Lebanon’s economy to benefit from World Bank’s $250m recovery boost

The project follows a phased approach to address response, recovery, and reconstruction, focusing on prioritizing and sequencing interventions to achieve maximum economic and social impact in the shortest possible time. Reuters
The project follows a phased approach to address response, recovery, and reconstruction, focusing on prioritizing and sequencing interventions to achieve maximum economic and social impact in the shortest possible time. Reuters
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Updated 25 June 2025

Lebanon’s economy to benefit from World Bank’s $250m recovery boost

Lebanon’s economy to benefit from World Bank’s $250m recovery boost

JEDDAH: Lebanon’s battered infrastructure and strained public services are set for a boost, as the World Bank has approved $250 million to launch a broader $1 billion recovery and reconstruction initiative.

In a statement on Wednesday, the World Bank announced that its board of executive directors had approved the funding a day earlier under the Lebanon Emergency Assistance Project.

The project follows a phased approach to address response, recovery, and reconstruction, focusing on prioritizing and sequencing interventions to achieve maximum economic and social impact in the shortest possible time.

“The Rapid Damage and Needs Assessment of the impact of the conflict in Lebanon between Oct. 8, 2023, and Dec. 20, 2024, estimated total direct damages across 10 sectors at $7.2 billion, and reconstruction and recovery needs at $11 billion,” the bank said in its press release.

It added that around $1.1 billion in damage had been sustained by key infrastructure and facilities vital to public well-being and economic activity. Affected sectors include transportation, energy, water, healthcare, education, and municipal services.

“Considering the scale of needs, the LEAP was designed to support restoration of public infrastructure and buildings, given this is a precondition to economic and social recovery,” the release explained.

According to a separate World Bank report released earlier this month, Lebanon’s cumulative gross domestic product had contracted by nearly 40 percent since 2019. Meanwhile, the Lebanese pound has lost more than 98 percent of its value, driving triple-digit inflation through 2023.

The study highlighted how the collapse of the banking sector and the currency’s crash turned Lebanon into a dollarized, cash-based economy worth $9.8 billion — about 45.7 percent of GDP in 2022.

“The conflict has introduced another shock to Lebanon’s already crisis-ridden economy. While the economic contraction was anticipated to bottom out in 2023, following five years of sustained sharp contraction, the conflict and its spillovers have had negative knock-on effects on economic growth in 2023, continuing into 2024,” the report said.

It further noted that since July 2023, the Lebanese pound has stabilized at 89,500 to the US dollar, which helped bring inflation down to double digits in 2024 for the first time since March 2020, following three consecutive years of triple-digit inflation.

Lebanon’s Prime Minister Nawaf Salam welcomed the news on social media, writing on his X account: “I welcome the World Bank Board’s approval of the $250 million Lebanon Emergency Assistance Project, which represents a key step toward reconstruction by addressing damage to critical infrastructure and essential services in areas affected by the conflict.”

He added that the assistance reinforces national recovery efforts within a government-led implementation framework and paves the way for attracting further much-needed financing.

Jean-Christophe Carret, the World Bank’s Middle East division director, said: “Given Lebanon’s large reconstruction needs, the LEAP is structured as a $1 billion scalable framework with an initial $250 million contribution from the World Bank and the ability to efficiently absorb additional financing — whether grants or loans — under a unified, government-led implementation structure that emphasizes transparency, accountability, and results.”

Carret noted that the framework offers a credible platform for development partners to align their support with Lebanon’s reform agenda and amplify the impact of long-term recovery efforts.

According to the statement, the financing will enable immediate interventions to fast-track recovery and return to normalcy. This includes the safe and efficient handling of rubble to maximize recycling and reuse.

To ensure timely implementation, the government has undertaken key reforms within the project’s implementing body, the Council for Development and Reconstruction, the statement said.

It added that LEAP will be carried out under the strategic guidance of the prime minister’s office, with coordination across relevant ministries through the Council of Ministers. The Ministry of Public Works and Transport will oversee project implementation, while the Ministry of Environment will monitor environmental and social compliance, including rubble management.


