KUWAIT: Lebanon wants to negotiate fuel imports with Kuwait to help Beirut cope with an economic and financial crisis, Lebanon’s internal security chief said in remarks published on Tuesday.
Abbas Ibrahim told Kuwaiti newspaper Al Rai he had discussed the matter with Kuwaiti officials during a visit to the oil-exporting Gulf Arab state this week along with other “shared ideas” that could help alleviate Lebanon’s crisis.
“We want to purchase 100% of our requirements from Kuwait without going through agents or companies looking to make a profit ... this is a purely commercial matter and I hope there will be no obstacles to it,” Al Rai quoted Ibrahim as saying.
He said the request would be raised to Kuwait’s ruler.
Lebanon is suffering a dire financial crisis and hard currency liquidity crunch. The Lebanese pound has lost some 80% of its value since October.
There was no immediate comment from Kuwaiti officials on the request. Abbas, in the newspaper interview, declined to elaborate on what other assistance Lebanon may have sought.
Gulf states have long channelled funds into Lebanon’s fragile economy but are alarmed by the rising influence of Hezbollah, a powerful group backed by their arch-rival Iran.
They appear loath now to help ease Beirut’s worst financial crisis in decades, with a senior official in the United Arab Emirates last month saying Lebanon was paying the price of deteriorating ties with wealthy Gulf Arab neighbors.
Kuwait is seeking to bolster its own finances amid low oil prices and the coronavirus pandemic, and has been rapidly depleting its General Reserves Fund to plug a budget deficit.
Another leading Kuwaiti newspaper, Al Qabas, quoted sources as saying it would be difficult for Kuwait at this time to consider supporting Lebanon through a central bank deposit.
Lebanon seeks fuel imports from Kuwait
https://arab.news/6ccp8
Lebanon seeks fuel imports from Kuwait
- Lebanon’s internal security chief said he had discussed the matter with Kuwaiti officials during a visit
Closing Bell: Saudi main index closes in red at 10,947
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Thursday, losing 208.20 points, or 1.87 percent, to close at 10,947.25.
The total trading turnover of the benchmark index was SR4.80 billion ($1.28 billion), as 14 of the listed stocks advanced, while 253 retreated.
The MSCI Tadawul Index decreased, down 25.35 points, or 1.69 percent, to close at 1,477.71.
The Kingdom’s parallel market Nomu lost 217.90 points, or 0.92 percent, to close at 23,404.75. This came as 24 of the listed stocks advanced, while 43 retreated.
The best-performing stock was Musharaka REIT Fund, with its share price up 2.12 percent to SR4.34.
Other top performers included Al Hassan Ghazi Ibrahim Shaker Co., which saw its share price rise by 1.18 percent to SR17.20, and Saudi Industrial Export Co., which saw a 0.8 percent increase to SR2.51.
On the downside, Abdullah Saad Mohammed Abo Moati for Bookstores Co. was among the day’s biggest decliners, with its share price falling 9.3 percent to SR39.
National Medical Care Co. fell 8.98 percent to SR128.80, while National Co. for Learning and Education declined 6.35 percent to SR116.50.
On the announcements front, Red Sea International said its subsidiary, the Fundamental Installation for Electric Work Co., has entered into a framework agreement with King Salman International Airport Development Co.
In a Tadawul statement, the company noted that the agreement establishes the general terms and conditions for the execution of enabling works at the King Salman International Airport project in Riyadh.
Under the 48-month contract, the scope of work includes the supply, installation, testing, and commissioning of all mechanical, electrical, and plumbing systems.
Utilizing a re-measurement model, specific work orders will be issued on a call-off basis, with the final contract value to be determined upon the completion and measurement of actual quantities executed.
The financial impact of this collaboration is expected to begin reflecting on the company’s statements starting in the first quarter of 2026, the statement said.
The company’s share price reached SR23.05, marking a 2.45 percent decrease on the main market.
