Two US companies bid for Zahrani, Beddawi plants. Results to be announced next week

Two US-based companies are vying for the operation and maintenance of the Zahrani and Beddawi power plants. The board of Electricité du Liban is expected to choose between the two within the coming few days.

The two companies are Primesouth and HPI. Primesouth is the preferred bidder according to the terms of reference, a source close to the tender said.

A third bidder, an Indian company, also participated in the tender, but was disqualified because it failed to meet the re...

Article details

Wastewater projects receive a $100 million boost. Akkar, Chouf, Bekaa, and Arkoub are target areas

Parliament approved on November 13 a loan agreement with the Arab Fund for Economic and Social Development to complete miscellaneous wastewater projects.

The loan, valued at 30 million Kuwaiti Dinars (around $100 million), will be paid back over a period of 18 years, with a grace period of five years, with a yearly interest of three percent.

The loan will be used to develop a 108 kilometer-long wastewater network through 20 villages in Akkar. This includes 27 km of additional seco...

Article details

Al Mayyas Hospital opened in Chtaura. AUBMC will provide the expertise

Al Mayyas Hospital, a general medical services center, opened in Chtaura Bekaa last week. The hospital will be managed by the IMESCO Company.

IMESCO acquired the Al Mays hospital from Al Mayyas family, which had stopped operating in 2007. Investments in rehabilitating the hospital reached $5 million.

The hospital comprises two blocks, including 120 beds. It has a total built-up area of 3,500 square meters.

Al Mayyas includes three new operating rooms, a laboratory, scanni...

Article details

Revival of Tripoli exhibition fairgrounds. City officials and business organizations will partner in BOT-scheme

Tripoli's officials are planning to revive the one million square meter Rachid Karame International Fair. The private sector, represented by the Chamber of Commerce, Industry, and Agriculture in Tripoli and the North and the public sector, represented by the Municipality of Tripoli and the Order of Engineers, expressed commitment to restore and operate some of the fair's facilities.

Houssam Kobayter, Chairman of the fair, said: "We received an initial approval by the Chamber to restore an...

Article details

High-income consumers willing to pay $7 per app. Market opportunities for Arabic apps

High-income earners are willing to pay more than $7 to purchase a mobile app, according to a study prepared by local ArabNet, in collaboration with On Device Research.

The report said that this represents an opportunity for app developers and publishers to create higher-value, high-priced apps to cater to this market segment.

The most common amount paid for in-app purchases is between $1 and $4.99. More than 40 percent of respondents said they make one-off in-app purchases to obta...

Article details

Primary surplus in public budget. Debt to GDP is declining

The fiscal deficit has widened so far this year, but a primary surplus has been registered, according to Alain Bifani, Director General of the Ministry of Finance (MoF).

The fiscal deficit widened by 33 percent to reach $1.7 billion in the first half of 2015. The primary surplus, which represents revenues and expenditures minus the service of the debt, reached $475 million. Primary surplus represented 2.6 percent of the Gross Domestic Product (GDP) in 2014.

The Debt to GDP ratio de...

Article details

Hurdles lifted for products to Egypt.

Hurdles to access the Egyptian market will be removed within one month, according to a delegation of businesspeople that attended the Lebanese Egyptian Economic Forum in Cairo last week. Exports to Egypt were not halted completely but were facing difficulties to access the market. This is due to changes being made to country of origin certificates and unified standard specifications.

"This administrative procedure was an obstacle, but it is almost over," said Hicham al Moukammal, Chairma...

Article details

Cooperation office in Oman by Chamber of Commerce. Interest in manufacture, agriculture, and tourism

The Chamber of Commerce, Industry, and Agriculture in Beirut and Mount Lebanon (CCIA-BML) plans to open an office for economic cooperation in the Sultanate of Oman. A similar office will also open at the CCIA-BML headquarters in Beirut for bilateral cooperation.

