Top 16 stories for year 2016. The year of the billions

Contrary to belief that 2016 was a 'sluggish' year for the economy, it has been fairly positive, but not for all sectors. The private sector, municipalities, and banks have worked for a better future. Private firms and entrepreneurs took the electricity issue into their own hands to privately generate power. Solar power farms are beginning to pop up around the country. The World Bank injected $1.1 billion in loans for the Country Partnership Framework 2017-2022. The 'deal of the century' occurr...

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Touristic village in Lamartine Valley. Hotel, 40 villas on 120,000 square meter plot

A touristic village is being planned in the Lamartine Valley, Metn, by Metra Decoration, a Dubai-based contracting company owned by Nabih El-Mougrabi. Investment in the project is $35 million. Construction will begin in late 2017 and is expected to be completed within three years. The village is yet to be named.

A five-star hotel comprising 80 rooms, as well as 40 villas will be included on the 120,000 square meter (m2) plot. The total built-up area is 25,000 m2.

The project will ...

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Electricity subcontracts renewed with two companies for four years.

BUS, part of the Butec Group and NEUC of Debbas Group have concluded negotiations with Electricité du Liban (EDL) to undertake power distribution, maintenance, and bill collection operations for a second four-year period.

"The decision awaits the approval of the Ministry of Energy and Water for the renewal and Ministry of Finance for the budget," said a source close to deal.

The contract conditions remain unchanged. The two firms are required to install smart meters during t...

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SGBL finances MEA Airbus purchase.

Société Générale de Banque au Liban (SGBL) is financing the purchase of a new Airbus A330-243 for Middle East Airlines (MEA). The value of the loan is $65 million. It constitutes 80 percent of the plane's value ($81 million), according to MEA. It will be paid back over a ten-year period at a minimum four percent interest rate.

SGBL Chairman Antoine Sehnaoui said: "We have financed MEA to confirm our continuous support to the growth of the local economy."
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First container vessel to dock in Tripoli Port. To ferry 110 containers to Europe and Gulf

Port of Tripoli (PoT) is expecting the arrival of the first container vessel, Cielo di Agadir, carrying a Moroccan flag, tomorrow.

The vessel is part of CMA CGM's fleet.

The vessel is around 185 meters long and 25.5 meters wide. It will dock in a 15 meter-deep quay.

Cielo di Agadir is carrying 70 containers inbound, weighing around 8,700 tons.

Ahmad Tamer, PoT Director, said: "We expect to process 45,000-65,000 containers in 2017 which will lead to a 50 percent grow...

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Naameh retail strip launched by Trillium. Units selling at $3,800 per square meter

Trillium Holding has launched 'The Strip N', a retail center on the Naameh highway. Investment is $50 million.

The development includes 36 units on a plot measuring more than 6,000 square meters (m2). A public park is also being included.

"We have sold 20 units, including to Si Bon and Fakhani," said Sylva Nehme, Senior Sales Consultant at Trillium Holding, of which Moustapha Ahmad is CEO.

The starting price for a four-level unit is $3,800 per m2. Each unit is composed of a...

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Climate change to cost $320 million by 2020. To cause slower growth in GDP

Greenhouse gas emissions (GHG) will likely have large direct and indirect economic costs on the country, according to Lebanon's Third National Communication to the UN Framework Convention on Climate Change (UNFCCC). The report was jointly published by the Ministry of Environment, UN Development Programme (UNDP), and the Global Environment Facility (GEF).

The cost of GHG emissions is forecasted to reach $320 million in 2020 and $23.2 billion in 2080.

"Direct costs would materialize...

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Royal Wings starts Beirut-Aqaba flights.

The Jordan-based Royal Wings airline has begun direct flights from Aqaba to Beirut Rafic Hariri International Airport. Flights will be twice weekly on Mondays and Fridays.

Nada Sardouk, Director General of the Ministry of Tourism, said: "Jordanian nationals were one of the most frequent tourists to the country. The new route will also allow Lebanese nationals to get introduced to Aqaba and vice versa."

She said that this initiative is a good opportunity for tourism agencies and h...

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Japan supports SMEs in Bekaa.

The Ministry of Industry signed a cooperative agreement with the Japan International Cooperation Agency (JICA) to support small and medium enterprises (SMEs) in Bekaa.

Dany Jedaoun, Director General at the Ministry, said that after studying the needs of the factories in Bekaa we chose to support mostly the bakery and pastry segement.

JICA will finance $100,000 for the project, which will provide training for more than one hundred people working in this subsector. Four bakeries wi...

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EuroMena closes third fund for $150 million.

EuroMena said it has completed the second and final closing of its third fund EuroMena III for a total of $150 million. As of December 2016, EuroMena III had invested in three companies at a total of $60 million, the company said in a statement.

These companies are in the retail and banking sectors, as well as the fast moving consumer goods (FMCG) sector. They operate in Nigeria, Tunisia, Morocco, Algeria, and Lebanon.

"We expect the Fund to be fully invested by end of 2017," sai...

