Amid Lebanon’s deepening economic collapse, many citizens are turning to the Gulf for stability, employment—and a chance to rebuild their lives. One such story is that of Mosbah Dannaoui, a Lebanese industrial engineering specialist who found himself forced out of early retirement and into a $10,000-a-month role in Saudi Arabia after losing access to his life savings.
From Consultant to Crisis Manager
Dannaoui, 58, retired early in 2016 and launched a consulting business in Lebanon, focusing on operational efficiency, certification, and restructuring services. However, the country’s 2018–2019 protests, followed by the COVID-19 pandemic, devastated the local economy and strained his ability to sustain the business—and his family.
“As wages fell and costs soared, my consultancy absorbed more than it earned,” Dannaoui told The Gulf Talk. “Even my eldest children had to contribute their salaries to keep us going. I also took up a university teaching job just to supplement our income.”
A Banking System in Freefall
The real blow came when Lebanese banks imposed informal capital controls, freezing depositors’ access to their accounts. Dannaoui, who had diligently saved for retirement, was among those affected.
“I have nearly $400,000 locked in the bank,” he said. “But I can only withdraw $400 per month. That’s when I realised I had no choice but to work abroad again.”
Rebuilding in Riyadh
In early 2023, Dannaoui accepted a position in Riyadh as Quality, Health, Safety & Environment (QHSE) Director at Wetico, a subsidiary of Abunayyan Holding. The job pays approximately 38,000 SAR (US$10,000) per month, significantly less than his market value, he says—but still a necessary step.
“I’m overqualified for the role and the salary is below market rates,” he admits. “But at this point, it’s about stability, not prestige.”
His family—wife and three children—remain in Tripoli, Lebanon, while he lives alone in a furnished apartment in Riyadh.
Dual Expenses, Double Burden
Between Lebanon’s high inflation and his living costs in Saudi Arabia, Dannaoui’s earnings are stretched thin.
In Lebanon:
- Monthly costs of ~$5,000
- Includes tuition, dual electricity bills (government + generator/solar), water, and high taxes.
In Riyadh:
- Monthly costs of ~SAR 10,000 ($3,000)
- Rent (SAR 4,500), car (SAR 3,000), food (SAR 2,000)
“I save about $2,000 to $3,000 each month for emergencies. That’s all I can manage,” he shared.
A Career of Highs and Lows
Dannaoui’s career began in 1995 with a modest $832/month salary at Future Pipe Industries in Lebanon. Over 13 years, he rose to become QHSE Manager for the entire group.
Later, a denied $500 raise led him to co-establish Tamid Pipes in Dammam, Saudi Arabia, where he served as GM and board member. He also opened the NSF International MENA office in Abu Dhabi and advised major pipe manufacturers in the region. However, in 2014, Tamid Pipes shut down due to underfunding, and Dannaoui was terminated without compensation.
Assets Frozen, Property Anchored
Dannaoui owns two apartments in Tripoli, purchased in 1996 ($76,000) and more recently for $240,000. He also holds an inheritance of nearly $300,000 in real estate from his father, but like his bank savings, it’s inaccessible in liquid form due to Lebanon’s volatile property market.
“I invested briefly in stocks in 2016 but pulled out. I prefer not to take financial risks at this stage,” he said.
Debt-Free, But Not Carefree
He avoids debt—a principle upheld by his wife. “We live within our means. We owe only small sums to family or friends, and that’s how we intend to keep it.”
The Bigger Picture: Lebanon’s Brain Drain
Dannaoui’s story reflects a larger exodus of Lebanon’s educated class. Professionals are being driven out by hyperinflation, instability, and loss of financial sovereignty.
“The idea of saving for retirement is meaningless now,” he says. “I did everything right—planned ahead, saved money, avoided debt—and yet I ended up having to leave my country again.”
A Look Ahead
Despite the uncertainty, Dannaoui is grounded in practicality. “I worry, of course. But I spend logically, keep a reserve, and try to live without excess. My goal is to provide for my family and live with dignity.”
Next on the agenda? A long-overdue family holiday in Turkey—one of the few luxuries still within reach.
