FIRST AIRED: November 23, 2017

Nice work! Enjoy the show!

×

You’re busy. We get it.

Stay on top of the news with our Editor’s Picks newsletter.

US Edition
Intl. Edition
Unsubscribe at any time. One click, it’s gone.

Thanks for signing up!

We've got more news

Get our editor’s daily email summary of what’s going on in the world.

US Edition
Intl. Edition
Replay Program
0:00
0:00
More Info

COMING UP:Share Opener Variant 2

×

Transcript

00:00:00
>> Like many Lebanese businesses
INAUDIBL
] relies on Saudi Arabian custom. But now those vital economic ties are being strained along with Beirut's relations with Riyadh in the wake of Prime Minister Saad al-Hariri's unexpected resignation earlier this month. The kingdom's already advising it's citizens to stay away from Lebanon and for goodies owners the Hawani twins, that's very bad news.
00:00:23
>>
FOREIGN]
> And things could get worse, a lot worse.
00:00:42
130 years old and a household name for many in the Middle East, Goodies exports it's luxury foods to Saudi Arabia and even has a branch in Jeddah. But their sweet treats might become an unlikely victim of punishing economic sanctions of the kind already imposed by Riyadh on Qatar.
00:00:58
MUSIC]
00:00:59
Many Lebanese including the country's president think Hariri was coerced by Saudi Arabia into announcing his resignation and they are braced the further pressure from Riyadh. Reuters Angus McDowell in Beirut says most crippling would be a move against Lebanese workers in the Gulf.>> Saudi Arabia's strongest pressure point in Lebanon's economy is probably the livelihood of the hundreds of thousands of Lebanese workers in Saudi Arabia and its Gulf Arab neighbors and allies.
00:01:30
Their admittances back into Lebanon are vital both to keeping Lebanon's economy afloat because of the money it spent back here. But also because they had deposits in Lebanese banks, underpin of Lebanon's financial system which is the strongest element of its economy.>> Riyadh has a history of flexing its economic muscle to force Lebanon to isolate Hezbollah and its Iranian pay master.
00:01:55
It wants to stop the meddling in regional conflicts.>> In recent years, one of the main ways that it's done that has been through supporting Lebanon's army. But just under two years ago, it suddenly pulled that support, angry at Hezbollah's role in Lebanon.>> Lebanon, one of the world's most indebted countries, relies heavily on money and business from abroad.
00:02:19
Unlike Qatar, it clearly lacks the resources to write out punishing sanctions.