acceptance trials on Saudi lands and in Saudi waters, supporting technology transfer and the localization of military shipbuilding.

The launching ceremony was attended by Chief of Staff of RSNF Vice Adm. Mohammed bin Abdulrahman Alghuraiby, Saudi Ambassador to Spain Princess Haifa bint Abdulaziz bin Ayyaf Al Muqrin, Navantia Chairman Ricardo Domínguez, Chief Operating Officer at the company Gonzalo Mateo-Guerrero, San Fernando Shipyard Director Alberto Cervantes Sánchez, and senior naval officers from both countries.

Speaking at the ceremony, Vice Adm. Alghuraiby expressed appreciation for the unwavering support extended to the Armed Forces, particularly the RSNF, by Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, and Minister of Defense Prince Khalid bin Salman bin Abdulaziz. He said this support has helped develop defense capabilities and enhance operational readiness and effectiveness.

He praised the Saudi-Spanish partnership and its role in developing naval capabilities, as well as the efforts of the project’s engineers and technicians in achieving this milestone. He emphasized that the Sarawat Project strengthens naval readiness and develops national expertise through a comprehensive package of logistics support and crew qualification and training, equipping personnel with the knowledge and experience needed to operate and maintain the ships.

The contract for the second phase of the Sarawat Project includes a comprehensive logistics support package, crew training programs and a plan to qualify more than 100 Saudi engineers, alongside the localization of combat systems integration and maintenance.

HAZEM, the first Saudi naval combat management system of its kind, is among the project’s most significant outcomes. It was developed through a strategic partnership between Saudi Arabian Military Industries (SAMI) and Spain’s Navantia.

As the regulator of the military industries sector, the General Authority for Military Industries (GAMI) supported the project through its industrial participation agreement with Navantia. The agreement includes specific targets for localization and the development of domestic capabilities, supporting Saudi Arabia’s military industries, advancing knowledge and technology transfer, and enhancing military readiness.

The second phase of the Sarawat Project comprises three Avante 2200 multirole corvettes: HMS AlMadinah, HMS NEOM and HMS AlUla. It builds on the first phase, which delivered five warships to the Royal Saudi Naval Forces.

The ships feature advanced systems to counter aerial, surface and subsurface threats, strengthening their ability to protect Saudi Arabia’s strategic interests and secure vital sea lanes.


Oil Drops from Near Six-Month Highs on Hopes Iran War Hostilities to Ease

Pumpjacks operating in Kern County, which has a long history of oil production, in California's 22nd Congressional District on October 16, 2026 near Bakersfield, California. (Getty Images/AFP)
Pumpjacks operating in Kern County, which has a long history of oil production, in California's 22nd Congressional District on October 16, 2026 near Bakersfield, California. (Getty Images/AFP)
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Oil Drops from Near Six-Month Highs on Hopes Iran War Hostilities to Ease

Pumpjacks operating in Kern County, which has a long history of oil production, in California's 22nd Congressional District on October 16, 2026 near Bakersfield, California. (Getty Images/AFP)
Pumpjacks operating in Kern County, which has a long history of oil production, in California's 22nd Congressional District on October 16, 2026 near Bakersfield, California. (Getty Images/AFP)

Oil prices fell on Monday after surging last week to near six-month highs, amid hopes of easing hostilities between the United States and Iran.

US West Texas Intermediate crude futures were down $1.76, or 1.7%, at $101.51 per barrel by 0744 GMT. Brent crude futures were down $1.49, or 1.28%, at $115.23.

On Friday, prices settled nearly $3 higher after Houthi attacks in Saudi Arabia stoked energy supply concerns. Brent finished ‌the week up ‌6% and WTI ended 2.3% higher.

On Sunday, Qatari mediators ‌traveled ⁠to Tehran as ⁠part of an effort to de-escalate regional tensions in coordination with the United States, an official briefed on the situation said.

Also, top officials from Makkah Defense Agreement countries Saudi Arabia, Türkiye and Pakistan are set to meet Iran's leaders in Tehran on Monday in their first high-level contact since attacks by the Iran-backed Houthis joined the regional conflict by launching attacks on Saudi Arabia.

"Concerns over renewed military hostilities in the Middle East, which drove much of last ⁠week’s crude rally, have eased this morning, but the reprieve may ‌prove temporary," said Vandana Hari, founder of oil market ‌analysis provider Vanda Insights.

Hari said US President Donald Trump has not dispelled market expectations that strikes ‌on Iran could still follow after the November 3 midterm elections.

"We therefore expect volatility ‌to remain elevated, with risks still skewed to the upside," she added.

The effects of the US-Israeli war on Iran that began on February 28 continue to reverberate as companies adjust to the disruptions ⁠of commercial shipping ⁠through the key Strait of Hormuz and Bab el-Mandeb Strait caused by the conflict.

On Monday, the energy ministers from Saudi Arabia and Singapore said state-owned oil company Saudi Aramco will start storing crude oil in Singapore from the second half of 2027.

"While supply risks surrounding the Strait of Hormuz remain firmly entrenched, the current pullback appears more reflective of position adjustments and risk management rather than any meaningful improvement in the underlying supply situation," said Priyanka Sachdeva, head of market insight at Phillip Nova.

The head of the International Energy Agency, Fatih Birol, reinforced the concerns about the supply situation, saying on Monday at an industry event in Singapore that he does not expect energy markets in 2027 to return to where they were before the Iran war.