Chadi Massaad, Chairman of the Lebanese Omani Business Council, said that Said ben Saleh al-Kayyoumi, Chairman of the Omani Chamber, promised to raise the issue soon to the Council of Ministers for approval.

Mohammad Chouca...

Article details

Lebanon tops Arab world in financial secrecy. It mixes secrecy with big tax exemptions

The Tax Justice Network (TJN) said it has ranked Lebanon first in the Arab world and seventh globally in the 2015 Financial Secrecy Index (FSI).

"Lebanon has sailed against the prevailing winds on global financial transparency and continues to make secrecy a core selling point," according to TJN, which describes itself as "a coalition of researchers and activists focused on the harmful impacts of tax avoidance, tax competition and tax havens."

Lebanon has a very high secrecy score,...

Article details

Alpha banks still growing at a slower pace. Tough operating environment puts pressure on assets, loans and deposits

Alpha banks, the first 14 banks with deposits exceeding $2 billion each, have reported a slowing activity this year, according to the Alpha report issued by Bankdata Financial Services.

Consolidated assets grew by 2.6 percent over the first nine months, against 6.6 percent during the same period last year. Domestic assets grew by three percent, while foreign assets rose by 1.1 percent. Out of total activity, 80 percent was tied locally and 20 percent abroad, as of the end of September, th...

Article details

Mecanique tender postponed.

The Department of Tenders has postponed a tender for the modernization, development, and operation of the vehicle inspection centers, or 'Mécanique', and the design, development, and equipping of new centers, until January 18, 2016.

Two interested bidders have raised an adjournment request, saying they needed more time to abide by the terms of reference. A memo released by the department said: "Out of concern for fairness, equal opportunity, fair competition, and to allow for a lar...

Article details

Kababji opens in the UAE. A series of outlets will launch all over the GCC countries

Kababji's first branch was soft-opened in the UAE at the Dubai Marina, as a debut for several branches to be opened by Eathos, the company that received Kababji's regional franchise for the whole GCC area.

"It's only the beginning," said Eddy Massaad, General Manager. "The second branch will open at Al Ghurair Mall in Dubai at the end of February and the third will open at Maryah Island in Abu Dhabi, in mid-December." Massaad said that Kababji will open in KSA next.

The restaur...

Article details

Bank account hacking on the rise. Lack of awareness is cited as the cause of most cases

The number of cybercrimes through online banking accounts has increased from one case in 2011 to 63 today, according to the Special Investigation Commission (SIC) of the Central Bank (BDL), which said that the stolen amounts range between $1,500 and $2 million.

"Cybercrimes are not individual cases, but rather happen through well connected criminal organizations or criminals aware of where to carry out their hacking," said Abdul Hafiz Mansour, Secretary of the SIC. "Lebanon is a free eco...

Article details

Parliament passes 38 awaited economic laws. Includes loans and grants for infrastructure works

The Parliament has passed 38 draft laws and decrees that were related to grants and loans. The approval of these funds were approaching their deadlines, and starting to affect the country's financial outlook.

Around $600 million worth of loans and grants have been sanctioned. These include two loan agreements with the European Investment Bank (EIB) for funding highway projects and the construction of the Bisri Dam. Other laws include the ratification of loan agreements with the Arab F...

Article details

Zero interest loans for eco-friendly plants. Three plants to start benefiting

An agreement was signed on November 6 between the Central Bank and the Ministry of Environment (MoE) to give low-interest loans to industrialists who will apply environmentally friendly standards.

The agreement is part of the World Bank-funded Lebanon Environmental Pollution Abatement Project (LEPAP). The project, which is valued at $18 million, gives companies incentives to reduce their carbon footprint. The loans have a near zero interest rate.

The ministry has so far accepted p...

Article details

Country needs $6.2 billion in infrastructure. Public-private partnership highly recommended

Spending on infrastructure through Public Private Partnerships (PPP) would stimulate the Gross Domestic Product (GDP) in the medium and long terms, according to Ziad Hayek, the Secretary General of the Higher Council for Privatization.