AI-powered threats test ’s cyber defenses

AI-powered threats test ’s cyber defenses
Updated 24 October 2025

AI-powered threats test ’s cyber defenses

AI-powered threats test ’s cyber defenses
  • Investments surge under Vision 2030 to counter growing digital risks 

ALKHOBAR: As artificial intelligence reshapes industries, it is simultaneously rewriting the rules of cybersecurity, forcing to confront new layers of digital risk across its critical sectors.

The Kingdom now faces one of the most aggressive cyberthreat landscapes in the world. Regional data shows accounted for 63 percent of all cyber incidents in the Middle East in 2025, with phishing attacks alone surging 22.5 percent in the second quarter — much of it driven by AI-generated emails, deepfake voice scams, and automated phishing tools.

This shift marks a turning point for national security. While continues to invest billions in building a world-class cyber ecosystem, experts warn that attackers are evolving faster than defenses can keep pace.

’s digital defense ecosystem faces a new reality as AI-enabled phishing and deepfake attacks exploit data vulnerabilities faster than ever before.

A new era of AI-fueled attacks

Damian Wilk, general manager of Emerging Markets EMEA at Gigamon, said the rise of artificial intelligence has created a double-edged effect for security teams.

“As AI accelerates digital transformation across industries, it’s also inadvertently arming cybercriminals with more advanced tools,” he said. “This dual impact has made data visibility and quality a frontline defense, particularly in hybrid cloud environments.”

Wilk pointed to a recent Gigamon survey of global CISOs, in which 86 percent believe combining packet-level data with metadata is essential to improving their organization’s security posture. Metadata, he added, is emerging as a scalable way to extract insight from expanding data volumes without overwhelming security teams.

Cybersecurity specialists in the Kingdom are leveraging AI analytics to detect and counter sophisticated threats across hybrid cloud environments. (Supplied)

n the Middle East, the urgency is especially acute. With critical infrastructure and government networks now prime targets, Wilk said deep observability — the integration of network telemetry and logs — is no longer optional. It has become the backbone of proactive defense and operational resilience.

“As threats grow in speed and complexity, regional stakeholders must rethink their investment priorities,” he added. “The focus should move beyond reactive firewalls and endpoint tools toward data-driven architectures capable of anticipating and preventing attacks before they occur.”

’s cyber investments intensify

The Kingdom has steadily scaled its cyber capabilities. In 2023, invested SR13.3 billion ($3.55 billion) in cybersecurity, a year-on-year increase of 10.83 percent. Key institutions, including the Saudi Data and AI Authority and the National Cybersecurity Authority, are leading national programs that integrate AI into threat monitoring and workforce development.

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These initiatives are part of the broader Vision 2030 agenda, which places digital resilience and AI readiness at the heart of economic diversification. Yet, despite growing awareness, the sophistication of attacks continues to outpace defenses.

The hidden risk inside connected devices

Osama Al-Zoubi, vice president for the Middle East and Africa at Phosphorus Cybersecurity, highlights one of the most overlooked weak points: the XIoT ecosystem — the extended network of IoT, OT, and IIoT devices embedded across industries.

“Billions of unmanaged and often unpatched devices exist within enterprise and industrial environments,” Al-Zoubi said. “These include everything from smart sensors and security cameras to operational technology that controls power grids or production systems. Each one represents a potential entry point for attackers.”

’s digital defense ecosystem faces a new reality as AI-enabled phishing and deepfake attacks exploit data vulnerabilities faster than ever before. (Supplied)

He warned that as modernizes infrastructure — from smart cities to energy systems—the number of connected endpoints is skyrocketing. Without a clear inventory and ongoing monitoring of these assets, organizations risk leaving their most critical systems exposed.

“To truly protect the Kingdom’s digital future, cybersecurity strategies must go beyond traditional IT networks,” he said. “XIoT security has to become a national priority, because it’s the layer that quietly powers the modern economy yet remains the easiest to exploit.” 

