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Sat 5 Oct 2019 02:01 PM

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Lebanese PM's two-day official visit to the UAE starts on Sunday

About 11 percent of the total foreign direct investment into Lebanon comes from the UAE

Lebanese PM's two-day official visit to the UAE starts on Sunday
Prime Minister of Lebanon Saad Al Hariri

Lebanese Prime Minister Saad Al Hariri will start a two-day official visit to the United Arab Emirates on Sunday, October 6, according to the WAM state news agency.

During the trip, Al Hariri will meet with Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces and take part in the UAE-Lebanon Investment Conference, which will be held in Abu Dhabi on Monday and will be attended by Sultan bin Saeed Al Mansouri, Minister of Economy, and a number of ministers and state officials.

Al Hariri will be accompanied by a high-level delegation, comprising six ministers in addition to the Governor of the Banque du Liban – Central Bank of Lebanon - and 50 bankers and economists.

The visit comes as it was announced on Saturday that the UAE accounts for 11 percent of foreign direct investment (FDI) into Lebanon.

"The upcoming joint investment forum is a realisation of the vision of the UAE’s leadership for joint Arab action, especially with Lebanon," Hamad Saeed Sultan Al Shamsi, the UAE Ambassador to Lebanon, was quoted as saying by the WAM state news agency.

"The UAE is also looking to expand investments to other areas, such as energy and free zones because the UAE believes that Emirati investments in Lebanon will increase the confidence of investors from other countries to enter the Lebanese market, which will help Lebanon overcome its current economic conditions," the ambassador added.

In total, about 29 percent of the total FDI inflows into Lebanon were from the Middle East. According to the Investment Development Authority of Lebanon (IDAL) FDI flows to Lebanon jumped by 14 percent to $2.88 billion in 2018, compared to $2.52 billion in 2017.

During the first seven months of this year, bilateral trade between the two countries stood at $598 million, of which exports from the UAE were to the tune of $343 million and exports from Lebanon were valued at $255 million, Al Shamsi added.

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