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Cabinet finally declared with elections as first goal. Veteran politicians, some technocrats, one female

After 47 days of trying, a Government of 29 ministers plus its Premier have been appointed. With the exception of the Kataeb party, all political groups have been represented.

The portfolios that significantly impact the economy had the following ministers appointed:

Ghassan Hasbani, Vice Prime Minister and Minister of Public Health, is a former Booz consultant, and Executive President of International Operations at Saudi Telecom Company

Marwan Hamadeh, Minister of Educat...

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Speed@BDD to launch initiative with LAU.

Speed@BDD, a startup accelerator and the Lebanese American University (LAU) will launch an entrepreneurship initiative entitled "Achieving Creative Entrepreneurs" (ACE), a series of workshops delivered by Speed@BDD mentors. The startup accelerator will also complete its third three-month acceleration program for five tech startups on December 20. $150,000 was invested in the startups during the three-month cycle and an equivalent amount in 'in-kind' services. A fourth batch of accelerators is d...

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$25 million from Kuwaiti Fund for refugee host communities.

The Council for Development and Reconstruction (CDR) signed two loan and grant agreements with the Kuwaiti Fund for Arab Economic Development (KFAED) for the purpose to carry out public works.

The $25 million grant will be dedicated to communities that are hosting Syrian refugees. The funds will be used to execute health, water, wastewater, and municipal capacity building projects.

Nabil Jisr, Chairman of the CDR, said: "These projects help host communities face the social and eco...

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$3.4 billion in projects being overseen by CDR. Water, solid waste, and wastewater funded the most

The Council for Development and Reconstruction (CDR) is supervising $3.4 billion worth of public works, according to its Progress Report 2016. The value of all works, completed and underway, since 1992, is $8.7 billion.

Works are divided over four sectors: Basic services, infrastructure, productive sectors, and socioeconomic sectors.

The sector that received most funding with contracts underway is basic services, whereby $2 billion worth of projects are being executed. Basic servic...

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Naameh landfill now generating power.

Naameh landfill waste is being used to generate more than six megawatts of electricity through seven production units.

Located onsite, the plant is connected to 15 kilovolt transmission lines that transport the electricity to neighboring villages.

"The gas is enough to run the plant for the next ten years," said Kamal Hayek, Chairman of Electricité du Liban.

Nabil Jisr, Chairman of the Council for Development and Reconstruction, said that the plant is one of its kind...

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Sanita to manufacture paper cups in Hosrayel. Plans to produce paramedical products

Sanita, a member of Indevco Group and a manufacturer of household, institutional, and personal care products, will open in April a factory for the production of paper cups, under the brand name of 'Sanita Club'. The factory will be located in the industrial zone of Hosrayel, Jbeil, of which around 1,500 square meters (m2) will be dedicated for the new facility. Investment is more than $3 million.

Chadi Kreidy, General Manager of the 'Away from Home' business at Sanita, said: "Demand for ...

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Italians grant loans for renewable energy.

The Ambassador of Italy Massimo Marotti has announced a €5 million ($5.5 million) soft loan to be granted for the implementation of renewable energies in residential buildings.

The loan will be pooled into the National Energy Efficiency and Renewable Energy Action (NEEREA) mechanism funding. NEEREA loans are subsidized by the Central Bank (BDL) with near zero percent interest rate over 14 years.

Rani Achkar, senior programs engineer at the Lebanese Center for Energy Conservation (...

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Bookwitty, Keeward, Levant merge into a $100 million group. MedSecurities to raise $20 million

Bookwitty, a global, multilingual book retail platform, Keeward, a digital production company, and Levant Distributors, an international book and press distributor, will form one company, yet to be named. The Keeward Group Holding will be the parent company. MedSecurities Investment, a brokerage arm of Bankmed, is mandated to raise $20 million in a private placement for the combined group. The new funds will help the company to expand to six new countries across Africa, Europe, and the Americas....

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Bank Audi has launched a payment card service for taxis.

Payment cards such as MasterCard, Visa, PayPass and Paywave can now be used as payment for taxi journeys.

This follows an announcement made by Bank Audi that said it has launched a Wireless Taxi Terminals payment system that accepts 'swipe', 'Chip & PIN', and contactless transactions.

Transactions are processed in real time, which is the first of its kind on the local market, the bank said.

The Wireless Taxi Terminals system includes two control units, the passenger PIN ...

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BSEC launches securitization for Gargour.

BEMO Securitization (BSEC) said it has launched a $15.7 million securitization investment fund for automobile distributor T. Gargour & Fils (TGF).

The fund, named TGF Star II SIF, has issued two classes of notes against its purchases of auto loans extended by TGF to its customers. Senior class 'A' notes that have a total amount of $13.35 million and a maturity of 3.75 years have been placed with local banks and an investment fund. One subordinated class 'B' note, valued at $2.35 million,...

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Women Business Angels Program managed by IM Capital.

