Garbage plan within 48 hours. Bekaa landfill to be moved to Nabatieh

The long-awaited garbage plan will be implemented in the next two days, according to the Ministry of Agriculture, which is heading a ministerial committee to follow up on the plan's implementation.

The landfill, which was slated for the Bekaa region, will be moved to the southern village of Kfour, Nabatieh, sources close to the ministry said.

The committee presented Prime Minister Tamam Salam a full report about the changes to the plan and efforts made with members of the civil soc...

Article details

A dozen sorting facilities to see light in 2016. More than $200 million in investments required

More than ten sorting and composting trash facilities are expected to begin operations in various regions in 2016.

According to Ziad Abi Chaker, Co-founder of Cedar Environmental, a company that provides waste treatment services, more than $200 million in investments are expected to enter the market within the next two years.

Tony Bou Chalhoub, General Manager of Bou Chalhoub for Industry and Trade, a manufacturer of sorting production lines, composting and RDF machines, said tha...

Article details

Central Bank allows corporate debt restructuring. To develop financial markets and reorganize relationship between debtors and creditors

Banks and financial institutions will be allowed to restructure their loans, according to a basic circular issued by the Central Bank (BDL) this week. The circular targets loans provided mainly to companies.

"This circular is not worrying about any default crisis in the market," said Marwan Mikhael, Head of Research at Blominvest Bank. "Authorities have been working for a long time on a law similar to the concept of the US Chapter 11 law, which helps protect debtors, but due to political...

Article details

World Bank: Bad marks for ease of doing business. Prevailing paralysis will lead to deterioration of services

Lebanon's effort to improve the business climate has not been serious lately, according to the 'Doing Business 2016' report issued by the World Bank Group, which ranked it 123 out of 189 among countries, in terms of ease of doing business.

The country had a score of 56.39 out of 100 in the 2016 ranking compared to 56.50 in 2015. The report noted the absence of any reforms for the two consecutive years.

"The political process is in deep paralysis, which has been hampering reforms," ...

Article details

Régie will open packing factory in Ghazieh. To enhance quality and fasten export process

The Régie, the State-owned tobacco monopoly, will open a factory for packing tobacco in Ghazieh, in November.

The facility will have capacity to pack 50 tons of tobacco in cartons, instead of burlap sacks per day. Abdel Mawla Almawla, Régie Leaf Department Manager, said: "The new facility will help us sort and pack tobacco for the export markets, faster than our current speed. It will also contribute to enhancing its quality." Sorting and packing tobacco used to take the Re...

Article details

Renewable energy receives additional funding.

The Central Bank (BDL) is signing an agreement tomorrow, October 30, with the Ministry of Energy and Water (MoEW) and the United Nations Development Programme (UNDP) to grant funds to the Small Decentralized Renewable Energy Power Generation Project (DREG).

This program was launched in September 2015 by the UNDP and a dedicated international organization, Global Environment Facility. The DREG has three goals: "Grants and technical assistance of up to 25 percent of the value of a proposed...

Article details

Office to promote economic ties with GCC. To ease business operations

The Chamber of Commerce Industry and Agriculture of Beirut and Mount Lebanon (CCIA-BML) launched on Wednesday the Office for the Promotion for Lebanese-Gulf Economic Relations.

This office will be at the disposal of any Gulf investor who wants to invest in Lebanon, said CCIA-BML's Chairman Mohamed Choucair, who will head the new office.

"We will assist investors in establishing their companies in Lebanon. If for instance, they want to obtain licenses, such as an industrial license...

Article details

Number of passengers doubles at Tripoli Port.

The Port of Tripoli (POT) has witnessed a major improvement in the first nine months of 2015 compared to the same period of last year in the number of passengers traveling from the Port.

The number of passengers has doubled to reach 100,000 in the first nine months compared to 50,000 in the full year of 2014. Passengers are traveling from the POT to Turkey, where they move on to other countries as part of a mass emigration to Europe.

Around 90 percent of the passengers are Syrian ...

