Bsat: Saudi initiative to attend ‘Beirut One’ investment conference

BEIRUT — The Minister of Economy Amer Bsat told local television channel LBCI on Saturday that "there is an initiative from the Saudis to attend an investment conference in Lebanon called ‘Beirut One’,” calling it the "beginning of a path and a very positive development.”

The Beirut One conference, scheduled for Nov. 18–19, will bring together the private sector, the diaspora, and international partners to secure investments and support. It coincides with Saudi Crown Prince Mohammed bin Salman’s visit to the United States on Nov. 18, where a joint U.S.-Saudi investment forum will also be held.

“The way we are thinking through the conference is to break the stagnation and disconnection, and to reconnect Lebanon economically with its Arab surroundings, its diaspora, and our Arab brothers. We want to create a new narrative about this country", the minister noted. “Through the ‘Beirut One’ Conference, we want to create a new narrative about Lebanon, that it is not just a country that begs and holds talks with donors, funds and the IMF, but a country with its own private sector and investments", the minister said.

Many observers caution that foreign investment will remain limited until Lebanon reaches an IMF agreement, which requires implementing financial reforms. Since the 2020 default, Lebanon has struggled to convince the Fund of its readiness to stabilize the financial system.

Bsat added that the conference is “an indication of success” and that Saudi participation is “very healthy.” “Our relationship with Saudi Arabia is organic and sentimental. Transformations, including tighter port control, show the right path has begun,” he said.

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Head of Labor Union welcomes Saudi approach

Also on Saturday, the head of the General Labor Union, Beshara al-Asmar welcomed Saudi Arabia's announced approach toward Lebanon, according to the state-run National News Agency.

"This would pave the way for the resumption of exporting Lebanese food and industrial products, as well as fruits and vegetables, and would bring economic relief to several sectors", he said.

Saudi Arabia suspended the import of fruits and vegetables from Lebanon in April 2021, following the discovery of more than five million Captagon pills hidden in inbound Lebanese fruit. While no trade bans were imposed by the rest of the Gulf, Saudi Arabia is the transit hub for goods heading to those states, which meant substantial additional losses of revenue for Lebanon.

“The Kingdom has spared no effort in supporting Lebanon internationally, economically and politically,” al-Asmar said, expressing hope that Saudi openness will extend to lifting the travel ban for Saudi citizens visiting Lebanon.