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Lebanon Preparing To Build New $70 Million Airport Terminal
The construction of the second terminal is hoped to increase the capacity of the airport from 8 million passengers a year today to 20 million by 2030.
Lebanon’s only international airport in Beirut is moving one step closer to the construction of its second terminal. According to Minister of Public Works and Transport Ali Hamie, the crisis-stricken country will soon launch an international tender for the $70 million project.
Once constructed, the state-of-the-art terminal will be used for chartered and low-cost flights, as well those carrying Muslim pilgrims to Saudi Arabia and Iraq. The construction of the new terminal, together with other expansions and technological improvements, is hoped to increase the capacity of the airport from 8 million passengers a year today to 20 million by 2030, as stated on the website of national carrier Middle East Airlines.
In the coming months, large numbers of travelers are expected to visit Lebanon and generate substantial revenue for the country, whose tourism sector alone corresponds to 7.5 percent of its gross domestic product.
“Occupancy rates are full at airlines and hotels,” Minister of Tourism Walid Nassar said in reference to the summer season. “Lebanese expatriates and foreigners who love Lebanon will come to Lebanon and it will be a promising summer.”
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The capacity to comfortably welcome more travelers to the country would provide a nice economic boost for Lebanon, which is experiencing the first financial crisis in its modern history. What’s more, the terminal construction project, which will be carried out by the private sector, should create hundreds of new jobs.
The last time when the Beirut Airport underwent a modernization was in 1990, after the Lebanese Civil War, which left it in shambles and in need for major improvements. For the last several years, the airport has been operating at peak capacity, and the two large explosions at the Beirut port in 2020 only made the situation worse.
News
Ripple Gains DFSA License To Offer Crypto Payments In Dubai
The company is now the first blockchain-powered payments provider licensed by the Dubai Financial Services Authority.
Digital asset infrastructure provider Ripple has secured a license from the Dubai Financial Services Authority (DFSA) to become the first regulated crypto payment services provider within the Dubai International Finance Center (DIFC).
This milestone marks Ripple’s debut regulatory approval in the Middle East. With the new license, businesses in the UAE can now access Ripple’s enterprise-focused payment solutions, further solidifying the company’s reputation as a reliable partner for financial institutions looking to harness the potential of digital assets for real-world applications.
“We are entering an unprecedented period of growth for the crypto industry, driven by greater regulatory clarity around the world and increasing institutional adoption,” said Ripple CEO Brad Garlinghouse. “Thanks to its early leadership in creating a supportive environment for tech and crypto innovation, the UAE is exceptionally well-placed to benefit”.
Ripple has witnessed growing interest across the Middle East from both crypto-native businesses and traditional financial institutions, all eager to address the challenges of conventional cross-border payments — namely high fees, slow transaction times, and limited transparency.
His Excellency Arif Amiri, CEO of DIFC Authority, commented, “We are thrilled that Ripple is deepening their commitment to Dubai by securing a DFSA license that makes them the first blockchain-enabled payments provider in DIFC. This milestone not only highlights our commitment to fostering innovation but also opens the door for Ripple to tap into new growth opportunities across the region and beyond”.
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With roughly 20% of Ripple’s global customer base operating in the region, regulatory approval further positions the platform for accelerated growth in a market that’s already highly receptive to crypto adoption. In fact, more than 80% of finance leaders in the MEA region have expressed strong confidence in integrating blockchain technology into their operations.
“Dubai and the broader UAE have established themselves as leaders in fostering a progressive and well-defined regulatory framework for digital assets,” said Reece Merrick, Ripple’s Managing Director for the Middle East and Africa. “Securing this DFSA license is a major milestone that will enable us to better serve the growing demand for faster, cheaper, and more transparent cross-border transactions in one of the world’s largest cross-border payments hubs”.
Ripple’s DFSA license is the latest addition in a comprehensive list of worldwide regulatory approvals, joining the company’s Major Payments Institution license from the Monetary Authority of Singapore (MAS), a Trust Charter from the New York Department of Financial Services (NYDFS), a Virtual Asset Service Provider (VASP) registration from the Central Bank of Ireland, and Money Transmitter Licenses (MTLs) across multiple U.S. states.
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