He said: "Lebanon needs $6.2 billion in the sectors of power, water, transport, and services, through PPP."

Hayek, who was speaking at a workshop at the Basil Fleihan Institute, said that these investments would boost GDP growth by 4.4 percent. A sp...

Article details

‘The Village’ pubs and restaurants complex. Brings nightlife to Dbayeh

A complex of ten pubs and six restaurants will open this Thursday on Dbayeh's coastal road, which is parallel to the highway.

Investment in the project is $4.5 million and occupies 4,200 square meters, with a built-up area of 1,200 m2.

Venture Group built and invested the complex's premises on a rented plot. The company co-founded by Rabih Saba and Marwan Ayoub, developed Uruguay Street downtown, and the restaurant complex in Hazmieh.

"We always choose concepts that suit t...

Article details

Araco-Guardia Systems wins airport works contract. Project includes surveillance systems, fences and walls

The joint venture between the two local firms, Araco Concrete and Guardia Systems, has won a public tender for the construction and restoration of fences and walls around the Beirut Rafik Hariri International Airport. The value of the deal is $6.4 million.

Amine Jaber, Director of Equipment Maintenance Department at the airport, said: "A new control system will be put in place to link all cameras and fence sensors." Around 200 additional high definition and infrared cameras will be instal...

Article details

Pharmaline factory to open in Jeddah. Pharmaline Saudia is a joint-venture between Malia and Al Rashid Group

Malia Group has signed a joint-venture agreement with Saudi Arabia's Al Rashid Group to open a Pharmaline factory in Jeddah, Saudi Arabia. The factory will start operating in 2018.

"Pharmaline Saudia is an important milestone for the group, as it signifies our first direct presence in the GCC. We are confident that with Al Rashid Group, we will be able to bring Pharmaline's products to a new and challenging market," said Jacques Sarraf, chairman of Malia Group.

The investment in ...

Article details

Industrialists: To sort trash before it is exported. Recycling factories are at risk of closing

The Association of Lebanese Industrialists (ALI) called for sorting the garbage before exporting, if the Government adopts the exporting option.

Fadi Gemayel, Chairman of ALI, said: "We refuse exporting the garbage without sorting it, as this will impact the economy, mainly the industry, and local labor."

This request from ALI comes after the failure in implementing the municipalities' decentralization plan and proposing the export of garbage.

According to ALI around 30 pe...

Article details

Mobile tender postponed again to next month.

The Department of Tenders has once again postponed the opening of the bids for the mobile network tender, this time to December 8, 2015, according to Jean Ellieh, the department's Director General.

The Egypt-based Orascom Telecom, Media and Technology (OTMT) was not able to submit the required documents within the deadline given to it, Ellieh said. Last month, the opening of the bids was put off to November 11, 2015 in order to allow Orascom to bid in the tender. It was previously exclud...

Article details

EU provides $27.5 million in aid to Lebanon.

The European Union (EU) has adopted the 2015 second assistance package for Lebanon totaling €25 million ($27.5 million).

The aid consists of three programs. The first is valued at €15 million ($16.5 million) and aims at supporting private sector development by assisting micro, small and medium-sized enterprises to be more competitive.

The second is valued at €5 million ($5.5 million) and consists of providing technical assistance to the Government. The assistance will help improve ...

Article details

Bank Audi plans to expand foreign footprint. Eyes UK and sub-Saharan countries

Bank Audi is planning to have its foreign entities constitute 60 percent of its consolidated activity. Around half of the bank's activity has been derived from its entities outside the local market.

Freddie Baz, Group Strategy Director and Vice Chairman, said: "Our aim is to make Audi's share in the local market between one third and 40 percent of the total group profile." The goal behind this is to expand the bank's portfolio outside and reduce the impact of the local bank's results on ...

