Business
Lebanon’s economy shows early signs of recovery in 2025
President of Lebanon, Joseph Aoun
KUWAIT CITY, Aug 10: Since President Joseph Aoun took office in January 2025, Lebanon’s economy has begun showing signs of recovery from the prolonged recession and near-total paralysis that afflicted it for years. Early official indicators point to renewed momentum in the economic reform process, driven by a return to political and institutional stability.
Many local and international observers are hopeful that Lebanon’s security situation will remain stable, as this will positively impact economic reforms. President Joseph Aoun has pledged several reforms, but their success depends heavily on the cooperation and support of all parties.
However, recent political tensions have raised concerns. The withdrawal of Hezbollah and Amal Movement ministers from the latest ministerial meeting in protest against placing the issue of Hezbollah’s weapons on the agenda has sparked fears of renewed political crisis after Lebanon’s slow recovery. As a result, there are growing calls for a return to calm and ministerial stability, and for all ministers to fulfill their responsibilities to ensure continued economic progress. This comes amid international expectations that Lebanon could achieve positive economic growth rates by the end of 2025. However, concerns persist among observers about the risk of Lebanon slipping back into economic decline, particularly given the country’s long-standing struggles with widespread corruption, financial mismanagement, and money laundering.
The Lebanese people are hopeful that the path of economic reform championed by President Joseph Aoun since he assumed office in May will continue, especially in light of recent data from the International Monetary Fund (IMF) pointing to promising developments. According to the IMF, inflation is expected to decline to 15.2 percent in 2025, especially due to President Aoun’s efforts to promote national unity and reduce political polarization, emphasizing loyalty to the country above sectarian, religious, or partisan divisions. Local and international circles highlighted Lebanese President Joseph Aoun’s call for global support in rebuilding Lebanon and revitalizing its economy as an important step, especially as the damage to infrastructure and urban areas is estimated to have cost the country over USD 14 billion.
They noted that President Aoun’s commitment to several reform issues, including ensuring the integrity of parliamentary elections, purging state institutions of corrupt officials, and strengthening the army and judiciary through proposed judicial authority legislation, could place Lebanon on a clear path toward meaningful economic recovery. However, the success of these reforms hinges on fulfilling the demands of the president and government to transfer Hezbollah’s weapons to state control and eliminate unusable arms. They emphasized the importance of securing support for the army and security forces, noting that maintaining national security is directly linked to economic recovery and stability.
President Joseph Aoun was also praised for his calls to eliminate bureaucratic obstacles that hinder individual and institutional progress. He has recently underscored the need to activate the role of municipalities, implement the administrative decentralization law, hold parliamentary elections on schedule, and guarantee the voting rights of expatriates, all while urging government ministers to fully assume their responsibilities. Experts agree that implementing these reforms will revitalize the Lebanese economy and guide it onto the right path.
To further stimulate economic recovery, many financial and economic experts have called for robust support of the banking sector. According to the Central Bank of Lebanon, the sector is showing signs of relative recovery, with foreign currency reserves recently reaching USD 11.2 billion, while the Lebanese pound has remained relatively stable compared to previous years.
By Najeh Bilal
Al-Seyassah/Arab Times Staff
Business
Gulf Bank Concludes Successful Participation in University Admission Fairs at Kuwait University and Abdullah Al-Salem University
KUWAIT CITY, Aug 12: As part of its ongoing commitment to supporting education and empowering Kuwaiti youth, Gulf Bank has successfully concluded its distinguished participation in the university admission fairs at Kuwait University and Abdullah Al-Salem University. The Bank actively engaged with new students, introducing them to its tailored banking solutions designed specifically for young people.
Gulf Bank took part in the interactive admission fair held at Kuwait University’s Sabah Al-Salem University City in Al-Shadadiya from 19 to 29 July 2025. The Bank’s booth attracted a high turnout from students and parents, who showed great interest in the banking services designed for university students.
Similarly, the Bank participated in the admission fair hosted by Abdullah Al-Salem University at its Khaldiya campus from 6 to 17 July 2025. Gulf Bank’s presence featured direct interaction with visitors, providing comprehensive information on student accounts and other tailored services.
These participations are part of Gulf Bank’s continuous efforts to strengthen engagement with youth and support them in the early stages of their academic journey. Alongside sharing information on academic majors and admission processes, the Bank also offered financial tips to help students manage their resources effectively from the start of their university life.
At both events, Gulf Bank showcased its red account, one of its leading banking solutions designed for customers aged 15 to 25. The account offers a wide range of benefits, including prepaid cards, exclusive discounts, rewards on purchases, and access to unique events and experiences that enrich both personal and professional growth.
Beyond its features, the red account serves as a platform to promote financial literacy among youth, equipping them with the knowledge and skills to make informed financial decisions early in life – positively shaping their future and fostering a generation that is financially aware and capable of managing resources effectively.
Gulf Bank’s team expressed pride in supporting students throughout their high school and university years, offering innovative banking services designed to keep pace with their fast-paced lifestyles.
Gulf Bank concluded its participation by thanking the administrations of both universities for organizing the fairs, which serve as valuable platforms to connect with youth. The Bank reaffirmed its commitment to continuing its support for educational and youth initiatives that contribute to Kuwait’s development and enhance the quality of life for its students and community.
KUWAIT / LODNON, Aug 12: Menzies Aviation, the leading service partner to the world’s airports and airlines, has announced it will deliver ground, air cargo and fuelling services at Mosul International Airport (OSM) in Iraq through MASIL, its joint venture with Iraqi Airways, Air BP and Al-Burhan Group.
One fully operational, MASIL will provide a full suite of aviation services at OSM, under a new 10-year license, further strengthening its footprint in the region. This builds on MASIL’s operations at Baghdad International Airport (BGW).
MASIL provided ground services for the presidential flight that signified the official reopening of OSM. The flight, attended by Iraq’s Prime Minister Mohammed Shia’ Al Sudani, represented a landmark moment in the airport’s history, which has been non-operational since 2014.
The milestone underscores the joint venture’s capabilities and readiness to support future air traffic at the revitalised airport.
Mosul International Airport has undergone extensive reconstruction and is now equipped with a main terminal, VIP lounge, and advanced radar surveillance system. The airport is expected to be fully operational within the coming months, supporting both domestic and international flights and handling an estimated 630,000 passengers annually.
The expansion marks a significant milestone in the continued growth of the MASIL joint venture across Iraq and demonstrates Menzies’ commitment to supporting the country’s aviation infrastructure and long-term development.
Charles Wyley, Executive Vice President Middle East, Africa and Asia, Menzies Aviation, said: “We’re proud to expand our presence in Iraq with new operations at Mosul International Airport through our MASIL joint venture. This is a major step in our journey to support the redevelopment of Iraq’s aviation sector and bring world-class standards to the country’s airports. Handling the presidential flight was a privilege and a clear signal of MASIL’s professionalism and reliability as a trusted service provider.”
Menzies Aviation and Iraqi Airways formed MASIL in 2021 to provide ground handling, cargo, and fuelling services. The joint venture includes operations at key airports including Baghdad and will soon include Mosul, as it continues to support the modernisation of Iraq’s aviation sector.
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