Lebanese league for Women in Business (LLWB) is launching a Master Class for Women Business Angels (MWBA), a one-year program for individual female-only angel investors. The program is expected to start in the first quarter of 2017. It will be managed by IM Capital.

Each registered participant on the program will pool a $10,000 entry ticket which is placed in a Special Purpose Vehicle (SPV) for investment (typically a Lebanese holding company), in which each participant is an equal shareh...

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7 million passengers so far this year at the airport. Flights fully booked in December

The total number of passengers, including arrivals, departures, and those transiting, had reached 7.2 million as of November, according to airport figures.

These figures are expected to exceed 7.5 million by the end of the year.

Airport activity has increased 6.5 percent year-to-date.

Mohamad Chehabeddine, Director of Civil Aviation, said: "Local political stability has encouraged Arabs as well as European visitors."

Chehabeddine said that flights are fully booked ...

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Nuts and kernels factory by Daher Foods. To produce 10,000 tons per year

Daher Foods, manufacturer of Master potato chips, will open in June a nuts and kernels factory in Ferzol, Bekaa. Investment is estimated at $9 million

The factory will have a total built-up area of 7,000 square meters (m2) and will produce up to 10,000 tons of nuts per year.

Michel Daher, Chairman of Daher Foods, said that the products will carry the 'Master' brand name.

Daher said: "It will be easy to market this new line because we already have our own distribution flee...

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BLC Bank shuts down investment subsidiary. To focus more on commercial banking

BLC Bank, part of the Fransabank group, has shut down its investment subsidiary, BLC Invest.

The bank said in a statement that it is concentrating on commercial banking activities and for this reason, it has absorbed all of the assets and liabilities of BLC Invest. It said that it has provided continuity to all BLC Invest employees who have expressed a wish to stay on.

"All outstanding activities of BLC Invest are now assumed by BLC Bank," the bank said.

A person familiar ...

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Régie invests over $7 million for fourth production line.

Régie Libanaise des Tabacs et Tombacs (Régie), the State-owned tobacco monopoly, will add a fourth production line in 2017, increasing production by 50 percent. Investment in the expansion is $7.5 million. The line will be dedicated to the production of four new types of local cigarettes.

Production rates this year have already reached 400,000 boxes (500 packs per box), an increase of around 75 percent compared to 2015.

Nassif Seklawi, Director General of Rég...

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Cedar Executive to receive second private jet.

National flag carrier Middle East Airlines' (MEA) subsidiary Cedar Executive has ordered a second Embraer Legacy 500 which is scheduled for delivery in the second quarter of 2017.

The new addition is expected to help meet growing demand in jet travel from companies and business individuals.

The Beirut-based company launched services with the Legacy 500 last year to complement its commercial airline offering, and to plug a gap in the market for ad hoc VIP travel. MEA acquired a lo...

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Hotels full for the holidays. Stability boosts hospitality

Travel reservations from December 10 till early January are fully booked, according to Jean Abboud, Chairman of the Association of Travel Agencies. More than 110 daily flights will arrive at Beirut–Rafic Hariri International Airport during this period.

Abboud said that airplanes are full to capacity and that the passenger list includes expatriates, as well as Arab tourists.

"Political stability is the reason behind this revival," he said.

Hotel occupancy rates five days pr...

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$14 billion raised by the Central Bank. Nets around $5 billion from abroad

The Central Bank ended last month the closing of around $14 billion, or more, in a series of swaps, issuance of certificate of deposits (CDs), and other financial instruments, in what Lebanon Opportunities called in its December issue "The deal of the century".

Lebanon Opportunities said: "This series of parallel transactions is shrouded in mystery. It was de rigueur for the Ministry of Finance and banks to produce fanfares and self-congratulatory statements at every successful – often ...

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Two real estate indices launched by InfoPro. Price Index down, Inventory Index up

InfoPro Research has launched the Residential Real Estate Price Index and Residential Real Estate Inventory Index. The two indices are primary indicators of the housing market's health. The indices track price evolution and apartment inventory of new residential stock across Administrative Beirut, Beirut suburbs, and the main urban and coastal areas of the Metn, Baabda, Keserouan, and Aley cazas.

The Price Index tracks the asking price and not the sales price of apartment units. The Inve...

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Oger sells 20 percent stake in Arab Bank for $1.12 billion. Buyers include Arab investors and bank’s chairman

Sabih Masri, Chairman of Arab Bank Group, and Jordanian, Saudi, and other Arab investors agree with Oger Middle East Holding to buy the latter's 20 percent stake in Arab Bank. The stake was priced at $1.12 billion and the share price at 6.25 Jordanian dinars ($8.75), according to media reports citing Ghassan Aqeel, Deputy Managing Director of Astra Industrial Group.

Required measures are being taken to complete the deal, according to a statement Masri made to the Amman Stock Exchange. <...

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MEA to add four new aircraft. To install second flight simulator

Middle East Airlines (MEA), the national flag carrier, plans to add four new aircraft to its fleet. The firm will either buy or rent the planes. Two will be delivered in 2019, and the remaining in 2020.