Article details

A $750 million Eurobond swap. To cover maturing debt in 2016

The Ministry of Finance (MoF) has recently begun a swap operation of $750 million Eurobonds to mature on January 19, 2016. This measure is to cover a debt due for payment at the beginning of next year.

"The swap process is underway, but it's too early to evaluate the appetite of investors," said Wassim Mansouri, Advisor to the Minister of Finance. "Banks represent the bulk of these bond holders, while the rest are foreign investors. That's why the MoF is optimistic about the success of th...

Article details

Nuts and kernels factory to open in Bekaa. Targeting European markets

Souheil Fakhran Foods Company will open a factory for nuts and kernels in Kab Elias in early 2017.

Total investment in the project will reach $6 million, including the cost of the land. The project will stretch over an area of 10,200 square meters, with a built-up area of 9,000 m2. It will create around 25 full time jobs.

Mohamad Fakhran, General Manager, said: "Part of the project will be funded through subsidized loans borrowed from banks."

The factory will be equipped w...

Article details

Aïshti mega shopping center now open in Jal el Dib. Includes a 2,000-works museum of contemporary art

Aïshti, the owner of a chain of high-end clothing stores, has inaugurated its foundation in Jal el Dib.

The $100 million project consists of 18,000 square meters of retail and recreational spaces, including 80 shops, restaurants, a gym, and a swimming pool. It also has a 4,500 m2 gallery of contemporary artwork.

The building's total gross area is 35,000 m2, including 3,800 m2 at roof level. The building also has two basement floors and five upper levels. An additional 15,000 ...

Article details

Loans to support food and tourism institutions. The maximum loan amount is LL75 million for seven years

The Economic and Social Fund for Development (ESFD) is cooperating with the Syndicate of Owners of Restaurants, Cafes, Nightclubs & Pastry Shops in Lebanon, in order to support food and tourism companies through loans. These loans fall within the Fund's programs to support Small and Medium Enterprises (SMEs) in productive sectors.

"The purpose is to support food and tourism companies to improve their current production conditions, in the light of the food safety campaign by the Ministry o...

Article details

Master Chips factory to open this January. A $35 million investment to increase production by 500 percent

Master Chips, a manufacturer of potato chips, will open a new factory in Ferzol, Bekaa, in January 2016.

Michel Daher, Chairman, said: "We will increase our production by 500 percent." Master Chips processes over 24,000 tons of potatoes yearly. The new factory would increase production capacity to 150,000 tons.

The company invested $30 million in the facility, which stretches over an area of 22,000 square meters. The factory will create about 800 jobs.

Around 60 percent o...

Article details

Remittances to reach $7.5 billion by year’s end. Growth despite falling oil prices

Remittances by Lebanese working abroad to their home country are estimated to reach $7.5 billion by the close of 2015, up from $7.45 billion at the same time last year, according to the World Bank's Migration and Development Brief. This represents a turnaround from a decline of 5.3 percent in remittances in 2014 compared with 2013.

This expected improvement is mainly due to more stability in the global market, especially in Europe, said Wissam Harake, Economist for Lebanon at the World Ba...

Article details

SABIS taps Brazil with a $50 million investment. University to be opened in the future

SABIS, a local educational establishment, will open a school in the state of Sao Paulo, Brazil in 2018.

Investment in the SABIS Escola Internacional–Campinas is estimated at $50 million. The campus in Campinas will take up approximately 100,000 square meters of land, which are part of the 330,000 m2 acquired for the school project. A possible boarding facility and a university will be built in the future.

The school will offer college-preparatory education to local and internation...

Article details

ESA launches finance curriculum with Italian partner.

École Supérieure des Affaires (ESA) signed a partnership agreement today with SDA Bocconi, a reputed Italian university, to establish an Executive Master in Financial Management (EMFM).

Both institutions have agreed to cooperate on the delivery of a tailored made executive major. Leonardo Etro, Director of SDA Bocconi, said: "Lebanon is an interesting area for us in the Mediterranean and we found with ESA common platform, values, and approach to the market."

The EMFM program...

Article details

Fodder factory by Hawa to open in 2017. Part of a plan to double the chicken production capacity

Hawa Chicken, a poultry production company, will open a factory for fodder in Anfeh-Chekka in 2017.

