Source: Reuters
Monday 17 August 2026 13:05:38
Marwan Barakat, group chief economist and head of research at Lebanon's Bank Audi, said the Gulf's key indicators all show downgrades, including GDP growth, aviation traffic, stock market performances and fiscal balances.
CUTS TO JOBS AND REVENUE
While Lebanese had long relied on salaries in the Gulf to send remittances back to their families at home, some fear they will have less to send in the coming months.
Lebanon itself was pulled back into war when armed group Hezbollah fired at Israel in early March in support of its ally Iran, triggering a conflict that has left more than 4,300 dead in Lebanon.
Wassim Haddad runs an advertising and strategy consultancy based in Lebanon with clients who operate in the Gulf.
He estimates a 70% hit to his firm's revenues, mostly due to economic pressures in the Gulf, that have forced him to cut his staff by half.
"It feels like most of the clients who are not from the region don't understand how to move forward while war is happening," the 33-year-old said, referring to Western firms seeking to set up shop in the Gulf.
SOME IN LEBANON STILL OWED FEES BY GULF CLIENTS
Several people spoke to Reuters on condition of anonymity, fearing more of their professional work would be at risk if they commented publicly.
One branding professional based in Beirut said he once earned up to $12,000 per project for Gulf clients, but opportunities are now rare and firms are seeking discounts.
A client of the branding professional based in Saudi Arabia cut his pay and said they would increase it if more projects came along. A regular Qatari client told the professional their firm could no longer commit to new projects.
A Lebanese communications professional reported a 30% hit to her projected income. "If things keep going this way, I'll have to go back to my parents' house," she said.
At CSB, Kim Heshme sat below rows of jackets, gowns and dresses. She wears many hats: a single mother, a freelancer branding expert and CSB's head of operations.
Her income has dropped by around 60% as freelance work dried up due to the regional war.
She has had trouble collecting fees owed for completed projects, with some clients only paying her a third of her dues and others ignoring her invoices.
Heshme said Gulf clients appeared less accustomed than their Lebanese counterparts to operating through periods of war and prolonged uncertainty.
"Ideas are not cheap," Heshme said. "They don't want to pay for the value of it."