Mohammad El Hout, Chairman of MEA, said: "Negotiations are in the final phase. The planes will either be Airbus or Boeing." The company said that it will come to a final decision in January.

MEA currently has a fleet of 18 aircraft, which it either owns or rents.

According ...

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CMA CGM to start operations at Tripoli Port. Islamic Development Bank approves loan

Port of Beirut transshipment operator CMA CGM has opened offices at the Port of Tripoli (PoT) where it will soon begin operations, according to Ahmad Tamer, Director General of PoT.

Other companies that joined PoT this year include Danish firm Maersk, UAE-based United Arab Shipping Company (UASC), Italian Tarros, and Turkish Arkas.

PoT has decided to set the price of container handling fees between nine and 12 percent. Port fees have been reduced by 53 percent compared to other por...

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$50 million private equity targets family businesses. Fund not part of circular 331

Banker Fouad Rahme, and a group of private investors and bank institutions, have established a private equity fund to invest in local small and medium companies. The size of the fund will be $50 million.

Rahme said that the first closing will be $25 million, out of which $12 million has already been committed from banking institutions and investors. The fund will be activated once the entire amount has been collected.

Unlike most such funds recently established, this one will no...

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Glass factory to open in Zahleh. Investment to exceed $10 million

Glasspack, a newly established company, will open in mid-2018 a factory for the manufacturing of glass bottles and jars in Zahleh's industrial city, bringing the total number of the country's glass operators to three. Investment in the Glasspack plant will exceed $10 million.

Owned by Abdallah Rizk, the plant will have a total built-up area of 11,000 square meters (m2). Glass production will exceed 60,000 tons of glass per year, including transparent and green glass.

Energy-e...

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Design hub iopened n Bourj Hammoud. Restaurant, café, and sports club planned

A former stainless steel factory on Bourj Hammoud's seaside road has been transformed into D Beirut, a design hub hosting nine outlets. Future plans include a café and restaurant, and a rooftop sports club, as well as an additional floor of design outlets, according to Raymond Jureidini, who, with his brother, Eric, owns the hub. They are also co-partners of Solarco stainless steel manufacturing company.

Investments have been put into infrastructure, such as roads that surround t...

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Museum dedicated to the Umayyad is set to open in Byblos.

Lebanese American University (LAU) and Byblos Municipality recently signed an agreement to open a museum dedicated to the Umayyad at the LAU-Louis Cardahi Foundation in Byblos. The museum is part of the larger project of the Umayyad Route project, a tourist initiative spanning the Mediterranean region. The museum launch date will be between December18-21.

$190,000 has been provided for the museum from a total EU grant of €4,153...

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Bank Audi to offer new preferred shares for $250 million.

Bank Audi will issue 2.5 million preferred shares for $250 million. The price of the shares has been set at $100, with a nominal value of LL1,656.

Approved by Audi's shareholders, the issue will increase the bank's capital from $2.75 million to $446.1 million. The value of the increase is equivalent to the total nominal value of the shares. The remaining $247.3 million consists of the issue premium.

The issue's net proceeds will be used for general funding purposes, including b...

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Car paints factory in Ghazir to expand.

General Paint, a manufacturer of car paints and accessories, will expand its factory in Ghazir industrial city. A $20 million investment is set to double the size of the facility to 30,000 square meters (m2) and will be completed in late 2018.

According to Johnny Corm, General Manager, the reason behind the expansion is because of the company's marketing move into the Latin American and Far Eastern markets.

Production capacity of the factory will also double to reach 14 million li...

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Entrepreneur hub is set to launch in early 2017.

Antwork, a hub for the independent workforce that provides space for a network of entrepreneurs through agile and fixed workspaces, aims to link the local startup ecosystem with ecosystems abroad.

Funds of $1 million have been invested by 'Angels'. The company is now calling for 'Series A' funding round, according to Zina Dajani, Founding Partner. This type of funding follows on from seed funding and acts as stepping stones for the purpose of raising capital, and how that capital is allo...

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Dalal Steel expands Zahleh facility.

Dalal Steel Industries, a manufacturer of metal building systems and pre-fabricated houses, will open its extended facility in Zahleh in early 2017. The expansion will create around 45 full time jobs.

Investment in the 22,000 square meter (m2) expansion is $9 million and has helped toward increasing the factory's built-up area to 62,000 m2.

Production capacity of steel structure, insolated sandwich panels, and prefabricated houses will increase by 35 percent.

Marwan Dalal...

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ICT sector growing at ten percent rate. Fastest growing segment of the economy

The information and communication technology (ICT) market is expected to grow at a compound annual growth rate (CAGR) of 9.7 percent to $543 million by 2019, according to 'Investment Opportunities in the ICT Sector-2016', a report published by the Investment Development Authority of Lebanon (IDAL). The ICT market grew by a CAGR of seven percent to $436.2 million in 2016, compared with 2014, placing it as the fastest growing segment of the economy.

The Central Bank (BDL) will continue to ...

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UK Lebanon Tech Hub partners with US incubator, 1776.

