Banks deny stoppage in transfers from Saudi. Media reports are groundless

The Association of Banks in Lebanon (ABL) denied any halt to remittances between Lebanon and Saudi Arabia, or any other Gulf country.

Press reports have announced that remittances between Lebanon and Saudi Arabia have stopped, quoting unnamed bank sources, and that the management of banks have informed their branches.

The ABL said: "This report has no grounds, as banking transactions between Lebanon and the Arab Gulf, especially Saudi Arabia, is operating in a perfectly normal fa...

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World Bank provides $100 million for education. Funding to also help Syrian children access schools

The World Bank (WB) has approved a $100 million soft loan to support the Government's plan to improve the quality of education. It also aims to enroll Lebanese and Syrian refugee children in schools by the end of next year, said the WB's President, Jim Yong Kim.

This was an exceptional arrangement, as the financing terms had been previously reserved only for low-income countries, the WB said in a statement. The move is part of the WB's efforts to increase its assistance to Lebanon and Jor...

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Bekaa agro sector piercing new markets. Growers and manufacturers succeeding despite land border closures

A report by the Chamber of Commerce, Industry, and Agriculture in Zahle and the Bekaa, showed that olive oil exports improved in 2015 by 14 percent compared to the year before. Bekaa olive oil plants exported products worth $2.2 million.

Youssef Geha, Director General of the Chamber, said: "More containers are being sent to Canada, the United States, and Kuwait." Grapes were also exported to several countries, such as Germany, the United Kingdom, and Ethiopia. "Grapes are sold for a poun...

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$370 million by Islamic Bank for infrastructure projects. To develop roads, water, and wastewater projects

The Council for Development and Reconstruction (CDR) signed five agreements with the Islamic Development Bank (IDB) for a number of projects in the fields of transportation, water, and wastewater.

The funding agreements included one related to Bisri Dam valued at $128 million. The dam is part of a greater water augmentation project that consists of developing a 12-megawatt hour hydropower plant, a water treatment facility for 25,000 cubic meters of water a day, water, and wastewater netwo...

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Hotels planning to lure guests, defer debt. Occupancy and room rates are down

The hotel sector is not expected to improve its rates of occupancy this year, according to the Syndicate of Hotel Owners. Hotel occupancy was 40 percent, on average, in the first quarter of the year, compared to 45 percent for the same period last year.

Ihab Kanawati, General Manager of the Staybridge Suites Beirut, said: "Tenants are not booking beforehand and prefer to book on a daily basis because they are afraid of the current situation." He said that most of the visitors are coming t...

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Beirut Beer now available in draft.

Beirut Beer is launching a draft package for restaurants, said Kassatly Chtaura, its manufacturer. The draft is drawn from stainless barrels.

Nayef Kassatly, CEO, said: "We are working on the beer culture, by offering consumers a fresh beer, to make them appreciate this product and increase consumption per capita." The expiry date of the draft beer is 30 days, and "this will help us compete with imported beer," he said.

Kassatly Chtaura signed contracts with around 100 restaurant...

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Industrial Research Institute office opened in Beirut Chamber.

The Industrial Research Institute (IRI) opened today an office at the headquarters of the Chamber of Commerce, Industry and Agriculture in Beirut and Mount Lebanon (CCIAB).

"The IRI office will aid the chamber's members in developing their businesses and be more compatible," said Mohamed Choucair, Chairman of CCIAB. He said that IRI was the incubator for several projects that supported industrial initiatives and contributed in the industrial revolution. It also helped in banning the ent...

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Byblos Bank buys Banque Pharaon & Chiha. Deal valued at $91 million involves the Rahmeh brothers

Byblos Bank has concluded a deal with the shareholders of Banque Pharaon & Chiha to acquire their entire stake in the bank for $91 million.

The Central Bank (BDL) had given the green light to the parties to go ahead with the deal but has yet to give its final approval.

ZR Holding, which is owned by brothers, Teddy and Raymond Rahmeh, will hold a 5.7 percent stake in Byblos Bank after the acquisition. This stake represents the entire equity of Banque Pharaon & Chiha. ZR Holding pr...

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Hospitals operating at near full occupancy. Shortages in intensive care beds and nursing staff

Occupancy rates in hospitals have reached their peak, exceeding 95 percent, according to the Syndicate of Private Hospitals.

