Aoun’s visit to Saudi Arabia revives hope for Lebanon’s economic recovery

RIYADH: Lebanese President Joseph Aoun’s visit to Saudi Arabia has revived hopes for Lebanon’s economic recovery and political stability amid the ongoing financial crisis and governance challenges.

The trip, his first official visit abroad since taking office in January, signals a fresh attempt to strengthen ties with a key regional ally and unlock much-needed investment and diplomatic support. 

With both nations reaffirming their commitment to cooperation and reform, many see this meeting as a crucial step toward Lebanon’s long-overdue recovery. 

The Lebanese Executives Council, a private sector body promoting cross-border professional relations, hailed the visit as a pivotal step in restoring ties between the two countries. 

“This visit stands out as exceptional. Lebanon has a remarkable opportunity to reshape its relations with Arab nations, with Saudi Arabia as the essential gateway,” Rabih El-Amine, chairman of the council, told Arab News.  

“Given Saudi Arabia’s crucial influence both regionally and globally, along with its vibrant economic changes under Vision 2030, this moment marks a pivotal turning point for Lebanon,” he added. 

Economic agreements and Saudi investments 

Aoun’s visit included discussions on 22 agreements spanning trade, agriculture, transport, finance, education, and cultural exchange.

“These agreements include cooperation in exhibitions, intellectual property, consumer protection, the grain sector, civil aviation, banking, defense, and combating terrorism,” El-Amine said. 

Saudi banks and financial institutions could play a role in stabilizing Lebanon’s financial system, but El-Amine emphasized that this would depend on Lebanon’s implementation of key reforms. 

“Saudi support might take the form of financial assistance, investment, and regional coordination. However, Lebanon’s capability to execute credible economic reforms remains a crucial factor,” he added. 

Long-term goals vs. immediate impact 

While the visit has been hailed as a positive step, El-Amine cautioned that immediate economic relief is unlikely. “This visit will likely be a strategic step toward rebuilding Saudi-Lebanese ties rather than yielding immediate economic relief. Lebanon’s economic recovery depends on reforms, International Monetary Fund negotiations, and restoring investor confidence — factors that require long-term engagement rather than quick diplomatic wins,” he said. 

Discussions also emphasized the necessity of Lebanon regaining control over its political and security landscape. A joint statement highlighted the importance of confining arms to the Lebanese state and reaffirming the Lebanese army’s role as a stabilizing force. 

The way forward 

Despite optimism surrounding the visit, El-Amine warned that internal Lebanese challenges could hinder progress. “The primary concern is whether Lebanon’s political and economic system can genuinely carry out the reforms and commitments necessary to convert diplomatic goodwill into tangible progress,” he said. 

Key obstacles include political gridlock, sectarian divisions, lack of institutional reform, and financial instability. 

“The visit could reopen diplomatic channels and create opportunities for future cooperation, but unless Lebanon’s leadership takes bold steps to reform governance, stabilize the economy, and restore confidence, any potential Saudi support may remain conditional or limited,” El-Amine added. 

Aoun’s visit reaffirmed longstanding ties between Beirut and Riyadh, with both sides expressing their commitment to regional stability and cooperation. 

Following his visit to Saudi Arabia, Aoun and his delegation traveled to Cairo to attend the extraordinary Arab summit. His presidency, which began in January after a prolonged political deadlock, carries significant expectations as Lebanon struggles with an economic crisis and the devastation left by the Hezbollah-Israel war, which left most parts of the country in ruins.