The UK Lebanon Tech Hub (UKLTH), a joint initiative by the Central Bank (BDL) and the UK Government, has signed a partnership agreement with 1776, a Washington DC-based public benefit corporation and the first international technology incubator to set up a direct presence in the Middle East and North Africa (MENA) region.

The partnership aims to help local tech startups break into new international markets, particularly the Arab Gulf region where 1776 recently opened its Dubai campus. <...

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Household spending to grow six percent. Share of non-essentials expected to tighten

Household spending is expected to grow at a compounded annual growth rate of 6.4 percent between 2016 and 2020, according to the Business Monitor International (BMI) report released this week. Total household spending is expected to increase from $27 billion this year to $35 billion by 2020. Average spending per capita will rise from $4,594 to $5,998 in 2020.

The report stated that the election of a new president has spurred optimistic hopes regarding the country's economic activity for t...

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$1 billion real estate company to be launched. Specialized in built-property resale

A real estate company with a capital of $1 billion is expected to be launched by Massaad Fares and Namir Cortas in the first half of 2017. The company will buy and sell built real estate properties under the directives of Intermediate Circular 427 issued by the Central Bank (BDL) earlier this year.

The new firm's capital will be raised through a collective investment scheme (fund). Med Securities has been appointed as the leading placement agent and subscriptions will be carried out thro...

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$1 billion stimulus from Central Bank. One percent interest rates

The Central Bank (BDL) has approved a new stimulus package of LL1,500 billion ($1 billion) for 2017, according to BDL's intermediate circular 444. The package consists of soft loans to banks at an interest rate of one percent.

This brings the amount of money injected in the economy under BDL's stimulus program to $5.4 billion. The program was first launched in 2013 and aims to boost lending at low interest rates to the private sector, mainly for small and medium enterprises (SMEs).
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BLOM buys HSBC Lebanon. Deal value: $129-$144 million

BLOM Bank has signed an agreement to acquire HSBC Bank Middle East Limited – Lebanon for a value that is likely to range between $129 million and $144 million. The deal is expected to be completed in the first half of 2017.

The value constitutes the bank's goodwill and equity. The goodwill includes the value of HSBC's business and the improvements in the value of the bank's real estate properties.

"We placed a ceiling of $69 million on the price for the goodwill," said Saad Azhari...

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Gezairi Express is exclusive agent for TNT. Guarantees access to 200 countries

Gezairi Express is now the exclusive local agent for TNT, Netherlands-based international courier company. Gezairi Express is a subsidiary of Gezairi Group, a local shipping and logistics group.

The local shipping group's selection was based on an assessment of TNT's existing operations and future market requirements.

Jawad Bawarshi, Managing Director of Gezairi Group, said: "Becoming the sole agent of TNT allows doubling our express work load."

The new agency provides...

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Entrepreneur online map launched.

Digital Opportunity Trust (DOT), a non-profit organization in partnership with UNESCO, launched today (November 18) the 'social entrepreneur online map'.

The initiative's aim is to support social businesses and the startup ecosystem, particularly those outside the capital.

Marianne Bitar Karam, Country Director at DOT, said, UNESCO provided funds of $4,400 for the project.

Seiko Sugita, Program Specialist at the UNESCO Beirut office, said: "It is a small amount because w...

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€75 million from Italy for infrastructure. To co-finance first phase of industrial cities

A Framework Agreement was signed November, 16, to lend Lebanon 75 million euro ($80 million) in soft loans. The agreement was between the Council for Development and Reconstruction (CDR) and the Embassy of Italy. The loans will be used for wastewater, agricultural, and industrial projects.

The terms have been set at zero interest for 17 years with a five-year grace period.

Around 50 million euro ($54 million) will be used for wastewater systems in Hasbaya, Hermel, Bakhoun, and B...

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Boutique hotel to open on Batroun's seafront.

A boutique hotel will open on Batroun's coast in late 2017. Antoine Abi Karam, the developer, said that an estimated $4 million will be invested. The four-star boutique hotel will comprise 28 rooms over five floors.

Abi Karam said that negotiations with a hotel management chain are under way .

"We still did not decide whether we will manage the hotel or hand it to a management company," he said.

The location of the hotel was previously classified as an industrial zone,...

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$428 million from EU allocated for 2016-2017. Potential additional funds available

The EU has pledged at least €400 million ($428 million) to be allocated in 2016 and 2017 toward five priority actions agreed to between the Government and the EU. Additional funds may be made available. The priorities aim at supporting and strengthening local resilience and stability. They also seek to address the impact of the protracted conflict in Syria.

A national counter-terrorism strategy forms the first priority. It aims to reform institutional capacities relating to law enforcemen...

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$13 billion is the local cost of the Syrian war. Positive boosts to imports and production rates

Losses in Lebanon due to the Syrian war have been estimated at $13.1 billion. $5.6 billion of this equates to 2015 alone, according to this month's Survey of Economic and Social Developments in the Arab Region 2015-2016, published by ESCWA.

