BEIRUT: Lebanon’s parliament approved $200 million in emergency funding Monday to stave off a national power cut the energy minister warned would otherwise hit by the end of March.
Caretaker energy minister Raymond GHajjar said three weeks ago that the country would plunge into “total darkness” if no money was secured to buy fuel for power stations.
The state-run Electricity of Lebanon (EDL) faces dire cash shortages, as the country grapples with its worst economic crisis since the 1975-1990 civil war.
On Monday, “parliament approved... a $200 million advance” for EDL, the National News Agency reported.
The decision came a day after one of the country’s largest power plants, Zahrani in south Lebanon, stopped operating because it ran out of fuel.
EDL said the closure was caused because a fuel ship could not be immediately offloaded because of logistical problems.
Meanwhile, another cargo ship scheduled to arrive from Kuwait has been held up due to the stuck container ship blocking the Suez Canal, it added.
Power cuts have been common in Lebanon for decades, forcing Lebanese use private generators.
Now the country is facing an economic crunch and fast running out of hard currency to back imports.
The EDL power company had been running on a loan allocated under the 2020 budget, but the 2021 budget has not yet been passed, with the country also struggling in a political crisis.
Lebanon approves crisis funding to avert power blackout
https://arab.news/2f5dq
Lebanon approves crisis funding to avert power blackout
- Lebanon’s parliament approved $200 million in emergency funding
Saudi home ownership exceeds 66% in 2025: housing minister
RIYADH: Saudi Minister of Municipalities and Housing Majid Al-Hogail affirmed that the Kingdom has built a balanced real estate ecosystem, which raised the homeownership rate from 47 percent in 2016 to over 66 percent by 2025.
This indicator reflects the effectiveness of housing policies and regulatory reforms the sector has witnessed in recent years.
This came during Al-Hogail’s speech at the opening of the fifth edition of the Future of Real Estate Forum. He explained that the Kingdom has chosen the path of “real estate balance” as a strategic approach aimed at enhancing market stability, increasing its efficiency, and entrenching fairness within it.
He pointed out that this path has been translated into precise regulatory tools whose effects have materialized in less than a year since the launch of its programs in 2025.
He clarified that the entry into force of the system allowing non-Saudi ownership, within a disciplined regulatory framework, enhances the attractiveness and preserves the sustainability of the real estate market. He emphasized that balanced regulation represents a fundamental pillar in stimulating investment and raising the sector’s efficiency.
In the context of land regulation and stimulating supply, the minister added that the White Land and Vacant Property Fees Law aims to mobilize unused land. He noted that more than 60,000 invoices have been issued since the beginning of 2026, in addition to the availability of over 100 million sq. meters of ready-to-develop land in Riyadh. This contributes to increasing supply and achieving a balance between supply and demand.
Al-Hogail added that the ministry, in partnership with the private sector, is working to inject more than 300,000 housing units into Riyadh over the next three years. He also noted that more than 300,000 housing units had been delivered by the end of 2025 across 16 cities in various regions of the Kingdom.
Furthermore, the number of beneficiaries of housing support programs has exceeded one million, a step that enhances the sustainability and diversity of housing solutions.
Regarding financing and investment, he revealed that the total real estate financing portfolios in Saudi banks represent about 27 percent of their portfolios.
He indicated that local sukuk worth over SR20 billion ($5.3 billion) and international issuances worth $4.5 billion have been issued. This is in addition to attracting global developers through an investment portfolio exceeding SR40 billion, reflecting the sector’s solidity and investor confidence in it.
The minister pointed to the diversity of the housing solutions ecosystem through multiple tools, including rent-to-own, partial ownership and real estate coding, which expand options for beneficiaries and enhance market flexibility.
Al-Hogail said the Kingdom now has an advanced digital real estate ecosystem considered among the world’s leading systems, with 13 digital platforms serving more than 35 million users.
About 80 percent of real estate transactions are completed digitally, alongside the issuance of more than 1.3 million real estate records, enhancing governance and transparency and improving operational efficiency.
On real estate coding, Al-Hogail explained that its regulatory journey spans seven stages, including the launch of a regulatory sandbox for the private sector involving nine companies. He said the future of coding will unfold across three main phases, aimed at building a more open and innovative real estate market.
Al-Hogail concluded by emphasizing that the Saudi real estate sector is moving confidently toward a new stage of maturity and sustainability, supported by regulatory, financial and digital reforms that strengthen its role as a key driver of the national economy.