Proactive defense over passive response

Both experts agree on one central message: visibility is power. Observing data traffic through hybrid clouds and identifying vulnerabilities across connected devices are crucial to effective cybersecurity.

For , this means moving from a reactive posture to proactive intelligence. Organizations are urged to adopt continuous monitoring, integrate AI-driven analytics, and align their data security frameworks with national directives from SDAIA and NCA.

Wilk emphasized that the future of cybersecurity lies in predictive visibility — turning network data into actionable intelligence.

DID YOU KNOW?

• AI now enables deepfake voice calls and automated phishing, making traditional defenses less effective.

• The Kingdom invested $3.55 billion in cybersecurity in 2023 — a 10.8 percent annual increase.

• 86 percent of CISOs say combining packet-level data with metadata strengthens cyber defenses.

“It’s not just about detecting threats but about anticipating them. The more visibility you have into your environment, the faster you can adapt and mitigate risk.”

Al-Zoubi added that public-private collaboration will be key.

“Cybersecurity is no longer an isolated technical function — it’s a shared responsibility between governments, regulators, and the private sector,” he said. “Awareness, investment, and execution must move in sync if we are to stay ahead of AI-enabled adversaries.”

At the heart of ’s cybersecurity strategy lies visibility — real-time monitoring and deep observability that anticipate attacks before they strike. (Supplied)

A call to secure the unseen

As accelerates toward a data-driven economy, experts stress that awareness alone is not enough. The focus must shift to execution — closing visibility gaps, protecting overlooked devices, and embedding AI into every layer of cyber defense.

In a region where digital transformation is advancing at record speed, the consequences of inaction are no longer theoretical. The Kingdom’s growing reliance on AI, cloud services, and smart infrastructure makes cybersecurity both an economic and national security imperative.

“AI has changed the rules of engagement,” Wilk said. “It’s redefining what it means to defend.”

Al-Zoubi agrees, issuing a stark warning:

“October is Cybersecurity Awareness Month, but for , awareness must extend year-round. The devices we ignore today could be the ones that bring tomorrow’s systems down.”
 

 


Saudi EXIM Bank extends $26.6bn in credit since launch to boost non-oil exports 

Saudi EXIM Bank extends $26.6bn in credit since launch to boost non-oil exports 
Updated 23 October 2025

Saudi EXIM Bank extends $26.6bn in credit since launch to boost non-oil exports 

Saudi EXIM Bank extends $26.6bn in credit since launch to boost non-oil exports 

RIYADH: ’s Export-Import Bank has provided SR100 billion ($26.6 billion) in credit facilities since its establishment in 2020, marking a major milestone in its development journey. 

The achievement reflects ongoing efforts to boost the national economy by supporting the Kingdom’s non-oil exports and enhancing their competitiveness in regional and international markets, the Saudi Press Agency reported. 

This aligns with Saudi Vision 2030, which aims to raise the share of non-oil exports from 16 percent to 50 percent of gross domestic product, promoting economic diversification and sustainable growth for the Kingdom. 

According to figures released in August, credit facilities grew 44 percent in the first half of 2025, reaching SR23.61 billion, as the state lender intensified efforts to accelerate non-oil export growth. 

Saad bin Abdulaziz Al-Khalb, CEO of the Saudi EXIM Bank, said the institution has made significant progress in supporting Saudi non-oil exports. 

“Since its establishment, it has achieved rapid qualitative leaps in providing credit facilities to enable Saudi non-oil exports to expand and spread in various markets around the world, culminating today in reaching SR100 billion,” he said, as reported by SPA. 

Al-Khalb added that this milestone comes in the first year of the bank’s operational phase following the completion of its establishment last February. 

He emphasized that the bank will continue to “strive and intensify efforts to reach further horizons to achieve its broader development and economic goals.” 