The early years of the war (2012-2014) cut real GDP growth by around three percentage points per year. Demand for local goods from Syria – Lebanon's fifth largest trading partner – has fallen and transit routes are blocked. Local manufacturers have be...

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Régie to manufacture Imperial Tobacco brands. Philip Morris and JTI show an interest

Régie Libanaise des Tabacs et Tombacs (Régie), the State-owned tobacco monopoly, has signed an agreement with the UK-based Imperial Tobacco Company to produce international brands 'Gitanes', 'Gauloises', and 'West' in Régie's facilities. An estimated $7 million has been invested in the new production line, which is expected to be operational by February.

Around 10,000 boxes (each box contains 500 20-cigarette packs) will be produced for the local market at first, ac...

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Phoenician route launched in London.

The Ministry of Tourism (MOT) launched in London last week the Phoenicians' Route Cultural Tourism program at the World Travel Market (WTM), a global event for the travel industry. The program is in collaboration with the Council of Europe and the World Tourism Organization (UNWTO) and will integrate the public and private sector.

The Phoenicians' Route links 18 countries with a common heritage.

Participants discussed during the event the development and marketing of three pilot cu...

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$300 million in hospitalization allocated by the Government. Public and private hospitals to benefit

A Cabinet decree issued last week allocated around $300 million per year to cover hospitalization fees of patients to be treated at the expense of the Ministry of Public Health (MoPH).

The amount is an increase of around eight percent compared to 2014.

Around $86 million will be allocated to 34 public hospitals, and $182 million to 127 private hospitals, private long-stay medical elderly homes, and specialized treatment centers.

The services that will be provided are base...

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$26 million added to humanitarian assistance.

The Lebanon Humanitarian Fund (LHF), a multi-donor fund managed by the UN, is working to implement 50 projects worth $26 million, according to the Office of the Coordination of Humanitarian Affairs (OCHA).

Belgium, the Netherlands, Germany, and Sweden have contributed a sum of $11.5 million, in addition to a residual amount of $18.5 million carried over from the previous year.

The implemented projects are spread over an extensive range of sectors, mainly Water, Sanitation, and Hyg...

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Talaya expands Tarshish water plant. To start bottling glass gallons

Talaya will install additional production lines in its Tarshish water plant for the bottling of 15 liter glass gallons. The company invested around $5 million to increase the plant to 3,000 square meters (m2).

Each glass gallon retails for $20, and $5 per refill.

Marcel Hajj, General Manager, said that the company has plans to double business over the next two years.

The company was established in 2012 and is a subsidiary of XOL Automation, which owns the e-commerce platf...

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Green homes in the pipeline. Affordable units with available financing

Ten pilot low-carbon emitting homes have been developed under the National Action for Green Energy Efficiency Buildings (NAGEEB) program, a public private partnership supported by UNDP. Around 300 homes are in the pipeline, with a goal to execute 1,500 homes by 2030, according to Bernard Ammoun, CEO of Green Future Lebanon Holding, the project's developer.

"NAGEEB aims to fight against the desertification of villages, to reduce the construction process's environmental impact, and to prov...

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First taxi service for the disabled.

Disabled man, Charbel Daghfal, recently launched the country's first 'special needs' taxi service. Daghfal has already invested $20,000 of his own money into WheelChair Taxi, the name of the firm. "I am seeking further investment of $30,000," he said.

The taxi firm is based in Jounieh. Its small fleet of Renault Kangos is adapted for disabled use.

Daghfal said he is looking for further investment to buy and adapt new cars, in order to expand the service to other parts of the coun...

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'Beit' guesthouse goes to Nabatieh. 'Tawlet Saida’ signs agreement with Hariri Foundation

Beit, a chain of guesthouses, will open in late 2017 its fourth property in Zefta, near Nabatieh. This follows three existing properties in Douma in the North, Ammiq in West Bekaa, and El Qamar in the Shouf region. The 12-room Zefta guesthouse will be located in a renovated traditional house.

Beit was founded by Kamal Mouzawak, who is behind the 'Tawlet' restaurant chain, and 'Souk El Tayeb' weekly farmers' market.

An agreement has also been signed with the Rafic Hariri Foundatio...

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Yves Rocher returns to the market. 15 locations planned for the next two years

Pimak, a recently established company, is bringing back French beauty and cosmetics brand, Yves Rocher. Pimak announced it will open 15 Yves Rocher stores in the next two years. Investments will reach more than $2 million and 50 jobs will be created.

The first Yves Rocher store will open in City Mall this December, according to shareholder, Pierre G. Achkar.

The store will be 39 square meters (M2).

The next two outlets will be in Zalka and Zgharta. The 130 m2 Zalka store ...

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78-room Citea Hotel to open in Ashrafieh.

The Citea apart-hotel will open early December in Alfred Naccache Street, Ashrafieh. Investment in the ten-floor project is around $10 million. The hotel is owned by Dolphin Real Estate which is owned by Ehsan El Kara.

The hotel comprises 78 rooms ranging between 30 and 90 square meters (m2.

