AB Espresso: Lebanon ’s cash economy surge raises FATF grey-listing fears

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In today’s newsletter:

Discover the latest stories from Arabian Business, in case you missed them on Wednesday:

Lebanon is set to be placed on the financial crime watchdog's grey list this week, driven by the country’s expanding cash economy and parallel financial system. Senior economists and sources familiar with the matter have confirmed the Financial Action Task Force (FATF) is expected to announce its final decision during its plenary session in Paris on Friday, despite appeals from Lebanese officials.

In other developments, Russian President Vladimir Putin hosted the BRICS Summit in Kazan on Tuesday, marking the bloc’s first meeting since its expansion. The three-day event brought together leaders from 24 countries, with Moscow seeking to showcase its diplomatic influence despite Western isolation over Ukraine. Kremlin adviser Yuri Ushakov described the event as “Russia’s largest foreign policy gathering ever,” according to TASS news agency.

Meanwhile, in an exclusive interview with Arabian Business, former UK Prime Minister Boris Johnson emphasised that establishing a Palestinian state is the only solution to end the ongoing conflict in the region. His remarks come as the violence continues, with Israel launching more attacks on Beirut, while humanitarian aid struggles to reach Gaza.

On the real estate front, Dubai’s property market continues to see significant global interest, with residential and commercial sales reaching AED138.8bn ($37.8bn) in Q3, according to Engel & Völkers Middle East. Residential transactions increased by 40.8 percent year-on-year, contributing AED115.6bn ($31.5bn), while commercial sales added AED23.2bn ($6.3bn), a 28 percent rise from the same period in 2023.

In addition, real estate investment advisors Medallion Associates have launched a dedicated Institutional Investor Desk aimed at capitalising on Dubai's thriving property market. The initiative will focus on improving access to institutional capital through collaboration with investment consultants, advisors, and placement agents, according to the company.

Until next time, Sharon Benjamin for Arabian Business

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