Saudi companies stop commercial dealings with Lebanon
President of the Federation of Chambers to Asharq Al-Awsat: The move includes all economic activities
Ajlan Al-Ajlan, head of the Federation of Saudi Chambers, revealed that all national companies halted, on the evening of yesterday (Friday), all their dealings with Lebanese companies, in response to what he described as the justification and blessing of the Lebanese government for terrorist acts targeting Saudi Arabia and its social and economic capabilities.
Al-Ajlan told Asharq Al-Awsat that all Saudi companies will not deal with any Lebanese company or any economic sector in Lebanon, as well as with the Lebanese government, which justified the terrorist attacks with booby-trapped planes on the Kingdom and its people and its economic and social gains, which is considered unacceptable by any government, including Including the Lebanese government, considering that this measure by Saudi businessmen and companies is the least that can be offered to stand by their country’s government.
Al-Ajlan added that the quick move by Saudi companies to stop commercial dealings came in response to what he launched, the day before yesterday, in a tweet on his personal account on Twitter, to stop all commercial and economic dealings with Lebanon, in response to the persistence in targeting Saudi Arabia with drug smuggling and justifying terrorist acts. In all its forms that the kingdom is exposed to.
Regarding Saudi investors in Lebanon, Al-Ajlan confirmed to Asharq Al-Awsat that stopping cooperation includes all economic and commercial levels as well as investment, adding: “Because it is illogical for the Lebanese government to continue this use of encouraging terrorist acts and flooding the Saudi market with drugs, And that there should be no movement, especially since the Saudi government cooperated with the concerned authorities in Lebanon to stop these actions, in order to preserve the interests of the Lebanese people.”
With the current step of Saudi companies interacting with the invitation launched by the President of the Federation of Saudi Chambers, the Lebanese economy will lose about $220 million of the total value of exports to the countries of the world, which does not exceed $3 billion, as the Lebanese agricultural sector records the biggest loser by about $92 million, and the industrial sector At about $97 million, Lebanese producers will face a problem in finding alternative markets for the export of Lebanese industries and agriculture, as these products do not meet the conditions of the European Union.
The Lebanese tourism sector recorded a major collapse, which is the main driver in the past years of the Lebanese economy, which depends heavily on Gulf tourists, with the cessation of the flow of tourists from the Gulf countries in 2015 for security reasons, and Saudi tourists topped the volume of spending in Lebanon by 16 percent. of spending by tourists in general.
In the context of the volume of aid provided by Saudi Arabia to Lebanon during the period between 1990 and 2015, compared to Iranian contributions to the country, an international report revealed that the volume of aid exceeded $70 billion, directly and indirectly, between investments, aid, grants and gifts, soft loans and deposits in banks, while Iranian contributions to the Lebanese government do not exceed $100 million, in parallel with providing $200 million annually to Hezbollah.
The report indicates that Saudi investments in Lebanon between 2004 and 2015 amounted to about $6 billion, in addition to that Saudi exports to Lebanon in 2014 amounted to $415.4 million. In addition to previous submissions, the Kingdom transferred a financial deposit of $1 billion during the 2006 war.
Here, Al-Ajlan reiterated that Saudi Arabia, for decades, has provided generous support to the Lebanese government to advance its economy and advance its people, and has not been absent in any position to support Lebanon and its people. However, the Lebanese government has been excessive in its support for the terrorist act and has not taken into consideration anything in order to preserve joint relations.
Al-Ajlan told Asharq Al-Awsat that all Saudi companies will not deal with any Lebanese company or any economic sector in Lebanon, as well as with the Lebanese government, which justified the terrorist attacks with booby-trapped planes on the Kingdom and its people and its economic and social gains, which is considered unacceptable by any government, including Including the Lebanese government, considering that this measure by Saudi businessmen and companies is the least that can be offered to stand by their country’s government.
Al-Ajlan added that the quick move by Saudi companies to stop commercial dealings came in response to what he launched, the day before yesterday, in a tweet on his personal account on Twitter, to stop all commercial and economic dealings with Lebanon, in response to the persistence in targeting Saudi Arabia with drug smuggling and justifying terrorist acts. In all its forms that the kingdom is exposed to.
Regarding Saudi investors in Lebanon, Al-Ajlan confirmed to Asharq Al-Awsat that stopping cooperation includes all economic and commercial levels as well as investment, adding: “Because it is illogical for the Lebanese government to continue this use of encouraging terrorist acts and flooding the Saudi market with drugs, And that there should be no movement, especially since the Saudi government cooperated with the concerned authorities in Lebanon to stop these actions, in order to preserve the interests of the Lebanese people.”
With the current step of Saudi companies interacting with the invitation launched by the President of the Federation of Saudi Chambers, the Lebanese economy will lose about $220 million of the total value of exports to the countries of the world, which does not exceed $3 billion, as the Lebanese agricultural sector records the biggest loser by about $92 million, and the industrial sector At about $97 million, Lebanese producers will face a problem in finding alternative markets for the export of Lebanese industries and agriculture, as these products do not meet the conditions of the European Union.
The Lebanese tourism sector recorded a major collapse, which is the main driver in the past years of the Lebanese economy, which depends heavily on Gulf tourists, with the cessation of the flow of tourists from the Gulf countries in 2015 for security reasons, and Saudi tourists topped the volume of spending in Lebanon by 16 percent. of spending by tourists in general.
In the context of the volume of aid provided by Saudi Arabia to Lebanon during the period between 1990 and 2015, compared to Iranian contributions to the country, an international report revealed that the volume of aid exceeded $70 billion, directly and indirectly, between investments, aid, grants and gifts, soft loans and deposits in banks, while Iranian contributions to the Lebanese government do not exceed $100 million, in parallel with providing $200 million annually to Hezbollah.
The report indicates that Saudi investments in Lebanon between 2004 and 2015 amounted to about $6 billion, in addition to that Saudi exports to Lebanon in 2014 amounted to $415.4 million. In addition to previous submissions, the Kingdom transferred a financial deposit of $1 billion during the 2006 war.
Here, Al-Ajlan reiterated that Saudi Arabia, for decades, has provided generous support to the Lebanese government to advance its economy and advance its people, and has not been absent in any position to support Lebanon and its people. However, the Lebanese government has been excessive in its support for the terrorist act and has not taken into consideration anything in order to preserve joint relations.
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