It also includes a restaurant, rooftop lounge, five meetings rooms, and a gymnasium.

The rack rate starts at $210 per night. \this rate falls to $93 when booking through an online rese...

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Deposits in banks show record growth since 2011. Most deposits are from abroad

Bank deposits increased $6.6 billion in the first nine months of 2016. This is the highest growth in absolute value for corresponding periods since 2010. The value of additional deposits is 40 percent higher than during the same period last year, according to the Central Bank (BDL).

In percentage terms, total deposits rose 4.3 percent over the nine-month period compared with an increase of three percent in the same period of 2015.

The swap operations that BDL carried out earlier t...

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Seeking $85 million to build three industrial zones. Italian Government provides $8 million loan

Around $85 million is required to complete three industrial cities planned by the Ministry of Industry for Baalbek, Tourbul-Qosaya, and Deir el Moukhaless-Jleiliyeh, according to a United Nations Industrial Development Organization (UNIDO) study. The Italian Government provided an $8 million loan for the project.

UNIDO has completed the data collection phase needed to execute the techno-economic feasibility studies and design master plans for the three prospective industrial cities.
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Two more programs by UK Lebanon Tech Hub. Pilot phase to precede March 2017 launch

Two programs by UK Lebanon Tech Hub are expected to be launched in March 2017. The programs target supporting research and development (R&D), and opening up new markets.

Last month, UK Tech Hub was recognized by Lebanon Opportunities by winning the 'Cutting Edge Entrepreneurship Program of the Year' award.

The programs will run with the support of Central Bank (BDL).

Nadim Zaazaa, MENA and US Director of UK Lebanon Tech Hub, said that the first is an international R&D prog...

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Moody’s: President good for credit if reforms follow. IIF revises GDP growth forecast to 3.3 percent

The rating agency Moody's said the election of a new President would be positive for Sovereign debt if it was followed by cross-party agreements on economic and fiscal reforms.

"[The presidential election] is also likely to strengthen the confidence of non-resident depositors in Lebanon's long-term economic prospects," the credit rating agency said in a report published today.

Political stability is expected to limit the recent deceleration in the growth rate of non-resident deposi...

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Accelerator for social entrepreneurship by AltCity and UNICEF.

Elevate, a new accelerator by AltCity in partnership with UNICEF, is in the launching phase.

AltCity is a local accelerator which offers startup funding, mentorship, and exposure.

Rachelle Boumelhem of AltCity, said: "We are seeking startups that have ideas that tackle social problems."

Elevate aims at supporting and launching social companies working on enterprise solutions related to core UNICEF programs, which are: Water, Sanitation and Hygiene (WASH), health and nutritio...

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Second hotel by Philippe Tabet in Tyre.

Philippe Tabet, owner of Dar Alma boutique hotel on Tyre seaside, plans to open another boutique hotel in the southern city's old souks in April 2017.

It will be developed at a cost of $1.5 million.

"The success witnessed at Dar Alma pushed me to expand, especially that there is large demand for high end guesthouses and boutique hotels," said Tabet. He said that Dar Alma activated tourism in the city as the concept is becoming very trendy.

For the new project, Tabet is re...

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Ferrari sales increase by 20 percent. Ferrari sales increase by 20 percent

Sales of Ferrari automobiles will be increasing 20 percent this year compared to 2015, according to Gilberto Medici, General Manager of Scuderia Lebanon, sole agent of Ferrari.

Hassan Haidar, owner of Scuderia, said: "We predict sales to increase to 25 percent in 2017."

The auto importer introduced to the local market last month the Ferrari GTC4Lusso. The GTC4Lusso has a V12 engine, four seats, and is a four-wheel drive. Its cost is $350,000 including taxes. "We sold four already,"...

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Agri-food exports to Europe surged 17 percent. Gain on Syria’s share

Exports of agro-food goods to the European Union (EU) increased 17 percent in the first half of the year reaching €58 million ($65 million), compared to the same period last year, according to the 'Strengthening EU-Lebanon Trade and Investment Relations' report issued by the EU.

Agro-food exports to EU reached €86 million ($100 million) last year, almost 60 percent up from 2010.

Mounir Bissat, Secretary General of the Syndicate of Lebanese Food Industries, said: "Industrialists t...

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More funds available to innovative startups.

The Central Bank (BDL) announced that banks are now allowed to dedicate to the creative and knowledge sector, according to Circular 331, four percent of their capital. This is compared to three percent previously.

Riad Salameh, Governor of the Central Bank, said that the purpose of the BDL initiative is to build a sector that will create employment opportunities. "It will foster efficiency and competitiveness within the economy," he said.

Reported by Derek Issaacs...

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Balance of payments surplus for the first time since 2011. Financial inflows surge 37 percent

The net surplus in the balance of payments for the first eight months of 2016 was $366 million. This was the result of a 37 percent jump in financial inflows that have offset a ten percent widening in trade deficit. Financial inflows surged to $11.2 billion in the first eight months of 2016 from $8.2 billion in the same period last year.