Sleiman Haroun, Chairman of the Syndicate, said that hospitals are sometimes unable to accept all the patients or to extend their accommodation in the emergency units. This is due to the shortage in the number of beds. The number of private hospital beds decreased from 10,600, five years ago to 9,700, currently. Haroun said that several hospitals have closed and so...

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Insurance premiums are still rising. Allianz SNA tops the list for the first time

The value of insurance premiums totaled around $1.6 billion in 2015, according to Al Bayan Magazine. Premiums are divided between $471 million in the life segment and $1.1 billion in the non-life lines of business. Premiums grew by 3.5 percent compared to 2014.

The top 20 performing companies in the insurance sector had consolidated revenues of $1.3 billion in 2015, representing more than 80 percent of the sector.

Allianz SNA, which was ranked third in 2014, moved up to first place...

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Torbey camp prevails in sale of Credit Libanais. EFG Hermes to sell 63 percent share for $492 million

The Egypt-based EFG Hermes said its board has approved the sale of its 63.7 percent stake in Credit Libanais for a total of $492.2 million. Credit Libanais Investment Bank (CLIB) has arranged the sale of 9.41 million shares, representing 40 percent of the bank's capital to Lebanese and Arab investors. At this valuation, the price comes close to book value.

Bank Chairman, Joseph Torbey, was able to raise the required amount for acquiring the stake, according to a source close to the deal. ...

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Zaarour Club gets 16-room hotel.

Le Grand Chalet, a new hotel, has opened in the Zaarour Club. The hotel is made up of 16 regular executive, and family rooms.

The hotel hosts a French restaurant, La Table du Chalet, the Montagnon café, a terrace, one large pool, and three kids' pools. Room rates vary between $200 and $360 per night, during the low season.

The project's contractor was K. Abboud for Construction General Contractors, and architect Issam Barhouch. Investments in the hotel totaled $7 million.
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Fiscal deficit up by 30 percent. Decline in both revenues and expenditures

The public fiscal deficit widened by almost 30 percent to $3.95 billion in 2015, according to the Ministry of Finance (MoF).

The primary surplus fell by 45 percent to $724.6 million. The primary surplus is the deficit without factoring debt service.

Total revenues decreased by 7.5 percent to $9 billion, while total expenditure narrowed by 2.1 percent to $12 billion

Transfers to Electricité du Liban (EDL) plunged by $957 million or 46 percent, due to lower oil prices.<...

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Environment Ministry signs pollutant management agreement.

The Ministry of Environment (MoE) signed on Tuesday a cooperation agreement with Electricité du Liban (EDL) to carry out a plan for the management of Polychlorinated Biphenyls in the electricity sector and the implementation of a national strategy to remove pollutants, known as polychlorinated biphenyls (PCBs).

The project aims to dispose of contaminated equipment and enhance the capacity of the MoE and EDL to manage and provide support for the project.

The agreement is valu...

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Industrial permits surged by 20 percent. Food manufacturing tops the list

Industrial permits issued by the Ministry of Industry (MoI) reached 696 last year, increasing by 20 percent compared to 2014.

Licenses issued to 'semi-light' industries reached 292 licenses, while 220 licenses were issued to 'light' category factories.

Ziad Bekdache, Vice Chairman of the Association of Lebanese Industrialists (ALI), said: "This surge in the number of permits means that the industrial sector is proving its strength, in spite of the economic crisis." Investors prefe...

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Marie France factory expands in Ghazir.

Polytextile Enterprise, manufacturer of Marie France products, has expanded its factory in Ghazir this month.

The company has several business lines including pantyhose, socks, underwear, and lingerie, as well as a factory for textile raw materials. It is one of two local factories specialized in these items. According to Nicolas Abi Nasr, Chairman, the expansion will include a new business line, which is printing on tights.

The expansion increased the size of the factory from 11...

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$76 million worth of grants approved.

The Council of Ministers approved last week four grant agreements by the European Union (EU) and the World Bank.

The first project, National Stability Development, is a €15 million grant by the European Commission. Its aim will be to enhance the institutional capacities of border management and police services, as well as Government readiness policies, in case of disasters.

The second grant was given by the European Commission to the Council for Development and Reconstruction (CDR)...

