
Lebanon's President Joseph Aoun visits Algeria in effort to bolster bilateral ties
He is accompanied by Foreign Minister Youssef Rajji and Information Minister Paul Morcos, according to a statement from the Lebanese presidency.
It marks the first official visit by a Lebanese president to Algeria since Emile Lahoud travelled to the North African nation in 2002. In 2013, then-President Michel Sleiman made a brief technical stop in Algiers, where he was received at the airport by Algerian counterpart Abdelaziz Bouteflika.
This week's visit is being framed as a strategic step intended to reinvigorate co-operation across sectors, particularly energy.
Lebanese media have reported that several agreements are expected to be signed, including collaborations in oil and gas. The trip may also pave the way for establishing a direct flight route between Beirut and Algiers.
Since taking office in January, Mr Aoun – a former commander of the Lebanese Armed Forces – has prioritised restoring Lebanon's ties with Arab nations as a cornerstone of his foreign policy. In his inaugural address, he underscored a commitment to strengthening alliances with Arab and Gulf partners, judicial and economic reform and consolidating the state's monopoly on arms.
His diplomatic agenda has so far included high-level visits to Saudi Arabia, the UAE, Qatar, Kuwait, Jordan, Egypt, and most recently to Bahrain, where plans were finalised to establish a permanent Bahraini diplomatic mission in Beirut and expand bilateral co-operation.
These successive visits reflect an effort to reset ties with the broader Arab world, re-establish confidence and secure crucial support as Lebanon grapples with a deep-rooted economic crisis that began in 2019 and the aftermath of a year-long war between Israel and the Lebanese armed group Hezbollah.
The international community has tied major aid and investment to comprehensive reforms and the disarmament of non-state forces, chiefly Hezbollah and Palestinian factions.
In February, Algerian Foreign Minister Ahmed Attaf visited Beirut, where met with Mr Aoun.
Relations between Beirut and Algiers have experienced ups and downs.
Algeria has offered Lebanon support in recent years. In 2024, it donated 30,000 tonnes of fuel oil – enough to generate 250 megawatts of electricity for about 20 days – after the country's only remaining operational power plant in Zahrani shut down because of fuel shortages.
Lebanon's electricity sector has been crumbling for about three decades given a lack of investment and corruption, failing to provide round-the-clock electricity.
The country has a complex history with Algeria's national state-owned oil company Sonatrach.
In 2020, the company ended its fuel supply contract with Lebanon after a high-profile scandal exposed deep corruption and mismanagement within Lebanon's energy sector.
The contract, signed in 2005 and renewed several times, had allowed Sonatrach's offshore unit to supply fuel oil for Lebanon's power plants.
However, in early 2020, Lebanese authorities launched an investigation revealing that the supplied fuel was substandard and failed to meet required specifications. The scandal implicated several officials at Électricité du Liban (EDL), the Ministry of Energy and Customs, leading to a wave of arrests, including ministry staff and representatives from the local subcontractor.
The deal, for which terms were kept secret for 15 years, was initially thought to be a state-to-state agreement. However, a Lebanese judicial investigation revealed that Sonatrach's subsidiary actually subcontracted the delivery to private companies, which were accused of falsifying laboratory results and bribery.