The balance of payments recorded a substantial surplus of $1.8 billion in August resulting from the financial engineering operation of the Central Bank ...

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Electric scooters for rent in 2017. Scooter rollout date expected summer 2017

Berytech Fund II has invested $1.3 million in Loop, a local operator of electric scooters. A trial operation of 55 scooters has begun in Beirut. It is the first of its kind worldwide for this brand.

The investment funds will be used toward the trials before the scooters rollout date, which is expected before summer 2017.

Loop scooters will provide a self-service riding scheme for city-wide journeys. The vehicles will be available for rent by commuters and leisure seekers.

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$7 million investment for hotel in Ain Raha.

An estimated $7 million will be invested into a 54-room hotel in Ail el Raha, Tannourine. The hotel is owned by Cascada Village proprietor Maurice Torbey and will open in July, 2017.

The hotel will be located on a 30 square meter (m2) plot of land and comply to environmental standards. It will house a spa and sports' club, and will include a restaurant serving Lebanese cuisine.

Torbay also owns Cascada Village in Venezuela and other countries....

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Mecanica agent for PGO, Humvee, SAIPA. To open showroom in December

Newly-established car distributor Mecanica Group has become the local agent for Humvee, PGO, and SAIPA vehicles.

Mecanica Group, founded by Boutros Frem five months ago, plans to open its showroom on Jbeil highway in December.

"The nine-floor showroom will have a total area of 9,000 square meters (m2)," said Majed Khoury, the company's General Manager.

Mecanica's focus will be on SAIPA, due to its low purchase price in comparison to the two other brands. The price range fo...

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ICT sector grows to $436 million. Software market up 18 percent

The information and communication technology (ICT) market is expected to grow to $436.2 million in 2016, up 14 percent compared with 2014, according to a recent report published by the Investment Development Authority of Lebanon.

The report, 'Investment Opportunities in the ICT Sector-2016', shows that hardware sales are estimated to have grown 12 percent to $262 million during the period 2014-2016. Hardware sales account for 60 percent of the ICT market, down from 62 percent in 2014.
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Business leaders optimistic as a result of a new President. Calls for extraordinary focus on the economy

Leaders of private sector organizations are optimistic again, after the election of a President. They are expecting enhanced stability, more investments, and more projects.

Adnan Kassar, Chairman of the Economic Bodies, said: "The election puts an end to years of paralysis of the productive economic sectors." Kassar said that the President's inaugural speech will have a positive effect on sectors that witnessed a large drop in investments, high unemployment, and closures.

Kassar ...

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Municipalities to receive 2015 funds from the Government.

The Council of Ministers has agreed to distribute the 2015 revenues of the Municipal Fund, totaling $350 million, to municipalities and unions of municipalities.

Mount Lebanon will receive the highest share of dues, $80 million, followed by Beirut, $39 million.

Unions of municipalities will receive $42 million of the total. The Union of Fayhaa Municipalities will receive the highest share of dues, $2.5 million. The unions of municipalities in Tyr and Shkif will receive the second ...

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Sewage treatment near Arab Highway.

The Council of Ministers approved $25 million in credits to develop and treat sewage on both sides of the Arab Highway.

Public works include the development of networks and connections. They will be overseen by the Council for Development and Reconstruction.

The project is part of recently approved plan of water pollution abatement in the Litani River.

Part of the Arab Highway work is currently being executed by a joint venture between local firms CET-Hourie. It includes the...

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Mamiche family look to reopen Piccadilly Theater. Daughter spearheads negotiations

The Mamiche Afara family is working to reopen the now defunct famous Piccadilly Theater. Doris Mamiche, daughter of the late co-owner, Mahmoud Mamiche, said. "We are in talks with the landlord to reopen it."

It was reported that the late Mahmoud Mamiche said that the theater's restoration would cost in the region of $3 million.

His daughter said: "The cost of restoration works are still under study."

The property is owned by National Institute for Guarantee of Deposits (NI...

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Audi writes off $191 million in Syria, Sudan investments. Positive growth in all Q3 indicators

Bank Audi announced that it has written off its investments in Syria and Sudan for an amount of $191 million. In its third quarter results report, the bank declared a 15.2 percent growth in profits over the same period of last year, to $350 million.

The bank's other indicators were all positive, deriving almost half its operations from entities abroad.

The bank announced the following results:
$45.3 billion of assets, of which 45 percent is from entities abroad
$37.0 billi...

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Fiat and Alfa Romeo switch to Gargour. Cars available in showrooms from mid-November

T. Gargour & Fils Co. (TGF) will become the exclusive importer and agent for Fiat and Alfa Romeo. The automobiles will be available at its showrooms starting from mid-November, said Ziad Chehab Sales Manager at TGF.

The two brands are now manufactured by Fiat Chrysler Automobiles (FCA), which also produces Chrysler cars. FCA, the world's seventh-largest car maker, was the result of a merger between Fiat and Chrysler in 2014.

The dealerships have been transferred to TGF because it i...

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