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Solid waste plan: Fourth time a charm?. Sukleen to carry on tasks, new tender by CDR, and three landfills in the works

The Council of Ministers has approved a waste management plan to resolve the ongoing garbage crisis. The plan will be carried out over the next four years, during which a sustainable plan for the longer term, should be put together.

Two landfills and treatment facilities will be developed in Burj Hammoud and Costa Brava,Khalde. The Naameh landfill will be reopened for two months to receive part of the waste that has accumulated in administrative Beirut during the past few months. The othe...

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Imported chicken eating out local share. Poultry producers demand an increase in Customs fees

Poultry production reached 75 million heads of chicken in 2015, increasing from 60 million in 2013, according to the Syndicate of Poultry Producers. However, around 24 million heads, equivalent to 12,000 tons of chicken breasts are imported annually.

Haytham Nawam, Vice Chairman of the Syndicate, said: "Local farmers and poultry companies have the ability to meet all market demand for chicken." Most poultry companies, such as Hawa Chicken, Tanmia, Wilco, and Snagro, have plans to expand ...

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4.5G mobile Internet will be ready in September. Speedy high-definition (HD) voice and video

Alfa, the mobile network managed by Egypt's Orascom Telecom, has signed contracts with Ericsson and Nokia to deploy the 4.5G service countrywide.

The project will boost the grid's speed to 300 megabits per second. It is part of the Ministry of Telecommunications' 2020 five-year plan to develop the telecom sector, Alfa said today in a statement.

Telecom Minister Boutros Harb said deployment work will be completed this September instead of the end of 2016, as previously announced. ...

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Olive farmers get mechanical harvesters.

Olive farmers have been granted 318 mechanical harvesters by the United States Agency for International Development (USAID), as part of the Lebanon Industry Value Chain Development (LIVCD) project.

The mechanical harvesters, which run on batteries, save time and ultimately help olive oil producers decrease harvest costs by 50 percent. They protect olive trees from damage that occurs with traditional harvesting methods.

Hassan Salameh, Chairman of the Olive Cooperative in Nabatieh,...

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Traders are not finding qualified job applicants. Future positions will require leadership and creative skills

The trade sector needs to hire professionals in middle management, cost accounting, and management information systems, according to a study conducted by the National Employment Office (NEO), in collaboration with the Beirut Traders Association (BTA) and Société Générale de Banque au Liban (SGBL). The NEO is affiliated with the Ministry of Labor (MoL).

The 'Labor Force in Trade and Service Enterprise' study, released yesterday, indicated that around 40 percent ...

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Cost of climate change: $2 billion by 2020. To reduce GDP by three percent

Green House Gas (GHG) emissions will reduce the Gross Domestic Product (GDP) by three percent or $1.6 billion in the next five years. Direct damage caused by climate change is $320 million, bringing the total economic cost to the country to almost $2 billion, according to a report titled: 'Economic Costs to Lebanon from Climate Change: A First Look' just released by the Ministry of Environment and the United Nations Development Programme (UNDP).

The average cost will mostly be borne by h...

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TSC denies withdrawal and announces major expansion. After two major closures, including in the City Mall, the supermarket chain is face lifting its outlets

The Sultan Center (TSC), the Kuwait-based supermarket chain, is planning to enhance its presence in the local market by renovating its operating branches and opening in three new areas.

TSC closed its branches in Jeita and in the City Mall, in a bid to cut losses related to these two outlets. "We have tried to stimulate activity in the City Mall branch for eight years but the footfall in the mall is already dropping and our visibility to customers was affected, especially when we moved fr...

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A 140-room hotel on the road to Jbeil. The third project for Jean El Khoury Development

Jean El Khoury Development (JK Development) has launched construction on the Majestic Hotel in Jbeil, on the road to Blat.

Youssef El Khoury, Executive Manager, said: "The hotel will have 140 rooms, swimming pools, a gym, and a spa." Slated to open in 2017, the $20 million project, has a total built-up area of 20,000 square meters.

JK Development will manage the hotel and is the main contractor. This is the third hotel owned and managed by the company, following Victory Byblos and ...

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Beirut Digital District to begin second phase. Learning from Spanish experience

ZRE, the developer of the Beirut Digital District (BDD), plans to start phase B of the BDD project in May, for a total construction cost of $35 million, said Mouhamad Rabah, ZRE's General Manager.

Phase B, which is expected to be completed in 2019, will consist of 17,500 square meters of offices with integrated ICT technology, Rabah said. "We are in the process of signing a memorandum of understanding (MOU) for cooperation with the Spanish embassy to learn how Barcelona has become one of ...

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Entertainment center in Baalbek. Part of a larger Lebanese-French cooperation agreement

The Union of Baalbek Municipalities has begun works on a 700,000 square meter entertainment center that will include sports fields, pools, conference halls, and a theater, at a cost of $2.4 million.

This project is part of a Lebanese French plan, within a cooperation protocol with Vallée de l'Hérault region in the South of France, signed in 2013. The 2015-2030 plan includes projects to activate tourism, improve agriculture, and integrate alternative energy.

Hussein A...

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Balamand University expands to Dubai. Starting with four specialties

University of Balamand (UoB) will open a campus in Dubai in September 2016. The university will be providing four specializations as a start, including engineering, IT, pre-medicine, and architecture.

Michel Najjar, Vice Chairman of UoB, said: "We are partnering with Dubai Investment Group (DIG) for the establishment of a university in the UAE, upon their request."

Najjar said that the Dubai Government found that there are common denominators with UoB and the latter can understan...

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Incubator and accelerator with digital focus at ESA. Startups to benefit from BDL Circular 331

The ESA Business School (L'École Supérieure des Affaires) plans to start 'Smart ESA', an incubator and accelerator in Beirut to cater to startups from the seed stage and up. Smart ESA is a strategic initiative of BDL, the French Embassy, the French Ministry of Foreign Affairs, and the Regional Chamber of Commerce and Industry of Paris and Ile-de-France.

The program will provide its services under Circular 331 of the Central Bank (BDL), which aims to support startups in the inno...

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Retail ends 2015 on a slump. Positive results in sports, F&B, and health

The Beirut Traders Association (BTA)-Fransabank Retail Index posted negative results for the fourth quarter of 2015, scoring 55.5 out of 100, falling by almost five percent, compared to the same period in 2014.

Nabil Hatem, General Director of the BTA, said: "The main reason behind the fall in retail activity is that the market is still in a deflationary mode, where prices have gone down." The decline in prices was not met by an increase in consumption.

The index, prepared and pub...

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Plan to triple funds to public hospitals. To develop services and increase beds

The Ministry of Public Health (MoPH) launched on Wednesday a new plan for developing and enhancing the performance of public hospitals.

The Ministry's plan suggests increasing the number of public hospital beds from 1,854 to 2,359. Around 280 beds were added last year towards a target of 2,700 in the next few years, according to Bahij Arbid, Advisor to the Minister.

The plan also proposed increasing the yearly funds provided to public hospitals from an average of $7 million for ea...

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Araco to fix Dbayeh road.

Local firm Araco Lebanese Asphalt won a public tender for the restoration of the collapsed parts of the Dbayeh seaside road.

The value of the works, according to the bid offered by the company, is around $20 million. Araco was notified of the decision in late February.

Part of the Dbayeh seaside road collapsed when the Yohan storm hit the coast last year. Public Works Minister Ghazi Zeaiter said that the Dbayeh coastal road had not been maintained for years.

Erosion to the r...

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Zain buys majority stake in local digital provider FOO. Plans for regional expansion, senior staffing

The Kuwait-based telecom operator Zain Group has acquired a majority stake in FOO, a local mobile app developer and digital service provider.

FOO plans to open offices in Kuwait, the United Arab Emirates, and Saudi Arabia over the coming two years, in order to serve its local clients, said Managing Partner, Elie Nasr.

The company will keep its headquarters in Lebanon.

Nasr said they are recruiting senior managers, in order to be able to handle the growth triggered by the a...

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General Hospital coming to Barja.

Construction works on Al Nahda Hospital in Barja, Chouf, will start within months. It will be ready to start operating in 2018.

Investment in the hospital is estimated at $10 million, including the cost of the land. It will have a total built-up area of 1,000 square meters and will comprise three floors and 23 beds.

Mounir Chebbo, a medical doctor and major shareholder, gained a license from the Ministry of Public Health (MOPH) this month to establish the hospital.

He said...

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