Sonatrach denied any involvement in shipping tainted fuel. The Algerian presidency described the case as a 'Lebanese-Lebanese issue' in which Algeria was not involved.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Zawya
an hour ago
- Zawya
DIB Reports robust H1'25 financial results, with operating revenue of AED6.4bln driving a 16% increase in pre-tax profit to AED4.3bln
RELATED TOPICS EARNINGS RELATED COMPANIES Tom Group Turkcell DLD Significantly improved asset quality Balance sheet expands beyond the USD 100 Billion mark Key H1'25 Performance Metrics *YoY refers to the variance of H1'25 and H1'24 (on annualised basis) DIB showcased another robust performance in the first half of 2025, with operating revenue of AED 6.4 billion, driving a 16% YoY increase in pre-tax profit to AED 4.3 billion. Double-digit growth in financing and deposits, coupled with improved asset quality, underpinned another historic milestone as the balance sheet surpassed the USD 100 billion mark. H1'25 Performance Highlights: Profitability: Pre-tax profit advanced 16% YoY to AED 4.3 Bn, supported by 5% increase in topline driven by strong volumes across all business lines. Net profit grew to AED 3.7 Bn as core business momentum continues, reflecting an improvement in cost of risk. Impairment charges declined 61% YoY to AED 256 Mn, driven by prudent underwriting and effective risk management, further contributing to growing profitability. Balance Sheet: Balance sheet expanded by 8% YTD to AED 373 Bn, surpassing the USD100 Bn mark. Net Financing Assets grew 12% YTD to AED 237 Bn, reflecting healthy demand across key customer segments. On the wholesale front, both local and cross-border businesses contributed to this growth across sectors such as sovereigns, utilities, and aviation. The consumer business also recorded solid growth across all product lines. Sukuk portfolio grew 9% YTD to AED 89 Bn. This portfolio largely comprises of high-quality and well-rated sovereigns and FIs. Customer Deposits rose 14% YTD to AED 284 Bn, underpinned by robust customer acquisition and retention. CASA balances grew 8% YTD to AED 102 Bn, now accounting for 36 % of total deposits. Asset Quality: NPF ratio fell by 64 bps YTD, improving to 3.36%, reflecting enhanced asset quality and strong recoveries. Cash coverage ratio improved by 600 bps YTD to reach 103% with total coverage ratio improved to 145%. Capital and Liquidity: Strong capitalisation, reflected by CET1 ratio of 13.0% and CAR of 16.7%, well above regulatory minimums. Healthy liquidity position, evidenced by LCR of 128% and NSFR of 107%. The Intelligence Behind Ethical Progress Driven by our commitment to ethical innovation, DIB has integrated AI as a strategic lever across the bank. Whilst AI at DIB is targeted at building efficiency, precision, and inclusion in every process and interaction, it is human-led governance that ultimately defines our approach in this space. This responsible use of technology has translated into measurable gains in service delivery, portfolio growth, and operational control: 20% faster service delivery, enabled by AI-led process redesign. 80% reduction in model build time through cloud and big data integration. 35% of retail acquisitions supported by AI-powered targeting. 100,000+ underserved customers reached via AI-based credit scoring models. 30% reduction in false positives in risk alerts via AI prioritisation models. 10% automation of back-office operations, improving turnaround and accuracy. 80% faster social media moderation, enhancing reputation responsiveness. Looking ahead, DIB will scale its AI capabilities to not only unlock deeper insights, faster execution, and greater inclusion across all segments, but ultimately to drive our ethos of creating 'Happiness with Tech'. H1'25 Business Performance: DIB's New Gross Underwriting and Sukuk Investments in H1'25 exceeded AED 60 Bn, marking a strong 47% YoY increase from AED 43 Bn in H1'24. This growth was driven by sustained momentum across both retail and corporate segments, which recorded YoY increases of 46% and 78%, respectively. Net financing assets in Consumer Banking grew over 13% YTD to reach AED 71 Bn. Gross new underwriting in the segment totaled nearly AED 18 Bn in H1'25, 46% higher compared to H1'24. The business also added nearly 60,000 new customers, with deposits increasing by 9% YTD. Local and Cross-border corporate banking portfolio reached AED 166 Bn, up 11% YTD. Total gross new underwriting in H1'25 amounted to AED 31 Bn, 78% higher than H1'24. Growth was largely driven by strong demand across key sectors, including utilities, aviation, and financial services among others. The bank's customer base in the UAE surpassed 1.6 Mn, marking a 4% YTD increase, 80% of the new clients were onboarded through digital channels. Fully committed to the UAE's national agenda of mobilising AED 1 Trillion in sustainable finance by 2030, DIB continues to expand its portfolio of sustainable assets, recording AED 2.7 Bn in new financing during H1'25. This was in addition to facilitating nearly AED 14 Bn in Islamic capital market issuances (Sukuks) within the green and sustainability space. A Landmark Year: The bank celebrated