Investment in the project is estimated at $20 million. The fodder factory will be fully automated, including laboratories for testing the whole production process.

The facility spans an area of over 3,000 square meters. The production capacity will reach 75 tons of fodder, per hour.

Jean Hawa, General Manager of the fodder factory, said that the entire production will be de...

Article details

Land reclamation in Tripoli economic zone begins. Works to take 18 months

Reclamation of land in the Tripoli Special Economic Zone (TSEZ) is scheduled to start this week, according to Chairperson, Raya Haffar el Hassan.

The Council for Development and Reconstruction (CDR) awarded the tender to AlJihad for Commerce & Contracting, according to Ibrahim Chahrour, Director of the Planning and Programs department at the CDR. The 18-month long works include the reclamation of 550,000 square meters of sea, north of the Port of Tripoli. Rafik El Khoury & Partners will a...

Article details

Byblos Energy ready to generate electricity. Awaiting approval of the Council of Ministers

Byblos Advanced Energy (BAE), the company that requested a power generation permit to cover the Jbeil area, has finalized its environmental impact analysis report and is ready to start operations.

"The ministry of environment will review the report and may put forth recommendations to improve the environmental process of constructing the plant," said Mario Chlela, board member of BAE. The report will be sent to the Council of Ministers, which will either approve or dismiss the project. A...

Article details

A $250 million fund to invest in Cuba. Partnership may include local banks

The Lebanese-Cuban Businessmen's Council is preparing to launch a $250 million investment fund, immediately after the removal of the American embargo on Cuba, which is expected on October 27.

The fund will be in partnership with Lebanese banks. Negotiations are underway and Fransabank is expected to join in the deal, due its 20-year long history of dealings with Cuba, according to Rodrigo Malmirca, Cuban Minister of Foreign Trade and Investment. The bank has declined to comment.

A...

Article details

Disclosure by banks available to clients. It is mandatory to show lending and deposit rates computations

The Central Bank's Basic Circular No. 134, which requires banks to apply measures to ensure transparent and fair dealings with their customers, has been completely implemented, said executives from Bank of Beirut and Credit Libanais.

The Central Bank, which issued the circular in February this year, had set September 30 as deadline for banks and financial institutions to comply with the provisions of the circular.

Georges Awad, Head of Retail and Branches Division at Bank of Beiru...

Article details

Tanmia to open poultry farm in Ethiopia. Plans to export to Arab Gulf countries

Tanmia, an agricultural development company, will start excavation and construction works on a poultry farm, a slaughterhouse and a fodder factory in Ethiopia, in early 2016.

Investment in the project is $39 million. It will be implemented within three years and operations will start in late 2018.

Musa Freiji, Chairman, said: "Ethiopia is a large market and there is still a shortage in poultry suppliers there. We will be one of the first international poultry investors tapping thi...

Article details

BATCO to complete acquisition of Italian EMIT. Size of deal valued at $10 million

Local firm Badawi Azour for Trade and Contracting (BATCO), chaired by Antoine Azour, will acquire late this year the remaining 45 percent of Ercole Marelli Impianti Tecnologici (EMIT), an Italian firm specialized in engineering, procurement, and construction in the water and waste sectors and energy production from renewable sources. BATCO acquired last year 55 percent of the company for 10 million Euros.

The agreement will be signed with Euromec, an Italian manufacturing firm, which owns...

Article details

Saliba launches gold investment scheme. Free safekeeping program

Antoine Saliba World of Jewelry has launched 'Invest in Gold', a product that offers customers the advantage of buying gold coins and gold bullion at international official prices and depositing them in safekeeping at Saliba's premises, without having to pay the safekeeping fees required by banks.

As part of the scheme, customers would pay a part of the usual commission due to jewelers when buying the gold, the remainder of the commission would be settled upon withdrawal of the deposit...

Article details

FFA: BLOM shares stable Audi and Byblos to decline. Growth in net profit, assets, deposits, and loans of each of the banks in 2015

FFA Private Bank revised down the target price on the shares of Bank Audi and Byblos Bank due to tough operating conditions and foreign exchange devaluation in key global markets. FFA kept the target price on Blom Bank's stock unchanged.