Article details

Pressing economic issues waiting for Parliament quorum. Grants and soft loans worth $600 million need ratification

A Parliamentary session has been called for by Speaker Nabih Berri on November 12-13 to ratify several loans and grants that are about to expire, as well as laws in the fields of finance, infrastructure, and public works.

A 38-item agenda has been set, including $600 million worth of loans and grants, including two loan agreements with the European Investment Bank (EIB) for funding highway projects and the construction of the Bisri Dam. Other items are dedicated to the ratification of lo...

Article details

Tripoli power company open for subscription. Tripoli Chamber of Commerce is first to subscribe

Nour al Fayhaa, a newly established company founded by former Prime Minister Najib Mikati to generate power for the greater Tripoli area, has begun receiving subscriptions in the company's capital.

The value of subscriptions opened so far to the public is LL1 billion ($666,000). The Chamber of Commerce, Industry, and Agriculture of Tripoli and the North is the first to subscribe with LL100 million ($66,000). Toufic Dabbousi, Chairman of the Chamber, said: "We encourage businesspeople, inv...

Article details

Health Ministry launches emergency service.

The Ministry of Public Health (MoPH) has announced a new mechanism for emergency cases that are having difficulties being admitted to hospitals.

The service was put together in collaboration with the Syndicate of Hospital Owners with the goal of following up on patients' complaints and comments.

A hotline was created for patients who want to raise a complaint about private hospitals, which is 1214. The ministry appointed local firm Teleperformance that will receive and process thes...

Article details

Pedestrian zone in Saida souk.

The Municipality of Saida has decided to close the shopping souks before all vehicles and transform it into a pedestrian area.

The Saida Traders Association launched a petition for preventing vehicles from entering the souks, upon the request of the area's traders. It was presented to Mayor Mohammad Saudi who provided his consent.

Saudi said that cars will also be prevented from parking on either side of the street and hawkers will be removed.
...

Article details

No economic crisis according to Central Bank. Riad Salameh praises resilience and will enhance BDL lending policy

The Central Bank (BDL) said the country was not in an economic crisis because negative growth had been avoided and the monetary position remains strong. The country is expected to record zero percent growth this year as per BDL projections, down from an average of two percent through previous estimates. BDL reviewed its growth prospects due to political conflicts and security uncertainty that are weighing heavily on the economy.

"Given the situation in the Middle East, Lebanon is showing...

Article details

Software sector to grow nine percent a year. Mobile app industry is the next boom

The software sector is expected to achieve an annual growth rate of nine percent over the 2015-2018 period, according to recent data.

The local software industry generates an average value added of 79 percent of its total output, according to the Study on the Economic Contribution of the Software Industry in Lebanon, published by experts under the guidance of the World Intellectual Property Organization (WIPO). This compares with an average value added of just 31 percent for all Lebanese ...

Article details

New guidelines for stone pine forests management by FAO.

The Ministry of Agriculture in cooperation with the Food and Agriculture Organization of the United Nations (FAO) launched guidelines for the management of stone pine forests in Lebanon.

The forest management guidelines integrate measures to enhance resilience of the pine forest against severe weather events and pests, as well as actions required for addressing the current problem of pine losses. Marie Louis Hayek, Program Assistant at FAO, said that these guidelines comprise pruning met...

Article details

Kunhadi launches training academy.

Kunhadi, a nongovernmental organization for traffic safety, is launching an academy to train taxi drivers.

Fadi Gebran, founder, said: "Our team has and will receive extensive training from British and Australian experts, as well as experts from the International Road Transport Union." The team will then train one hundred taxi drivers during the first year, starting in 2016.

In the third year of the project, the academy plans to train 800 taxi drivers, including those who work in ...

