Al Balad is Published by Kuwaiti Investors with Lebanese Front, Survives Skirmish with Press Syndicate,
Jibran Tueni “Purchases” Hariri’s Shares in An-Nahar For $22 Million, No Source of Funding Named A new newspaper under an old license, Al-Balad, went on the news stands accompanied by a thunderous publicity campaign. The paper is nominally owned by Lebanese but the real owners are Kuwaiti investors. Al-Balad’s aggressive distribution techniques invoked the wrath of the all-powerful Press Syndicate that promptly brought disciplinary charges against its publishers. An amicable solution was reached when Al-Balad’s publishers agreed to double the issue price from LL1,000 to LL 2,000.

On another front, An-Nahar announced that Mr. Gibran Tueni, its general manager and chairman of the board, has purchased Mr. Rafik Hariri’s 40% shares therein. The deal had a price tag of $22 million. The source of the funds, Mr. Tueni is not a man of great means, were not revealed but it is strongly rumored that Saudi Prince Al-Alwalid Bin Talal is the investor who replaced Hariri but prefers to stay in the shadow. Bin Talal already owns a major share of LBC and is known to fund many Lebanese newspapers and magazines.