Al-Khalb added that the bank will “intensify efforts to extend strategic partnerships” aimed at enhancing the efficiency of the export-import system, facilitating trade with regional and global markets, and stimulating commercial and investment opportunities for local exporters across various sectors. 

“The bank focuses primarily on building international partnerships to enhance the development and diversification of Saudi non-oil exports and increase their global competitiveness, while adhering to the highest standards of efficiency and transparency, and relying on the principles of sustainability and environmental, social, and corporate governance as part of the bank’s strategic and operational identity,” he said. 

Founded in February 2020, Saudi EXIM Bank operates under the oversight of the National Development Fund. Its mission is to support and expand Saudi non-oil exports by addressing financing gaps and mitigating export-related risks, thereby contributing to sustainable economic growth and diversifying the Kingdom’s income sources. 


to host 100 startups in Entrepreneurship World Cup finals

 to host 100 startups in Entrepreneurship World Cup finals
Updated 23 October 2025

to host 100 startups in Entrepreneurship World Cup finals

 to host 100 startups in Entrepreneurship World Cup finals

RIYADH: Some 100 startups from 46 countries have officially qualified for the finals of the Entrepreneurship World Cup 2025, set to be held in the Saudi capital as a centerpiece of the Biban 2025 forum.

Scheduled for Nov. 5-8 at the Riyadh Front Exhibition and Conference Centre, the EWC finals are organized by the Small and Medium Enterprises General Authority under the theme “A Global Destination for Opportunity.”

Hosting the finals of the EWC as part of Biban 2025 underscores ’s role in supporting global innovation and entrepreneurship, according to the Saudi Press Agency.

It reflects the Kingdom’s advanced position in attracting international startups, investments, and pioneering ideas, aligning with the economic diversification and sustainability goals outlined in its Vision 2030 blueprint.

The EWC is recognized as the largest global competition for entrepreneurs. This year’s edition is being held by ѴDzԲ’a in collaboration with the Global Entrepreneurship Network and the Misk Foundation. 

Participants will compete for a share of a prize pool exceeding $1.5 million in an event that gathers a global elite of entrepreneurs, investors, and experts, highlighting the Kingdom’s growing stature as a global hub for entrepreneurship and innovation, SPA reported.

The competition attracted an overwhelming response during its registration phase, with over 10,300 applications received from more than 169 countries. 

The submitted projects underwent multiple rigorous evaluation and judging processes starting last May. From this pool, 250 projects advanced to a virtual training camp, held in partnership with Spain's Esade Ramon Llull University, where the top 100 finalists were ultimately selected to compete for the title.

Among the countries with the strongest representation in the finals are , the US, and the UK.

The qualifying startups span a wide array of vital and forward-looking sectors, including communications, health, and space.

The EWC plays a crucial role in empowering entrepreneurs worldwide by providing a platform to present their ideas directly to investors and venture capital funds. 

Finalists also benefit from specialized training, mentorship, and networking programs designed to enhance their competitive edge and help transform their ideas into scalable projects with global potential.


Closing Bell: Saudi exchange ends week in green at 11,612

Closing Bell: Saudi exchange ends week in green at 11,612
Updated 23 October 2025

Closing Bell: Saudi exchange ends week in green at 11,612

Closing Bell: Saudi exchange ends week in green at 11,612

RIYADH: ’s Tadawul All Share Index continued its upward movement for the second consecutive day, gaining 25.78 points, or 0.22 percent, to close at 11,611.68.

The total trading turnover of the benchmark index reached SR4.88 billion ($1.30 billion), with 153 of the listed stocks advancing and 97 declining.

The Kingdom’s parallel market Nomu also gained 13.65 points to close at 25,048.78.

The MSCI Tadawul Index advanced by 0.15 percent to 1,513.22.

Tourism Enterprise Co. was the best-performing stock of the day, with its share price increasing by 8.19 percent to SR17.04.

The share price of Alkhaleej Training and Education Co. rose 5.72 percent to SR28.10, while AYYAN Investment Co. climbed 5.34 percent to SR13.61.

