Riyadh suspends Al-Qard Al-Hassan’s Lebanese assets and prohibits participation in the deal due to Hezbollah links.
Saudi Arabia has designated the Lebanese-based Al-Qard Al-Hassan group as a “terrorist group”, based on links to support the Shia group in Lebanon, Hezbollah, state media reported.
“The coalition works to control the finances of the terrorist group (Hezbollah) and its finances, as well as to support military operations,” the state media said on Wednesday, in a statement.
It states that all corporate property in the state should be suspended and “prohibited from direct or indirect activities or for the benefit of the organization”.
In May, the United States called on governments around the world to take action against Iran’s Hezbollah-backed group in Lebanon.
The U.S. Treasury Department has imposed sanctions on seven Lebanese nationals who allegedly linked themselves with the group and its financial firm, Al-Qard Al-Hassan.
Saudi Arabia has rejected Lebanon for years because of Hezbollah’s influence on Lebanon’s affairs, which it says has also sent troops to Yemen, where a Saudi-led coalition is fighting another Iranian ally, the Houthi group.
Iran and Saudi Arabia, the leading Shia and Sunni Muslim countries in the Middle East, have been competing for years and severing ties in 2016.