The Beirut Stock Exchange suspended trading on Monday after an indefinite strike by employees of Lebanon's central bank who fear their salaries could be cut by 25 per cent.
The continuing strike at the Banque du Liban has affected the processing of transactions, Ghaleb Mahmassani, the acting head of the Beirut Stock Exchange committee, said on Monday.
"The central bank has decided to stop trading in its markets until the aforementioned reasons cease and to protect the rights of investors in the stock market," Mr Mahmassani said.
The bank's directive takes effect immediately. The exchange closed on Friday up 0.17 per cent at 904.07.
Although the statement was released after trading should have closed for the day, the website of the Beirut Stock Exchange showed no activity had taken place on Monday.
But the impact of such a closure on the economy is limited, Nassib Ghobril, chief economist at Byblos Bank, told The National.
There are only 10 companies listed on the Beirut stock exchange, which has a market capitalisation of $9 billion (Dh33bn).
By comparison, the Dubai stock exchange has 68 listed companies and a market capitalisation of $97.4bn.
The country’s 850 central bank employees have been on strike since Friday to protest against a possible cut in their wages by the government.
Abbas Awada, who leads the union behind the protests, told The National that this is the first time central bank employees had walked out.
Mr Awada said that the 2019 budget, which is being examined by the Cabinet before being sent to Parliament for vote, includes provisions that would reduce the bank's employees’ salaries by 25 per cent.
They are paid 16 months of salary a year, but this could be whittled down to 12 payments, he said.
Mr Awada said employees would decide their next step at a meeting on Tuesday morning.
“I think the decision will be positive and that we will suspend the strike”, he said.
But if the government approved the budget in its existing form, the strike could continue.
An open-ended strike could lead to a shortage of Lebanese pounds in the market as transactions in the currency move through the central bank.
The Banque du Liban governor, Riad Salameh, has called for an end to the strike.
The demonstrators say the government does not have the right to cut their wages because the regulator's budget is independent of the Finance Ministry.
But President Michel Aoun and Prime Minister Saad Hariri have reportedly assured Mr Salameh that the new budget would not affect bank employees’ benefits.
All inter-bank operations have been affected by the strike, Mr Ghobril said.
“The clearing of cheques is delayed, exchanging foreign and local currencies is on hold, but transfers in and out of Lebanon are not affected,” he said.
Founded in 1963, the bank operates independently from the government but must submit a financial report to the Finance Ministry every year.
The nomination of the governor and the four vice-governors is approved by Cabinet, and 80 per cent of its earnings go to the Finance Ministry. The rest stays with the central bank.
Facing financial disaster and hoping to tap into $11bn in international loans and grants to bolster the economy by rebuilding shattered infrastructure, the Lebanese government has drafted what officials call an “austerity budget”.
Mr Hariri has said that ministries will see deep cuts to their budgets to try to bring spending under control.
Lebanon is the third most indebted country in the world after the US and Japan, with a GDP to debt ratio of 140 per cent in 2018.
Foreign Minister Gebran Bassil tweeted in April that public sector salaries should be cut to reduce the country's ballooning $85bn debt "or there will be no salaries left for anyone".
The tweet prompted waves of strikes and demonstrations over the past few weeks across the country.
Employees of the National Social Security Fund were also on strike on Monday, the state-run National News Agency reported.
After years of stagnation and social inequality, many Lebanese struggle to make ends meet. The UN says nearly a third live on less than $270 a month.
The civil war in neighbouring Syria hit the Lebanese economy hard. Fighting cut the country off from overland routes to its major Middle East trade partners, with farmers particularly hard hit as they were unable to export their produce to Gulf markets.
From nearly 10 per cent growth a year before the start of the Syria war in 2011, Lebanon’s growth fell sharply to a little over 1 per cent the year after, where it has remained since.
The country also took on the burden of hosting more than a million more refugees fleeing the Syrian violence.
While it has received billions of dollars in international assistance in the past eight years, long-term structural issues have plagued the country since the end of the 15-year civil war in 1990.
Lebanon is unable to produce continuous electricity and power cuts last between 3 and 12 hours on a normal day but are often longer.
The state power company, Electricite du Liban, runs a deficit of more than $1bn a year – abouty 3.8 per cent of GDP – which the government is left to pick up.