Article details

Industrialists bidding to manage Iraqi factories. Iraq’s Government showing clear interest in involving Lebanese

Lebanese industrialists have the opportunity now to invest in rehabilitating and managing Iraqi factories owned by the public sector, which had been closed or had their production halted for the past several years. More than 33 factories are open for private management.

Fadi Gemayel, Chairman of the Association of Lebanese Industrialists (ALI), said: "The Iraqi Government has shown interest in involving Lebanese industrialists in the management of these factories."

The Iraqi Govern...

Article details

FATCA or GATCA which tax law to rule?. A new global tax information law is expected by 2016

The US Foreign Account Tax Compliance Act (FATCA) could be eventually expanded into a more global tax information sharing agreement between countries. This international act is called 'Global Account Tax Compliance Act' (GATCA).

FATCA aims at preventing tax abuse by US persons living abroad and requires foreign financial institutions to identify and provide information on US clients with accounts outside the US.

Local banks have not yet received any official notification about GAT...

Article details

All courier companies now permitted to process work permits.

The Ministry of Labor has terminated the exclusive rights of LibanPost to handle paperwork pertaining to work permits. This decision has allowed all postal companies to handle work permit processing. Business employers and individuals now have the choice to send applications related to housekeepers and employees through other courier services besides LibanPost.

The Labor Ministry had signed a contract in 2008 with LibanPost authorizing the company to exclusively handle work permits, pape...

Article details

Saida’s new port completes first phase. Old port to open only to fishermen

The first phase of a new port in the Dekerman area, at the southern entrance of Saida has been completed.

It includes a 150 meter-long dock and a one-kilometer long jetty. The quay has an area of 200,000 square meters and a depth of 15 meters, which is suitable for medium sized vessels. This phase cost $17 million and took two and a half years to complete.

The second phase is awaiting the 'Order to Proceed' by the Ministry of Public Works and Transport (MoPWT). Upon the port's com...

Article details

EU adds $43 million in humanitarian aid.

The European Commission (EU) will give an additional $43 million in humanitarian aid to support Syrian refugees and their host communities in Lebanon.

The funding will help prepare the most vulnerable refugees for the approaching winter. It will provide assistance for shelter rehabilitation, heating and healthcare support for some of the most needy families, which will allow them access to secondary healthcare in hospitals.

European Commissioner for Humanitarian Aid and Crisis Man...

Article details

Growth and success stories highlighted. At Business Opportunities Conference

More than 750 business managers, investors, and officials attended the 12th edition of the Business Opportunities in Lebanon Conference being held at the Phoenicia Hotel November 2-3.

The conference, the largest business event in the country, is organized by InfoPro, parent company of Lebanon Opportunities, under the theme 'Growth and success… no matter what'.

Ramzi El Hafez, Publisher of Lebanon Opportunities, said: "Our country is going through ugly, smelly and challenging times...

Article details

Lebanon’s debt oversubscribed for 2015. Showing sign of continuous confidence by investors

The Ministry of Finance (MoF) announced today that it has succeeded in covering the full debt duties in foreign currencies for 2015 and part of another debt to be settled for 2016, through a Eurobond issue valued at $1.6 billion.

"The $1.3 billion sovereign Eurobond issue aims at financing debt duties in foreign currencies for the second half of 2015. A swap for bonds maturing on 19/01/2016 has also been executed at a value of $318 million," a statement by the MoF said.

"The curr...

Article details

Sleep Comfort to tap Egypt in 2017. Turnover expected to reach $20 million as a start

Sleep Comfort, a manufacturer of mattresses and furniture, will open a factory in Egypt in late 2017.

Noel Ayoub, Chairman, said: "We find it feasible to tap this large market."

Investment in the project is estimated at $20 million. "The operational costs are very low compared to Lebanon," he said.

The facility will cover an area of 10,000 square meters. It will create 500 full time jobs.

The turnover of the Egyptian facility is expected to be $20 million in the beg...

Article details

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

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, is expected to be moved to the southern suburb of Choueifat, 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 ...

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