its 50th anniversary this year, a historic milestone reflecting five decades of pioneering Shariah-compliant banking. Since its inception in 1975, DIB has played a leading role in shaping the global Islamic finance landscape and now serves more than 5 Mn customers globally. The year also witnessed the unveiling of a new corporate identity, reinforcing a vision centred on innovation, sustainability, and purpose-driven growth. Key Collaborations, Deals and Initiatives: In support of national housing goals, the bank partnered with Dubai Land Department (DLD) and the Dubai Department of Economy and Tourism (DET) on a strategic initiative aligned with the Dubai Government's First Time Home Buyer Programme. The collaboration aims to make home ownership more accessible for both UAE residents and foreign investors seeking to take their first step onto the property ladder. DIB signed a USD 150 Mn Murabaha financing agreement with Turkcell, Türkiye's leading telecommunications and technology services provider. The facility will support Turkcell's digital infrastructure investments and further reinforces the bank's commitment to enabling the real economy through structured Islamic finance. DIB Academy was officially launched this year as a flagship learning and development platform dedicated to enhancing the capabilities of the bank's workforce. Designed to equip employees with future-focused skills and strategic expertise, the Academy marks a key milestone in DIB's long-term talent development roadmap. It will also serve as a bridge to potential collaborations with academic and regulatory institutions in the years ahead, aligning closely with the UAE's human capital development agenda. His Excellency Mohammed Ibrahim Al Shaibani Director-General of His Highness The Ruler's Court of Dubai and Chairman "The strength of an economy is measured by its capacity to grow responsibly, remain rooted in core principles, and maintain stability amid change. The United Arab Emirates has consistently exemplified these attributes. In the face of evolving global dynamics, it continues to stand as a model of resilience and foresight, underpinned by leadership that harmonises ambition with purpose. The financial sector plays a central role in reinforcing this foundation. Within it, DIB has sustained its performance through sound governance and a steadfast commitment to value-based banking. The results delivered in the first half of the year reflect a legacy of progress shaped by five decades of alignment with the nation's development agenda. This year marks a defining milestone in that journey. Since its founding in 1975, DIB has evolved into a leading Islamic financial institution, with more than AED 65 billion in market capitalisation and AED 370 billion in assets. In the first half of 2025, the bank surpassed USD 100 billion in total assets. This is a marker not only of scale, but also of adaptability and nimbleness to respond to the everchanging global landscape. This progress affirms the strength of a long-term strategy grounded in trust, resilience, and clarity of purpose. As we reflect on fifty years of achievements, I remain deeply confident in DIB's ability to navigate the evolving financial landscape. Our strong governance, long-term outlook, and enduring commitment to responsible growth ensure that the bank is well-positioned to continue creating lasting value to all stakeholders. To the Board of Directors, our shareholders, our customers, and the thousands of employees who have shaped this institution, I extend my sincere appreciation. DIB's journey has been defined by trust and collective commitment. That same foundation will continue to guide our journey in the years to come." Dr. Adnan Chilwan Group Chief Executive Officer of DIB 'As we advance through this landmark year, marking five decades since DIB's founding, our first-half performance reflects disciplined execution in clear alignment with the direction defined at the outset of our current growth agenda. The milestone of surpassing USD 100 billion in total assets is not a measure of scale alone, but of a deeply ingrained intent. It is a reflection of disciplined execution against a long-term strategy to transform a concept into a global norm. Despite the volatilities around we delivered a significant 16% rise in pre-tax profit which exceeded AED 4.3 billion. Whilst the introduction of corporate tax this year adds a new element, our post-tax profit also came in strong at AED 3.7 billion, a solid increase of 10%. The robust profitability has led to an equally strong return on equity of 21%. It is important to note that the recent 12-month period, has also demonstrated market confidence in the management and franchise strategy as reflected in the share price movement. Equally important is the continued improvement in asset quality. With the NPF ratio now at 3.36%, the lowest in five years, we are seeing the outcome of a deliberate and embedded approach to risk that supports growth without compromising resilience. Looking ahead, our focus remains firmly on the substance of our strategy. Islamic finance must move beyond structure to deliver meaningful impact, serving as a platform for real