While many of Lebanon's ministries and official institutions suffer from nepotism and sectarianism, analysts say the central bank is one of its most efficiently run government bodies.
They say that when power sharing was agreed to end the war in 1990, a decision was made to keep the central bank out of party and sectarian politics to ensure stability.
Mr Salameh, who has been in the post since 1993, has been credited with steering the country's finances and isolating Lebanon from the global financial crash in 2007.
West Asia rugby, season 2017/18 - Roll of Honour
Western Clubs Champions League - Winners: Abu Dhabi Harlequins; Runners up: Bahrain
Dubai Rugby Sevens - Winners: Dubai Exiles; Runners up: Jebel Ali Dragons
West Asia Premiership - Winners: Jebel Ali Dragons; Runners up: Abu Dhabi Harlequins
UAE Premiership Cup - Winners: Abu Dhabi Harlequins; Runners up: Dubai Exiles
UAE Premiership - Winners: Dubai Exiles; Runners up: Abu Dhabi Harlequins
Trump v Khan
2016: Feud begins after Khan criticised Trump’s proposed Muslim travel ban to US
2017: Trump criticises Khan’s ‘no reason to be alarmed’ response to London Bridge terror attacks
2019: Trump calls Khan a “stone cold loser” before first state visit
2019: Trump tweets about “Khan’s Londonistan”, calling him “a national disgrace”
2022: Khan’s office attributes rise in Islamophobic abuse against the major to hostility stoked during Trump’s presidency
July 2025 During a golfing trip to Scotland, Trump calls Khan “a nasty person”
Sept 2025 Trump blames Khan for London’s “stabbings and the dirt and the filth”.
Dec 2025 Trump suggests migrants got Khan elected, calls him a “horrible, vicious, disgusting mayor”
Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
Springsteen: Deliver Me from Nowhere
Director: Scott Cooper
Starring: Jeremy Allen White, Odessa Young, Jeremy Strong
Rating: 4/5
Race card
4pm Al Bastakiya Listed US$300,000 (Dirt) 1,900m
4.35pm Mahab Al Shimaal Group 3 $350,000 (D) 1,200m
5.10pm Nad Al Sheba Turf Group 3 $350,000 (Turf) 1,200m
5.45pm Burj Nahaar Group 3 $350,000 (D) 1,600m
6.20pm Jebel Hatta Group 1 $400,000 (T) 1,800m
6.55pm Al Maktoum Challenge Round-3 Group 1 $600,000 (D) 2,000m
7.30pm Dubai City Of Gold Group 2 $350,000 (T) 2,410m
The National selections:
4pm Zabardast
4.35pm Ibn Malik
5.10pm Space Blues
5.45pm Kimbear
6.20pm Barney Roy
6.55pm Matterhorn
7.30pm Defoe
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Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
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Price: From Dh1,700,000
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The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
The biog
Hobbies: Writing and running
Favourite sport: beach volleyball
Favourite holiday destinations: Turkey and Puerto Rico
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
If you go
Flight connections to Ulaanbaatar are available through a variety of hubs, including Seoul and Beijing, with airlines including Mongolian Airlines and Korean Air. While some nationalities, such as Americans, don’t need a tourist visa for Mongolia, others, including UAE citizens, can obtain a visa on arrival, while others including UK citizens, need to obtain a visa in advance. Contact the Mongolian Embassy in the UAE for more information.
Nomadic Road offers expedition-style trips to Mongolia in January and August, and other destinations during most other months. Its nine-day August 2020 Mongolia trip will cost from $5,250 per person based on two sharing, including airport transfers, two nights’ hotel accommodation in Ulaanbaatar, vehicle rental, fuel, third party vehicle liability insurance, the services of a guide and support team, accommodation, food and entrance fees; nomadicroad.com
A fully guided three-day, two-night itinerary at Three Camel Lodge costs from $2,420 per person based on two sharing, including airport transfers, accommodation, meals and excursions including the Yol Valley and Flaming Cliffs. A return internal flight from Ulaanbaatar to Dalanzadgad costs $300 per person and the flight takes 90 minutes each way; threecamellodge.com
LIVING IN...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
The specs
Engine: 1.5-litre 4-cyl turbo
Power: 194hp at 5,600rpm
Torque: 275Nm from 2,000-4,000rpm
Transmission: 6-speed auto
Price: from Dh155,000
On sale: now
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
