GCC investments in Lebanon total $12 billion
The value of aggregate investments by Arab Gulf countries in Lebanon is estimated at $12 billion, according to a new study.
Arab Gulf nations’ investments in Lebanon account for 92.7 per cent of the total Arab investments in the country, reveals the study by the Beirut Chamber of Commerce.
The findings show that Saudi Arabia is the largest Arab investor in Lebanon with a total value of investments of $4.8bn, followed by the United Arab Emirates and Kuwait with $2.9bn and $2.8bn, respectively.
Most of these investments are in areas of real estate, tourism, banking and trade and retail business.
In turn, aggregate Lebanese investments in the Arab Gulf countries hit $5bn, of which $2.4bn are in Saudi Arabia and $1.5bn in the UAE.
The study, published by Elnashra, also indicates that 60 per cent of the total value of Lebanese expatriates’ remittances comes from the GCC region.
Lebanon’s economy was hit hard by the war raging in neighbouring Syria in addition to the political standoff at home.
The country’s economy was dealt a major blow a few weeks ago when Syrian rebels took control of a border crossing linking Syria with Jordan, through which Lebanese exports and agro produce travel to Arab Gulf countries and Iraq.
According to government figures, the country expects public debt to hit a staggering $71bn by the end of the current year.