economic progress. It is this clarity of purpose that ensures progress never stops.' For the remainder of 2025, DIB will focus on sustaining profitable growth while deepening its role as a leading force in Islamic finance. The bank aims to strengthen its capital position, broaden its high-quality asset base, and advance sustainable financing in alignment with the UAE's national agenda. Expansion into high-potential segments and geographies will be matched with continued investment in digital capabilities and enhanced customer experiences. Guided by disciplined execution and strong governance, DIB remains well-positioned to create lasting value for shareholders, customers, and the wider community. Awards: H1'25 Select DCM and Syndicated Deals: H1'25 About DIB: Established in 1975, DIB is the largest Islamic bank in the UAE by assets and a public joint stock company listed on the Dubai Financial Market. Spearheading the evolution of the global Islamic finance industry, DIB is also the world's first full service Islamic bank and amongst the largest Islamic banks in the world. With Group assets now exceeding USD 100 Bn and market capitalisation of more than USD 17 Bn, the group operates with a workforce of more than 10,000 employees and around 500 branches in its vast global network across the Middle East, Asia and Africa. Serving over 5 million customers across the Group, DIB offers an increasing range of innovative Shariah-compliant products and services to retail, corporate and institutional clients. In addition to being the first and largest Islamic bank in the UAE, DIB has a significant international presence as a torchbearer in promoting Shariah-compliant financial services across a number of markets worldwide. The bank has established DIB Pakistan Limited, a wholly owned subsidiary which is the first Islamic bank in Pakistan to offer Priority & Platinum Banking, The launch of Panin Dubai Syariah Bank in Indonesia early marked DIB's first foray in the Far East, with a stake of nearly 25% stake in the Indonesian bank. Additionally, DIB was given the licence by the Central Bank of Kenya (CBK) to operate its subsidiary, DIB Kenya Ltd. DIB has been designated as D-SIB (Domestic Systemically Important Bank) in UAE. The acquisition of Noor Bank has solidified its position as a leading bank in the global Islamic finance industry. Recently, DIB has successfully acquired minority stake of 25% of T.O.M. Group which provides digital banking services in Türkiye. The bank's ultimate goal is to make Islamic finance the norm, rather than an alternative to conventional banking worldwide. DIB has won a range of accolades that are testament to these efforts across diversified areas, including retail, corporate and investment banking, as well as CSR and consultancy services. DIB has been named the 'Best Islamic Bank' in various prestigious ceremonies marking the bank's leadership position in the Islamic finance sector. As a progressive Islamic financial institution, DIB embraces the opportunities and challenges associated with integrating sustainability into its business by delivering sustainable products and services and by advancing the green and social composition. 2025 marked DIB's Golden Jubilee, with a Bold New Vision for the Future to be prepared to meet the challenges ahead and continue building a legacy of success for the years to come.


Zawya
an hour ago
- Zawya
Mideast Stocks: Gulf shares rise on Fed easing hopes; Egypt hits record high
Most Gulf equities tracked global stocks higher on Tuesday, as investors raised bets for interest rate cuts by the U.S. Federal Reserve, while a few positive corporate earnings also boosted sentiment. Expectations that the U.S. central bank could ease monetary policy soon have risen after a weak U.S. jobs report revived worries over the health of the world's biggest economy. Markets are now pricing in a 94% chance of a September rate cut, up from a 63% probability from before the data, according to CME's FedWatch Tool. The Fed's decisions have a significant impact on the Gulf region's monetary policy, as most currencies there are pegged to the U.S. dollar. The Qatari benchmark share index advanced 0.9% to 11,284, its highest level in more than 2-1/2 years with all stocks barring one in positive territory. Shares in Qatar National Bank, the region's largest lender, gained 1.2% while telecom services provider Ooredoo climbed 3.5%. Dubai's benchmark stock index was up 0.7%, with all of its constituents rising. Emirates NBD, the emirate's largest lender, rose 1.9% and tolls operator Salik Company added 1.6%. Elsewhere, Dubai's non-oil sector showed a solid recovery, with its PMI rising to 53.5 in July from 51.8 in June, driven by a sharper improvement in sales volumes. Saudi Arabia's benchmark stock index was up 0.8%, lifted by a 3.1% rise in Saudi Basic Industries while ADES Holding surged 10%, its highest intraday percentage gain since listing in 2023. Oil drilling group ADES has agreed to buy Oslo-listed rival Shelf Drilling for 3.9 billion Norwegian crowns ($379 million) in cash. Among other gainers, Lumi Rental rose 3.5% after the auto rental firm posted a 17.8% increase in second quarter net