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RIYADH: ������Ƶ’s point-of-sale spending in the education sector saw a weekly rise of 666 percent to reach SR193.26 million ($51.53 million) by June 21, according to official data.

The latest figures from the Saudi Central Bank, known as SAMA, also showed the number of POS transactions in the sector nearly doubled, climbing by 98.1 percent, indicating a significant rebound in consumer activity in this segment.

This sharp increase in educational spending came despite a 1.5 percent decline in the total value of POS transactions across the Kingdom, which dropped from SR11.1 billion to SR10.9 billion over the same period.

The weekly data further showed that transaction values rose in several other sectors, although none matched the scale of growth seen in the education division.

Spending on transportation increased by 28.7 percent, while construction and building materials saw a 25.6 percent uptick in value.

Telecommunication and health sectors both posted gains of 4.8 percent and 16.8 percent, respectively.

The electronics and electric devices segment recorded a 16.8 percent rise in spending value, and the furniture sector grew by 4.4 percent.

Slight increases were also observed in the public utilities and miscellaneous goods and services sectors, which grew by 3.5 percent and 2.1 percent, respectively.

However, several categories experienced downturns. The largest declines in transaction values were reported in the hotels and recreation and culture sectors, which fell by 9.1 percent and 14.7 percent, respectively.

Regionally, Riyadh remained the top city for POS spending, logging over SR3.91 billion in transactions, a 9.1 percent increase from the previous week. Dammam and Khobar also recorded gains, with spending in Dammam up by 8.4 percent and in Khobar by 5.1 percent.

Cities such as Makkah and Madinah recorded double-digit declines, down by 24.2 percent and 11.7 percent, respectively, in total POS transaction values.

Jeddah maintained a steady performance, with spending remaining flat at SR1.6 billion, while Tabuk saw a slight uptick of 3 percent in value.

Spending in restaurants and cafes dropped by 12.8 percent, while beverage and food transactions declined by 7.2 percent.

Jewelry purchases also contracted by 12.8 percent, and clothing and footwear fell by 7.2 percent. Other sectors, such as gas stations and the category, also saw declines of 5.1 percent.

Overall, the total number of POS transactions across all sectors dipped slightly by 0.6 percent week on week, totaling just over 202.5 million transactions during the reporting period.

JEDDAH: Lebanon’s battered infrastructure and strained public services are set for a boost, as the World Bank has approved $250 million to launch a broader $1 billion recovery and reconstruction initiative.

In a statement on Wednesday, the World Bank announced that its board of executive directors had approved the funding a day earlier under the Lebanon Emergency Assistance Project.

The project follows a phased approach to address response, recovery, and reconstruction, focusing on prioritizing and sequencing interventions to achieve maximum economic and social impact in the shortest possible time.

“The Rapid Damage and Needs Assessment of the impact of the conflict in Lebanon between Oct. 8, 2023, and Dec. 20, 2024, estimated total direct damages across 10 sectors at $7.2 billion, and reconstruction and recovery needs at $11 billion,” the bank said in its press release.

It added that around $1.1 billion in damage had been sustained by key infrastructure and facilities vital to public well-being and economic activity. Affected sectors include transportation, energy, water, healthcare, education, and municipal services.

“Considering the scale of needs, the LEAP was designed to support restoration of public infrastructure and buildings, given this is a precondition to economic and social recovery,” the release explained.

According to a separate World Bank report released earlier this month, Lebanon’s cumulative gross domestic product had contracted by nearly 40 percent since 2019. Meanwhile, the Lebanese pound has lost more than 98 percent of its value, driving triple-digit inflation through 2023.

The study highlighted how the collapse of the banking sector and the currency’s crash turned Lebanon into a dollarized, cash-based economy worth $9.8 billion — about 45.7 percent of GDP in 2022.

“The conflict has introduced another shock to Lebanon’s already crisis-ridden economy. While the economic contraction was anticipated to bottom out in 2023, following five years of sustained sharp contraction, the conflict and its spillovers have had negative knock-on effects on economic growth in 2023, continuing into 2024,” the report said.

It further noted that since July 2023, the Lebanese pound has stabilized at 89,500 to the US dollar, which helped bring inflation down to double digits in 2024 for the first time since March 2020, following three consecutive years of triple-digit inflation.

Lebanon’s Prime Minister Nawaf Salam welcomed the news on social media, writing on his X account: “I welcome the World Bank Board’s approval of the $250 million Lebanon Emergency Assistance Project, which represents a key step toward reconstruction by addressing damage to critical infrastructure and essential services in areas affected by the conflict.”

He added that the assistance reinforces national recovery efforts within a government-led implementation framework and paves the way for attracting further much-needed financing.

Jean-Christophe Carret, the World Bank’s Middle East division director, said: “Given Lebanon’s large reconstruction needs, the LEAP is structured as a $1 billion scalable framework with an initial $250 million contribution from the World Bank and the ability to efficiently absorb additional financing — whether grants or loans — under a unified, government-led implementation structure that emphasizes transparency, accountability, and results.”

Carret noted that the framework offers a credible platform for development partners to align their support with Lebanon’s reform agenda and amplify the impact of long-term recovery efforts.

According to the statement, the financing will enable immediate interventions to fast-track recovery and return to normalcy. This includes the safe and efficient handling of rubble to maximize recycling and reuse.

To ensure timely implementation, the government has undertaken key reforms within the project’s implementing body, the Council for Development and Reconstruction, the statement said.

It added that LEAP will be carried out under the strategic guidance of the prime minister’s office, with coordination across relevant ministries through the Council of Ministers. The Ministry of Public Works and Transport will oversee project implementation, while the Ministry of Environment will monitor environmental and social compliance, including rubble management.