AB Espresso: Inside Lebanon ’s Ponzi scheme economy

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Discover the latest stories from Arabian Business, compiled by our editorial team. Here's what you missed on Wednesday:

Lebanon once hailed as the “Switzerland of the Middle East,” now stands as a cautionary tale of economic mismanagement and systemic failure. At the core of this crisis lies a staggering $100 billion outflow that has crippled the Levantine nation’s economy, leading to what the World Bank has described as one of the worst economic crises globally since the mid-19th century.

In Saudi Arabia, NEOM Green Hydrogen Company (NGHC), the company building the world’s largest green hydrogen plant at Oxagon, in Saudi Arabia’s northwestern region of NEOM, has announced a significant recruitment drive for its construction and operations phases. The initiative aims to build a strong, talented team across various functions including: Corporate, EHSS, Risk, Operations and Maintenance, Finance, IT and cybersecurity.

Meanwhile, a survey of British and French millionaires has shown that 44 percent of them are more likely to leave their countries than they were before the recent elections in their countries. It also revealed that more than one-fifth (21 percent) of young millionaires named the United Arab Emirates (UAE) as the country they were most interested in emigrating to.
Aside from this, Dubai International Airport (DXB) is preparing to manage a high influx of passengers as residents return from their summer holidays, WAM said in a statement on Wednesday. The airport expects to welcome 3.43 million passengers between August 21 and September 2.

In other news, Chinese fast-fashion giant SHEIN has filed a lawsuit against its rival Temu, accusing the retailer of stealing its designs and building an empire through counterfeiting, intellectual property infringement, and fraud. The suit, filed on Monday in the US District Court for the District of Columbia comes as SHEIN itself faces similar allegations from a variety of brands and independent artists, including Levi Strauss and H&M.

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