The fair value estimate for Bank Audi was lowered to USD 7 from USD 7.50, while it was slashed on Byblos Bank's stock to USD 1.60 from USD 1.65. Blom Bank's shares remained unchanged at USD 11.

"We note that Blom Bank is the sole overweight in our ...

Article details

Italian group acquires minority in Batco Oman arm. Consortium prequalified in major railway tender

Italian Itinera SPA, a contracting firm subsidiary of Gavio Group, purchased 49 percent of Federici Sterling, a subsidiary of Batco Group in the Oman Sultanate.

The value of the deal is $50 million, according to Batco Chairman Antoine Azour. "There will be some changes in management as we will receive a new Chief Financial Officer, as well as some new technical management positions," he said. Around 1,300 employees work in Federici Sterling and will not be affected by the changes.

...

Article details

Markazia Hotel may close. Low occupancy forces drastic price cuts

The Markazia Monroe Hotel may close at the end of this year, compelled by the sharp decline in the number of visitors resulting from repetitive protests in downtown Beirut.

"We have slashed our prices between fifty and sixty percent and despite that, we were unable to attract enough visitors to stay in business," said Pierre Ashkar, Markazia Manager and Head of the Hotel Owners' Syndicate. He said 85 employees will lose their jobs as a result of the closing.

Ashkar explained that ...

Article details

New bidding for VAT refund. Global Blue is the sole applicant

The Ministry of Finance has announced the date of bidding for the VAT refund for tourists and visitors to take place on November 17, to be carried out by the tender management.
The ministry had conducted three biddings before, but only Global Blue, the operating company since 2002, has applied to handle the job. A contract by mutual consent may be signed once again with Global Blue if no other competitors have presented different offers.

Joe Yacoub, the Country Manager of the Swiss c...

Article details

Electronic cigarette imports to be regulated.

The Ministry of Finance has issued a decision to regulate imports of electronic cigarettes and hookahs (nargileh).

Companies that import these products must acquire a license from the ministry and pay a fee of up to $15,000, depending on the types of products imported. The distribution of these products remains limited to the main points of sale. Conditions to acquire a license include lab tests from the country of origin and the manufacturer to prove that they do not contain prohibited m...

Article details

Chedid Capital acquires half of City Brokers. Plans more deals in five other countries

Chedid Capital, a local insurance and reinsurance firm, announced this week that it has acquired 50 percent of City Brokers Ltd. (CBL), an insurance brokerage company based in Mauritius.

Farid Chedid, founder and CEO of Chedid Capital, said: "We see Mauritius as an ideal platform for expansion across East African markets." The acquisition is part of the company's expansion plan, which includes five new countries through Europe and the MENA region by 2017.

CBL has a large port...

Article details

Government to distribute transportation subsidies. Support aimed at regain exporters’ competitive edge

Farmers and industrialists are now benefiting from the Government's subsidy that covers the cost of transportation through roll-on-roll-off (RO-RO) ferries.

The total subsidy allocated is $14 million. It will be separated by the Investment Development Authority in Lebanon (IDAL) directly to the ferries that are registered and classified according to its standards.

IDAL said that three ferries will be shipping to Duba port and Al-Aqaba port in Jordan. Subsidies will be paid when th...

Article details

Mobile tender postponed to Nov. 11. Delay to allow Orascom to bid

The Department of Tenders has postponed to Nov. 11 the opening of the bids for the mobile network tender, said the department's Director General, Jean Ellieh.

The postponement was in compliance with the State (Shura) Council's decision to allow Orascom Telecom, Media and Technology (OTMT) to bid in the tender, according to Ellieh. The Egypt-based Orascom manages Lebanon's state-owned Alfa mobile network but the contract expires by the end of 2015. The telecom operator was previously exclu...

Article details

Agricultural refrigerator opened in Bekaa.

The United Company for Packing, Refrigerating, and Storing, opened an agricultural refrigerator this month in the industrial zone of Kab Elias in West Bekaa.