Conversely, shares of Jamjoom Pharmaceuticals Factory Co., which announced its financial results on Oct. 21, declined 4.26 percent to SR152.80.

In a Tadawul filing, Jamjoom Pharmaceuticals said its net profit for the first nine months of this year stood at SR395.73 million, marking a rise of 29.78 percent compared with the same period in 2024.

The pharmaceutical firm’s third-quarter net profit rose 12.29 percent year on year to SR106.7 million.

Saudi Awwal Bank reported a net profit of SR6.4 billion for the first nine months of this year, representing an increase of 7.75 percent compared with the same period in 2024.

In a Tadawul statement, the bank said its third-quarter net profit reached SR2.14 billion, up 13.86 percent year on year.

Shares of Awwal Bank fell 1.18 percent to SR31.92.

n Mining Co., also known as Ma’aden, announced it had signed an engineering, procurement, and construction management contract worth SR391.1 million with n Bechtel Co. and Bechtel Australia Pty Ltd.

The 39-month contract covers EPC management services for the construction of the Al Rjum mine project, which is expected to produce 3.6 million ounces of gold over 12 years, with estimated annual output of 300,000 ounces.

Ma’aden said the financial impact of the deal will be determined after construction completion and the start of production.

Shares of Ma’aden edged up 0.86 percent to SR64.20.


PIF-backed EVIQ, Apsco partner to expand Saudi EV charging network 

PIF-backed EVIQ, Apsco partner to expand Saudi EV charging network 
Updated 23 October 2025

PIF-backed EVIQ, Apsco partner to expand Saudi EV charging network 

PIF-backed EVIQ, Apsco partner to expand Saudi EV charging network 

JEDDAH: Electric vehicle charging infrastructure in is set to improve as Public Investment Fund-backed EVIQ has partnered with Arabian Petroleum Supply Co. to deploy fast-charging stations nationwide. 

The collaboration will integrate EVIQ’s advanced charging technologies with Apsco’s extensive service station network, focusing on busy highways, urban centers, and key stations to optimize accessibility for EV drivers, according to a press release. 

EVIQ aims to install over 5,000 fast chargers by 2030, supporting the Kingdom’s target of electrifying 30 percent of vehicles in Riyadh by 2030 and achieving net-zero emissions by 2060. 

The project builds on EVIQ’s prior agreement with international chauffeur service Blacklane to expand the EV network in major cities. 

Mohammad Bakr Gazzaz, CEO of EVIQ, said: “This collaboration with Apsco marks another milestone in our mission to enable a seamless, accessible, and sustainable EV charging ecosystem across the Kingdom.” 

He added: “Together, we are taking a significant step toward realizing the Kingdom’s Vision 2030 goals for greener mobility, paving the way for the future of electric transportation in the Kingdom of .” 

EVIQ, a joint venture of PIF and Saudi Electricity Co., is building a nationwide fast-charging network and operates a state-of-the-art R&D facility in Riyadh. 

Apsco is a national energy provider with over 65 years of experience in fuels, lubricants, and energy solutions across automotive, aviation, and industrial sectors. 

“By joining forces with EVIQ, we are enabling the infrastructure required for the future of electric transportation, empowering our customers with reliable and accessible charging options across the Kingdom,” said Azzam Qari, CEO at Apsco. 

is building a comprehensive electric vehicle ecosystem, investing in US-based EV maker Lucid through PIF and developing its homegrown brand Ceer, which is set to launch its first models in 2026. 

Last month, Jeddah’s EV network received a boost after the city’s transport authority signed a memorandum of understanding with Petromin Co. to develop new charging stations in ’s second-largest city. 

Under the agreement, Jeddah Transport Co. and Electromin — Petromin’s mobility subsidiary — will collaborate on site assessments, design, installation, and operational support for the facilities.

Global projections indicate that eco-friendly vehicles could make up 50 percent of car sales by 2035, highlighting the importance of the country’s electrification efforts in shaping the future of mobility.