The ban on UAE citizens to travelling to Lebanon will hurt the country’s tourism sector, experts say.
The travel ban comes on the heels of Saudi Arabia stopping US$4 billion in military aid to Lebanon last week. The Saudi decision was backed by the UAE, Kuwait and Bahrain.
Security concerns and geopolitical tensions also plague Syria, Egypt and Turkey.
Travellers from the UAE and the Arabian Gulf are expected to prefer destinations in Europe and the Far East over popular destinations in Egypt, Lebanon and Turkey this year, according to Euromonitor International and travel agencies.
Lebanese banks removed from financial watchdog list
daily star.com.lb
International correspondent banks and depositors will be the first to rejoice following an announcement by a financial watchdog that Lebanon is no longer under the surveillance, bankers said Monday. “Of course this is very good news for Lebanon and the banking sector. Our banks have shown commitment in complying with all international rules and requirements to combat money laundering and terrorism funding,” Markam Sader, the secretary general of the Association of Banks in Lebanon, told The Daily Star.
Other bankers also stressed that the decision to lift the surveillance on Lebanon is not surprising, noting that banks have earnestly pursued upgrading their compliance departments without hesitation.
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Sauudi, UAE warn against travel to Lebanon
Saudi Arabia on Tuesday warned its nationals against travel to Lebanon and the United Arab Emirates banned its citizens from traveling to the Arab country.
The Saudi foreign ministry issued a statement calling on “all citizens not to travel to Lebanon, for their safety, and asking citizens residing in Lebanon or visiting not to stay unless extremely necessary,” the official SPA news agency reported.
The United Arab Emirates, meanwhile, also announced on Tuesday that it was banning its citizens from traveling to Lebanon and reducing its diplomatic mission there, according to state news agency WAM.
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Lebanese chocolatiers Patchi to sell major share
hoteliermiddleeast
Luxury Lebanese chocolate company Patchi has teamed up with Goldman Sachs and deNovo Corporate Advisors to prepare for a potential stake sale, sources familiar with the matter told Reuters, in a deal expected to value the company at more than $500 million
The prospective sale would be the latest in the food sector in the Middle East by a family business aiming to support expansion plans and improve governance structures.
Investors have been keen to buy into the market as they target the potential of consumer brands buoyed by spending from the Middle East’s growing and increasingly affluent population.
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9 most creative Lebanese methods of transportation
Maya Moussa
As Lebanese we are by far the most creative people when it comes to what we believe is the most convenient means of transportation. Just name it and we’ve got it! If you ever thought it couldn’t get any more eye popping, think again …
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Lebanese justice minister resigns over Samaha release
Reuters
Beirut: Lebanese Justice Minister Ashraf Rifi resigned on Sunday, blaming political rivals Hezbollah for the country’s political deadlock and protesting over the release on bail of a former minister sentenced for smuggling explosives from Syria.
Lebanon’s political crisis has left it without a president for 21 months with rival factions unable to agree on a candidate, and has paralysed state institutions, preventing the government from taking even basic decisions.
The release on bail of ex-information minister Michel Samaha last month after serving eight months of a 4 1/2 year jail sentence for smuggling explosives from neighbouring Syria and planning attacks drew anger and condemnation from Syrian President Bashar Al Assad’s opponents in Lebanon.
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That proposed halt in fighting in Syria is now looking like a complete failure
by Armin Rosen
Friday was supposed to be an important deadline in Syria’s Civil War.
On February 11, the International Syria Support Group (ISSG), a group of countries with interests in the outcome of the Syria conflict that includes the US, and Russia, announced that a "cessation of hostilities" would begin within one week.
But the deadline to end the violence has now passed, making the "cessation" plan seems even more like a half-hearted attempt at imposing a peaceful solution that none of the major combatants in Syria seem to actually want.
As it was, the cessation announcement was meant to salvage some kind of resolution from flailing peace negotiations — talks that Syrian opposition groups want to make conditional upon Russia halting its airstrikes.
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Lebanese Trade Accusations Over Saudi Aid Suspension
By zeina karam, associated press
Lebanese politicians traded accusations Saturday over the decision by Saudi Arabia to halt deals worth $4 billion aimed at equipping and supporting Lebanese security forces, adding to tensions in the deeply divided country, which is struggling with the fallout from neighboring Syria’s civil war.
The decision was announced by Saudi officials Friday in retaliation for Lebanon’s siding with Iran amid the Sunni kingdom’s spat with the Shiite power. The Gulf Cooperation Council backed the Saudi decision, raising concerns it could have repercussions for thousands of Lebanese living in Gulf countries.
The small Mediterranean country has a sectarian divide that reflects the wider regional split between Sunni and Shiite powerhouses Saudi Arabia and Iran, and has long been a battlefield where the region’s proxy wars play out. The Saudi announcement immediately prompted sharp accusations among Lebanon’s notoriously fractious party leaders.
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