Most wealthy Gulf Arab nations followed Saudi Arabia's lead in recent years and ostracized crisis-hit Lebanon because of the growing influence of the Iranian-backed militant group Hezbollah.
Qatar doubled down on its investment as Lebanon’s economy melted down.
A week ago, three months after Lebanon and Israel signed a U.S.-mediated maritime border agreement, Qatari Energy Minister Saad Sherida al-Kaabi joined Lebanese officials in Beirut for a ceremony inking an agreement for Qatar to take a 30% share in a consortium for oil and gas exploration in Lebanese waters.
“This is a win-win situation for Lebanon and Qatar,” said Lebanon’s former energy minister, Cesar Abi Khalil. Qatar gets a stake in the possible gas resources in Lebanese waters, while Lebanon gets the credibility of a Qatari company in the project. As it often does, Qatar is advancing its economic and political interests together, said Lebanese economist Antoine Farah. It is ensuring income from its investments while gaining a political role in the country where it invests.
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