The refrigerator spans an area of 5,000 square meters, with a land plot measuring 12,000 m2. It has a capacity of 9,000 tons of vegetables and fruits such as apples, potatoes, grapes, pomegranates, and seasonable fruits.

Mohamad Saleh Hatoum, major shareholder and General Manager, said that some farmers have to sell their har...

Article details

French law firm to represent State in Imperial Jet case. Airline forbidden from landing at Beirut airport

Bredin Prat, a France-based firm, will represent the State in a court case that local firm Imperial Jet has filed before the US-based International Centre for Settlement of Investment Disputes (ICSID).

The ministries of Justice and Public Works and Transportation held an open tender in which 27 law firms applied for representation in the $350,000 case. A committee of judges then selected 11 offices with experience in jury cases. Bids ranged between $350,000 and over $1 million.

T...

Article details

Haidar sinks along with 5,000 cows. Losses exceed $5 million

Haidar, a livestock vessel owned by local Tamara Shipping, a shipping agency managing, owning, and chartering six livestock vessels, sank today in the Amazon River along with 5,000 cows.

Gabe Dakemajian, Chairman of the Syndicate of Importers of Frozen Meats, Fish and Vegetables estimated the loss of 5,000 heads of cows at around $5 million, as well as the price of the ship. According to Hussein Daher, Chairman of Alostool Multi Model Trans Trade, the price of the ship did not exceed $50...

Article details

Alfa’s Orascom to rejoin telecom tender. Six companies are bidding

The State Council has allowed Orascom Telecom, Media and Technology (OTMT) to bid in the tender that aims to select two operators to manage the country's two mobile networks, said Marwan Hayek CEO and Chairman of Orascom Telecom Lebanon. The Egypt-based Orascom currently runs Lebanon's state-owned Alfa mobile network but the contract expires on December 31. OTMT was previously excluded from the tender because it reportedly didn't meet the new criteria listed in the terms of reference.

"We...

Article details

Furniture factory to open in Kab Elias.

Al Mada for Industry and Trade will open a factory for furniture in the industrial zone of Mandara, Kab Elias in early 2016.

The factory's production capacity will reach 250 pieces of furniture per month, for sitting rooms, dining rooms, and bedrooms.

Investment in the project is around $5 million. According to General Manager Jamal Abou Ali, the cost of the industrial plot of land in Mandara is $120 per square meter. He said he financed the project without taking out any bank lo...

Article details

Sanita to produce detergent line. Products branded ‘Sanita My Home’

Sanita, a member of INDEVCO Group and a manufacturer of household, institutional, and personal care products has begun operating a new production line for detergents this month.

Bottling machines for the new production line were installed in a factory built three years ago originally for the production of wet wipes. The facility has a built-up area of 3,000 square meters. The kitchen, labs, and warehouses required for the production of the line of detergents were also available.

Article details

Looking for Cyprus oil. Local company signs $10 million survey contract

The Beirut-based firms, Energy & Environment Holding (EEH) and Petroserv, are taking part in a new survey to be conducted by US firm NEOS over Cyprus to collect three dimensional data about oil and gas.

The deal was signed last week with the Government of Cyprus, for a value of $8-$10 million. EEH, chaired by Roudi Baroudi, is investing in this deal and is playing the role of an investment vehicle for other investors. Petroserv will act as a subcontractor as it has extensive knowledge in...

Article details

NEUC employees suspend operations.

The employees of NEUC, one of the three power distribution service companies (DSPs), have suspended their operations in the South, saying they have not been paid their salaries.

NEUC, a subsidiary of local firm Debbas, has not been paying its employees their salaries due to financial problems. The company's General Manager Carla Aoun said: "We sent a memo to all 1,000 of our employees stating that we will pay their dues for September within two weeks."

A source close to service pr...

Article details

National competitiveness improving. Corruption and mismanagement of public facilities are main challenges

Lebanon's global competitiveness has improved compared to last year, according to a report published by the World Economic Forum in partnership with Bader and InfoPro.

Several indicators that give the final score had positive results. Among the most noticeable are innovation and sophistication, which rose to 3.58 compared to 3.33 last year.

