The Deir Ammar power station in Tripoli, Lebanon. AFP
The Deir Ammar power station in Tripoli, Lebanon. AFP
The Deir Ammar power station in Tripoli, Lebanon. AFP
The Deir Ammar power station in Tripoli, Lebanon. AFP

Lebanon headed for ‘total and complete' power cut by end of September


Gareth Browne
  • English
  • Arabic

Lebanon's power provider has said that the country is at risk of a “total and complete” power cut by the end of the month unless more fuel supplies are received.

The state-run Electricite du Liban (EDL) said on Thursday that fuel acquired in a recent deal with Iraq was only enough to provide about 500 megawatts of power — well short of the country’s monthly needs.

“The network already experienced total power cuts across the country seven times and if this continues there is a high risk of reaching total and complete power cut by the end of September,” EDL said.

Lebanon has been plagued by energy shortages in recent months, with EDL currently able to provide little more than four to six hours of electricity a day, though it has so far prevented a nationwide power cut.

The Ministry of Energy reduced subsidies for the second time in a month last week, prompting the cost of a tank of petrol to jump some 16 per cent overnight.

Generous subsidies have meant that, for years, Lebanon has enjoyed some of the world's lowest fuel prices despite producing no fuel itself.

At the heart of the crisis has been the Central Bank's inability to release funds to pay for fuel imports, leaving tankers laden with fuel waiting in the Mediterranean as the power onshore fails.

The country's power plants are reliant on the fuel oil to generate electricity for the national grid.

In the deal struck with Iraq in February, Baghdad agreed to provide Lebanon with a million tonnes of heavy fuel in exchange for in-kind goods and services.

But Lebanon lacks the capacity to refine the heavy fuel, meaning it must be exchanged for a fuel product usable in Lebanon's power plants.

Roll of honour 2019-2020

Dubai Rugby Sevens

Winners: Dubai Hurricanes

Runners up: Bahrain

 

West Asia Premiership

Winners: Bahrain

Runners up: UAE Premiership

 

UAE Premiership

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Runners up: Dubai Hurricanes

 

UAE Division One

Winners: Abu Dhabi Saracens

Runners up: Dubai Hurricanes II

 

UAE Division Two

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Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
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%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Fasset%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2019%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Mohammad%20Raafi%20Hossain%2C%20Daniel%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%3C%2Fstrong%3E%20%242.45%20million%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2086%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Pre-series%20B%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Investcorp%2C%20Liberty%20City%20Ventures%2C%20Fatima%20Gobi%20Ventures%2C%20Primal%20Capital%2C%20Wealthwell%20Ventures%2C%20FHS%20Capital%2C%20VN2%20Capital%2C%20local%20family%20offices%3C%2Fp%3E%0A
Sukuk explained

Sukuk are Sharia-compliant financial certificates issued by governments, corporates and other entities. While as an asset class they resemble conventional bonds, there are some significant differences. As interest is prohibited under Sharia, sukuk must contain an underlying transaction, for example a leaseback agreement, and the income that is paid to investors is generated by the underlying asset. Investors must also be prepared to share in both the profits and losses of an enterprise. Nevertheless, sukuk are similar to conventional bonds in that they provide regular payments, and are considered less risky than equities. Most investors would not buy sukuk directly due to high minimum subscriptions, but invest via funds.

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Started: 2018

Founders: Eslam Hussein and Pulkit Ganjoo

Based: Dubai

Sector: Transport

Size: 9 employees

Investment: $1,275,000

Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri

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Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

Updated: September 23, 2021, 3:21 PM