BEIRUT: Jordan hopes to start supplying Lebanon with electricity by the end of the year, its energy minister said on Thursday, as the Lebanese government tries to tackle its crippling energy shortages amid the country’s financial meltdown.
Hala Zawati told Sky News Arabia that Lebanon was seeking World Bank financing for the project, part of efforts backed by the United States to address Lebanon’s energy crisis.
Under an agreement announced last month, Egypt will supply natural gas to Lebanon via a pipeline that passes through Jordan and Syria to help boost Lebanon’s electricity output.
The plan, as outlined by the Lebanese presidency in August, also involves using Egyptian gas to generate electricity in Jordan for transmission to Lebanon via the Syrian power grid.
US senators visiting Lebanon last month said they were seeking ways to address the complicating factor of US sanctions on Syria.
Iranian Foreign Minister Hossein Amir-Abdollahian said in Beirut on Thursday that Iran was ready to build two power plants in Lebanon, one in Beirut and the other in the south of the country, over a period of 18 months.
Iran backs the heavily armed, Lebanese Shiite group Hezbollah, deemed a terrorist group by the United States.
“We are completely ready to accomplish this project using the Islamic Republic of Iran’s technical expertise, and benefiting from joint Iranian-Lebanese investment,” he said, speaking via an Arabic translator.
He did not say who the investors could be.
Jordan aims to supply Lebanon with electricity by year-end — minister
https://arab.news/49685
Jordan aims to supply Lebanon with electricity by year-end — minister
- Lebanon is seeking World Bank financing for the project
Closing Bell: Saudi main index extends gains as market opens wider to foreign investment
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Monday, gaining 153.61 points, or 1.38 percent, to close at 11,321.09.
The total trading turnover of the benchmark index was SR5.85 billion ($1.56 billion), as 207 of the listed stocks advanced, while 55 retreated.
The MSCI Tadawul Index increased, up 21.20 points or 1.41 percent, to close at 1,524.18.
The Kingdom’s parallel market Nomu gained 278.13 points, or 1.17 percent, to close at 24,013.03. This comes as 43 of the listed stocks advanced, while 29 retreated.
The best-performing stock was Saudi Pharmaceutical Industries and Medical Appliances Corp., with its share price surging by 7.26 percent to SR28.94.
Other top performers included Rasan Information Technology Co., which saw its share price rise by 6.51 percent to SR144, and Knowledge Economic City, which saw a 6.25 percent increase to SR13.09.
On the downside, the worst performer of the day was Najran Cement Co., whose share price fell by 2.11 percent to SR6.49.
Almasane Alkobra Mining Co. and Saudi Cable Co. also saw declines, with their shares dropping by 2 percent and 1.88 percent to SR103.10 and SR166.80, respectively.
On the announcement front, Riyad Bank has announced its annual financial results for 2025, with the total income from special commission of financing reaching SR24.1 billion, while net income from special commission of financing amounted to SR12 billion.
In a statement on Tadawul, the bank said: “Net income increased by 11.7 percent mainly due to an increase in total operating income and a decrease in total operating expenses.”
The bank further noted that the rise in total operating income was primarily driven by increased revenue from fees and commissions, trading activities, special commissions, gains on non-trading investments, and other operating sources. This growth was partially tempered by declines in exchange and dividend income.
“Net provision of expected credit losses and other losses decreased by 15.8 percent due to a decrease in impairment charge of credit losses and impairment charge for other financial assets, partially offset by an increase in impairment charge for investments,” it added.
RIBL’s share price closed at SR18.18 on the main market, marking a 1.43 percent increase.
