Saudi Arabia’s Ambassador to Lebanon Walid Boukhari received a delegation from the Lebanese Saudi Business Council on Thursday, led by its chairman, Raouf Abou Zaki. On the agenda: trade and economic relations between Beirut and Riyadh.
Boukhari began by thanking Lebanon for its vote in favor of the Kingdom during the Expo 2030 elections, “despite all temptations presented by competing countries,” hoping that the Lebanese pavilion will be one of the most distinguished at the Expo. Riyadh was selected on Tuesday to host the 2030 World Expo with 119 votes in its favor.
With regard to Lebanon, the ambassador stressed that if Lebanon wishes to be a partner in the Vision 2030 plan, it will have to comply with all attached criteria, prerequisites and legal agreements in order to protect investments.
Launched in 2016 by Saudi Crown Prince Mohammad Bin Salman, Vision 2030 aims to gradually put Saudi Arabia on the path to more open and liberal economic development.
In this context, Boukhari revealed that the Director-General of the Ministry of Economy and Trade, Mohammad Abou Haidar, handed him the drafts of 22 agreements with their legal status. He stressed that this step was taken, admittedly, outside the framework of the Lebanese Saudi Council, “but the Kingdom considered, in view of the persistent stalemate (in Lebanon), that no time should be wasted.” He added, “It has reviewed the established agreements and modified certain prerequisites required. Everything is ready but awaits unblocking with presidential elections.”
Boukhari assured that “funds would flow to Lebanon because businessmen and investors are looking for high-yield investment opportunities, and Lebanon has such opportunities, particularly in vital sectors such as real estate, tourism, agriculture and energy.” On the other hand, he pointed to “two main obstacles linked to political stability in Lebanon and the protection of financial flows,” assuring that “Saudi leaders support the economy and want Lebanon to be a partner in their plan.”
With regard to the banking crisis, Boukhari referred to “an official Saudi decision not to harm Lebanon, given the circumstances it is going through.” He emphasized that “no Saudi businessman has lodged an international complaint against Lebanon, despite the presence of private funds held by Saudi depositors in Lebanese banks.”
It should be noted that the Lebanese and Saudi economic ministers agreed on May 18, during a meeting on the sidelines of the Arab League Summit in Jeddah, to gradually increase their economic and commercial exchanges. These will represent a major financial windfall for Lebanon, injecting funds back into the Lebanese economy.
This resumption is part of the revival of Lebanese-Saudi relations following recent positive regional developments. The reestablishment of normal economic and trade relations between the two countries means the gradual opening up of imports and exports.
Relations between Lebanon and Saudi Arabia deteriorated at the end of 2021, after then-Lebanese Minister of Information George Kordahi criticized Saudi Arabia’s involvement in the war in Yemen. In the midst of a political and economic crisis in the Land of the Cedars, the Kingdom decided to ban all imports from Lebanon. Saudi Arabia no longer saw any point in maintaining relations with Lebanon given Hezbollah’s “domination of the political scene” and leaders’ “reluctance to carry out required reforms.”
Trade flows between Lebanon and Saudi Arabia were also affected by the seizure of Captagon pills concealed in Lebanese vegetables bound for the Kingdom.
