UAE and Lebanon revive joint business council as economic ties gather pace

The UAE and Lebanon have reinstated a joint business council aimed at boosting trade and investment between the two nations. This agreement was formalized during the UAE-Lebanon Business Forum in Beirut, where the UAE's Federation of Chambers of Commerce and Industry signed the pact with Lebanon's Federation of Chambers of Commerce, Industry and Agriculture.

Abdallah Sultan Al Owais, vice chairman of the UAE's federation and chairman of the Sharjah Chamber of Commerce and Industry, signed the agreement alongside Mohamed Choucair, chairman of the Lebanese federation.

The renewed UAE-Lebanon Business Council will serve as a platform for exchanging market intelligence, promoting trade and investment opportunities, and fostering partnerships and joint ventures. During the forum, discussions centered around easing market entry, encouraging bilateral investment, and identifying sectors with potential for growth in both countries.

Dr Thani Al Zeyoudi, UAE Minister of Foreign Trade, who led an 80-member UAE delegation, stated that the discussions highlighted the "readiness of UAE and Lebanese businesses to transition from dialogue to partnership."

Business leaders participating in the forum expressed hopes of securing a "first-mover advantage" by investing in Lebanon's key sectors, including logistics, agriculture, energy, aviation, and tourism. This initiative rekindles a business mechanism that was established nearly two decades ago in 2008. The UAE was a significant investor in Lebanon during this period, with investments totaling $7.8 billion between 2003 and 2016, according to the Ministry of Foreign Affairs.

However, relations soured in 2021 when the UAE withdrew its diplomats from Beirut, following disagreements over Saudi Arabia's involvement in Yemen and concerns about Iran-backed Hezbollah's influence in Lebanon. Tensions eased later that year when Lebanon's President Joseph Aoun assumed office, leading to the reopening of the UAE's embassy in Beirut and a surge in economic cooperation.

The UAE also lifted travel restrictions for Emirati citizens visiting Lebanon. Bilateral non-oil trade between the two countries has been on the rise, reaching $4.2 billion in 2025, marking a 35.6% increase from the previous year. The latest business forum convened senior government officials and business leaders to identify investment opportunities and strengthen direct links between UAE and Lebanese companies, with the council focusing on priority sectors and joint economic initiatives.