"The country's ranking improved this year due to its dynamic society and health and educational systems," the report said.

Bader Chai...

Article details

Spinneys rejects merger deal with TSC. Wright: We do not want to be associated with a troubled business

Spinneys has turned down a proposed merger by TSC, said Michael Wright, the company's local CEO: "We have not accepted the approaches by TSC," he said.

Spinneys has been growing strong, according to Wright. "We do not want to be associated with the troubled TSC business," he said.

Wright said that Spinneys had $240 million in sales (before VAT) in 2014. The chain's local network has grown to ten branches across the country. Last year, it launched a new discount store concept, Happ...

Article details

US increases humanitarian, military aid.

US President Barack Obama said that his country will provide $76 million for humanitarian assistance to Lebanon, due to the increased strain by the Syrian war and incoming refugees.

The Lebanese Armed Forces are set to receive double the amount of military assistance from the United States to reach $150 million compared to last year, a statement by Secretary of State John Kerry said.

"These funds will allow the Lebanese Armed Forces to buy munitions, improve close air support, sust...

Article details

Retail sales up following a 30-month drop. Retail Activity Index details sub sector trends

Retail trade has been in a recession over the last ten quarters, according to the 'Retail Sales Activity Indicator in Lebanon' study. It was launched today by the Lebanese Franchise Association (LFA) and the Chamber of Commerce Industry and Agriculture of Beirut and Mount-Lebanon, (CCIA-BML). Retail sales have turned around and increased by 2.2 percent in the first half of 2015 compared with the same period of 2014. The study obtained the information from shopping malls and payment card operator...

Article details

Hospitals need their financial dues from the Government.

The Syndicate of Hospitals called on the Government to sign the contracts between all insurance companies and hospitals for 2015. Financial dues for this year reached $200 million till now and will reach $300 million by the end of the year.

The Syndicate also called for providing the Ministry of Public Health with the required credits to pay its dues to hospitals from 2012 till 2015. It also called on the Government to give them the Treasury bills for dues from 2000 till 2011.

Fi...

Article details

Beirut Stock Exchange halted for technical issues. No impact was registered against listed companies

Trading was halted on the Beirut Stock Exchange (BSE) today due to a technical difficulty, according to a statement issued by the BSE.

According to Ghaleb Mahmassani, Vice President of the BSE, an electronic malfunction affected computers. He said that he technicians were unable to fix the problem quickly but that trading may resume normally tomorrow.

Toufic Karam, Head of Capital Markets at FFA Private Bank, said: "The technical error will not impact the listed companies as the vo...

Article details

TSC and Spinneys in merger talks. Emirati chain might preserve its name

Negotiations for a merger or buyout are underway between owners of supermarket chains, Spinneys and The Sultan Center (TSC).

TSC is negotiating buying Spinneys, while preserving the Spinneys brand name. "We are still in talks, but have not yet reached a deal," said Firas Hamdan, Commercial Manager for TSC. "TSC is looking to reach some kind of merger but nothing is concrete so far," said Michael Wright, Spinneys CEO. "The deal has been under discussion for over a month," according to a s...

Article details

Beydoun prefabricated houses factory to expand.

Beydoun for Curtains, Tents and Accessories, a manufacturer of prefabricated houses and curtain frames, will expand its factory in Naameh in 2016.

Moustafa Beydoun, General Manager, said: "Demand for prefabricated houses is growing, especially for construction sites, as well as large farming operations."

Investment in the expansion will exceed $1 million and will increase the space of the facility from 800 to 1,800 square meters. It will create around 15 full time jobs.

The...

Article details

Lebanese-Saudi firm ventures into hospitality. Zayzoom Hotel opens next year

Zayzoom Hotel, a four-star property in Mina El Hosn, is under development and expected to be completed by the end of 2016. It occupies an old hotel building from the fifties, near HSBC bank.

The project is owned by the Lebanese-Saudi firm, Zayzoom Properties, whose local partner is Ramzi Halabi.

The hotel has ten floors, including a ground floor and two basements. It has a total built-up area of 3,400 square meters.

The number of rooms and suites has not yet been defined a...

Article details