profit. The Abu Dhabi benchmark index was up 0.3% after two straight sessions of losses. First Abu Dhabi Bank, the UAE's largest bank, gained 2% and ADNOC Logistics added 1.1%. Outside the Gulf, Egypt's blue-chip index advanced for a fourth day and rose 1.6% to hit a record high at 35,254. Eastern Company soared 5.5% and Talaat Moustafa Group gained 0.7%. Meanwhile, Egypt's non-oil private sector showed signs of stabilisation in July, with employment rising for the first time in nine months and a softer decline in output and new orders, S&P Global Egypt PMI report said. SAUDI ARABIA up 0.8% to 10,922 KUWAIT gained 0.5% to 9,247 QATAR rose 0.9% to 11,284 EGYPT up 1.6% to 35,254 BAHRAIN fell 0.1% to 1,947 OMAN up 0.4% to 4,817 ABU DHABI rose 0.3% to 10,331 DUBAI gained 0.7% to 6,166 (Reporting by Md Manzer Hussain; Editing by Emelia Sithole-Matarise)


Zawya
an hour ago
- Zawya
Bahrain: Alba reports $65.3mln profit for Q2; alumina prices hit gains
Aluminium Bahrain (Alba), the world's largest aluminium smelter on one site, has reported a profit of BD24.6 million ($65.3 million) for the second quarter of 2025, down 64% year-on-Year (YoY), versus a profit of BD68.5 million ($182.2 million) for the same period in 2024. The company reported Basic and Diluted Earnings per share of fils 17 for Q2 2025 versus fils 48 in Q2 2024. The Total Comprehensive Income for Q2 2025 stood at BD21.9 million ($58.1 million) versus BD66.7 million for the second quarter of 2024 of – down by 67% YoY. Gross profit for Q2 2025 was BD47 million ($125.1 million) versus BD102 million (US$271.2 million) for the same period in 2024 – down by 54% YoY. As for Revenue from contracts with customers in Q2 2025, Alba generated BD434 million ($1,154.4 million) versus BD407 million ($1,082.3 million) in Q2 2024 - up by 7% YoY. For the First Half of 2025, Alba has reported a profit of BD42.7 million ($113.5 million), down by 54% YoY versus a profit of BD93 million ($247.3 million) for the same period in 2024. The company reported Basic and Diluted Earnings per share of fils 30 for H1 2025 versus fils 66 for the same period in 2024. Alba's Total Comprehensive Income for H1 2025 was BD38.7 million ($102.8 million), down by 59% YoY, compared to BD94.4 million ($251 million) in H1 2024. Gross Profit for the First Half of 2025 was BD97.8 million (US$260.2 million) versus BD159.2 million (US$423.5 million) in H1 2024 – down by 39% YoY. Alba generated in H1 2025 Revenue from contracts with customers of BD843 million (US$2,242 million) versus BD741.5 million (US$1,972.1 million) in H1 2024 - up by 14% YoY. Total Equity as of 30 June 2025 stood at BD1,924.4 million ($5,118.2 million), up by 0.03%, versus BD1,923.9 million ($5,116.9 million) as of 31 December 2024. Alba's Total Assets as of 30 June 2025 were BD2,657.9 million ($7,069 million) versus BD2,673.4 million (US$7,110 million) as of 31 December 2024 – down by 0.6%. The Board of Directors of Alba resolved during the board e-meeting on August 5, to recommend the distribution of cash interim dividend of 10.55% of the share nominal value, equivalent to fils 10.55 per share amounting to BD14,932,765 ($40 million). LME price averaged $2,447/t in Q2 2025 (-3% YoY). Prices initially dipped in April following the announcement of reciprocal tariffs but regained momentum throughout the quarter. Despite this recovery, prices remain relatively low, reflecting ongoing market volatility., Alba said. Despite market challenges, sales volume topped a healthy 411,007 MT, up by 3.4% YoY. Net finished production remained flat at 402,912 MT. Value Added Sales (VAP) averaged 76% of total shipments, marking an increase of 9% YoY Strategic Initiatives * Alba Achieved savings for the e-Al Hassalah at $59.4 million against 2025 target of $60 million. * Expanded EternAlTM Low-Carbon Product Line with launch of 'EternAl-AC', a new product series incorporating verified in House Carbon Offsets, as well as added EternAl-20 and EternAl-50 to its low-carbon aluminium portfolio. * 1st Middle East smelter to adopt AI-Powered Seeq platform. * Successfully migrated to RISE with SAP Private Edition. Chairman of Alba's Board of Directors, Khalid Al Rumaihi stated: 'Amidst global market headwinds, Alba stands resilient and focused. While our profitability has been tempered by external pressures, the continued growth in revenue and the remarkable rise in Value Added Sales to 76% reflect the strength of our vision and the agility of our operations. 'The profitability gap compared to Q2 2024 is largely attributed to higher landed alumina prices in this period; without that distortion, our performance would've exceeded last year's.' Alba's Chief Executive Officer, Ali Al Baqali, added: 'Behind every number is the unwavering dedication of our people. In the face of market challenges, Alba has delivered good results driven by a culture that puts safety first and empowers excellence. Achieving 38 million safe working hours without LTI is a testament to this commitment. We are proud of our workforce and confident in our ability to navigate the road ahead, together and safely.' - TradeArabia News Service Copyright 2025 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (