Dubai meat company sold to Lebanon and Jordan buyers. Value of deal is $17 million

A local private equity fund management company, Emerging Investment Partners (EIP), has acquired the Dubai-based Diamond Meat Processing (DMP), owner of Almasa brand, in partnership with the Jordanian publicly listed firm, Siniora Food Industries. The full equity deal was closed at $17 million.

The seller of DMP is Emirati firm Al Ghurair Group.

EIP's share of the deal is 30 percent. CSC Bank financed close to one third of EIP's share. The terms of the deal are seven years at mark...

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Ogero to deploy the Internet of Things. IPv6 technology to be ready by year-end

Ogero, the state-owned telecom operator, said it will complete the deployment of the Internet Protocol version 6 (IPv6) on its network before the end of 2016.

IPv6 is the newest version of the Internet Protocol (IP), which provides an identification and location system. Any computer or device connected to the Internet is assigned an IP address for identification and location definition. An IPv6 address is 128 bits long, while an IPv4 address is 32 bits long and this makes the number of a...

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The Backyard Hazmieh opens to open in May.

The Backyard Hazmieh, a mixed- use cluster, will open next month, according to Wassim Heneine, Managing Director of Emerging Investment Partners (EIP), the company that owns 51 percent of the cluster.

The cluster was fully rented out before its opening, he said. The tenant mix includes Starbucks, Lina's, Bar Tartine, Roadster, Zaatar W Zeit, Sushi Tsunami, Classic Burger, Oleo, Divvy, Abdul Wahab, Dip n Dip, Brasserie Francaise, Kitchen Yard, U Energy, Little Me kids' area, and a spa, acc...

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IT projects to benefit from IDAL’s incentives. Updated list of eligible companies allows resumption after a three-year halt

Information technology (IT) projects may now benefit from incentives offered by the Investment Development Authority of Lebanon (IDAL). The incentives include ten-year exemptions from income tax and from taxes on the distribution of dividends on IT projects.

The Council of Ministers has approved a list of the IT activities that may benefit from IDAL's tax incentives. IDAL halted granting the incentives to IT companies in the last three years because an incorrect IT list was attached to de...

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60 inclusive schools in two years. Project implemented through SKILD

The Ministry of Education (MoE) plans to convert 60 public schools into educational institutions that can also accommodate students with special needs and learning difficulties.

The project will be implemented through Smart Kids with Individual Learning Differences (SKILD), a non-profit organization. SKILD will provide specialized therapists and will train additional staff to work at the institutions. The organization will also help transform the schools and will provide specialized tools...

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Data Consult acquires Worldnet. Plans more acquisitions in next few months

Data Consult, a company that offers ICT solutions, fully acquired Worldnet, which specializes in workspace virtualization and Cloud solutions.

The move is part of Data Consult's strategy to expand geographically and technologically. The acquisition is a result of six months of discussions. The financial advisory firm is Creed Capital.

Marc Nader, Chief Operating Officer at Data Consult said: "The consolidation of IT companies is becoming a worldwide trend that ushers customers to a...

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Izzat Daouk launches hair concept chain in malls. Network to include up to ten outlets

Beauty and hair product retailer Izzat Daouk Holding is introducing the 'Hair Lounge' chain to malls in different areas.

It has already launched its chain in three malls, starting with City Mall, Beirut Souks, and Verdun 732. "We also have agreements for outlets in Cascada Village and The Spot Choueifat," said Mohammed Daouk, the company's Retail Manager. It will also open five to seven other outlets.

Locations being considered are ABC Ashrafieh and Dbayeh, Le Mall, and The Spot ...

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$1billion sovereign bond oversubscribed. Rates at 6.65 and seven percent

The Ministry of Finance (MoF) issued a dual tranche bond worth $1billion to replace bonds maturing in April and May.

The bond consists of a tranche of $700 million maturing in 2024 and paying a yield of 6.65 percent. The other tranche, valued at $300 million, matures in 2031 and generates a yield of 7.00 percent.

The offering was oversubscribed, with demand reaching 128 percent of the required amount.
The yields on the new bond are close in value to current interest rates in se...

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Projects worth $1.7 billion used IDAL incentives. Helped to provide 7,000 direct jobs in 15 years

The Investment Development Authority of Lebanon (IDAL) provided incentives and facilities to local projects valued at more than $1.7 billion in the past 15 years.

Fifty projects in the agro-industry, manufacturing, tourism, agriculture, information technology, communication, and media sectors benefited from IDAL's financial support. These sectors were identified by Investment Law No.360 as promising investments that have a beneficial socio-economic impact. IDAL said that only projects tha...

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The Village Summerland, hotel to open in June. 35 percent of units sold

The Village Summerland, a mixed-use project of residences and a hotel and resort, is scheduled to open in mid June, according to Patrick Carnaby, managing partner of Carnaby Real Estate, the company exclusively responsible for residential sales.

The Summerland project is divided into The Village and the Kempinski Hotel & Resort. The Village hosts 73 luxury apartments distributed over three areas named Palms, Oasis, and Dunes. Carnaby said: "We sold 35 percent of the units. Around 70 perce...

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$1.6 billion more funding by international donors. Grants and soft loans shared by Lebanon and Jordan

Eight countries and the European Commission have pledged a package of more than $1 billion to a World Bank-led financing initiative in support of Syrian refugees and host communities in Jordan and Lebanon, as well as recovery and reconstruction across the region.

The package is composed of $141 million in grants, $1 billion in soft loans, and $500 million in guarantees. "The new facility will be able to generate up to $800 million in concessional loans in the next year," according to a s...

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New power plant to replace the one in Jiyyeh. Estimated cost: $500 million for 450 MW

The Council of Ministers has approved a request by the Ministry of Energy and Water (MoEW) for funds to dismantle the existing power plant in Jiyyeh and build a new one.

The Council for Development and Reconstruction (CDR) was commissioned for the task. The estimated cost of the new plant is $500 million.

The ministry is in negotiation with Electricité de France (EDF) to conduct a feasibility study on the deconstruction and decontamination of the current plant, which genera...

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$1.3 billion received to deal with refugee crisis. Most allocations by donors are for the education sector

More than half of the funds that the Government asked for this year to implement the yearly Lebanese Crisis Response Plan (LCRP) have been committed.

Hala Helou, international affairs advisor to the Ministry of Social Affairs, said: "We have received 55 percent of the allocations that we requested following the London donor conference." The Government asked for $2.48 billion to carry out projects as part of the LCRP. "We will get more aid this year than the previous one," she said.

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Batal Design partners with Italian furniture maker. Opens biggest showroom in Saudi Arabia

Local furniture group Batal Design Holding has partnered with Milano Home Concept (MHC), an Italian furniture maker, to introduce its items to the Middle East. "We are now the exclusive agents of this brand in the region," said Hussein El Batal, CEO of Batal Design Holding.

In a parallel move, the company opened this month its 5,000 square meter showroom in Jeddah, Saudi Arabia. It is its biggest showroom yet. "Investments in the new showroom reached $14 million," he said. Batal Design ha...

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Pension system unsustainable: IMF. There is a need to unite schemes in public and private sectors

The projected path of public pension expenditure is explosive, said the International Monetary Fund in its report: "Sustainability and Equity Challenges: Some Arithmetic on Lebanon's Pension System."

The IMF said the pension schemes are unsustainable because the country's population is ageing the fastest and also has the lowest fertility rate in the Middle East and North Africa region (MENA).

With such demographic trends, consideration needs to be given to pension reform. The repo...

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AUB going green.

Local firm ECOSYS, a subsidiary of Information Technology Group (ITG) Holding, has signed a deal to develop a photovoltaic project at the American University of Beirut (AUB). The project is part of MEDSOLAR, a program jointly funded by the European Union (EU) and the UN Development Programme (UNDP).

The total capacity of the photovoltaic system at AUB is 150 Kilowatt peak, consisting of 474 PV panels that cover the rooftops of the Bechtel Engineering Building (BEB) and the Scientific Rese...

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USAID program graduates first NGO batch.

The United States Agency for International Development (USAID) funded the Building Alliances for Local Advancement, Development and Investment –Capacity Building (BALADI CAP) Program which graduated ten civil society organizations.

NGOs recently completed a targeted two-year capacity building cycle that included training on financial management, organizational development, information technology, and disaster management, among other courses.

BALADI CAP also launched the Civic Enga...

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Industrial zones one step closer. Ministry appoints Indian firm for studies

The Ministry of Industry (MoI) has launched preliminary studies for the construction of four industrial zones in Baalbek, Terbol, Qousaya, and Jleiliyeh. The project is part of the Country Program Framework signed between the MoI and the United National Industrial Development Organization (UNIDO).

Industry Minister Hussein Hajj Hassan said: "UNIDO conducted an international tender in which 16 local, European, and international companies participated." As a result of the tender, Indian con...

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BDL to subsidize bank credit for film, theater production. Loan should not exceed $3 million

The Central Bank (BDL) said it will subsidize bank loans in lira granted to local projects in film and theatrical production, including the cost of intellectual property rights.

According to BDL's intermediate circular 416, the subsidized loans pertain to the production of films for both cinema and TV whether documentaries, narratives, or educational programs. It also involves theatrical works.
The loan should not exceed LL4.5 billion ($3 million) unless there are valid reasons that ar...

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One solar megawatt planned. For water plant power generation

Solar solutions provider Green Essence Lebanon is installing one of the largest privately owned solar farms in the market at a cost of $2 million. The farm which is in Qaa el Rim, Bekaa will measure 5,000 m2.

Berdawni Water, a bottling factory owned by Ghassan Saliba, will develop the solar farm in three phases. "Each phase constitutes the construction of 1,000 panels," said Green Essence Lebanon partner Saad Maakaroun.

The first phase will end this month, the second by the end of ...

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Speed@BDD launches second acceleration program. To invest in seven startups

Tech accelerator Speed@BDD has launched its second acceleration program, investing $210,000 in seven startups.

The accelerator, which accepts startups at the idea and early stages, said the investment will be equally divided among the startups, each one receiving a $30,000 cash injection.

The startups will also receive free hosting, mentorship, and product and business development services, as well as accounting and legal services. "Workshops and talks will be delivered by local an...

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Fewer loans by the Public Corporation for Housing.

The Public Corporation for Housing (PCH) approved 4,600 loan applications, worth $544 million in 2015. The number of loans dropped by eight percent and the value by 16 percent, compared to 2014.

The value of loans averaged $122,000. Rony Lahoud, Chairman of the PCH, said: "Most applications are for small apartments in Mount Lebanon."

The PCH's market share is half of the total housing loans given. The Housing Bank-Banque de l'Habitat, which gives Central Bank (BDL) subsidized loan...

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Prepaid cards, bearer shares prohibited by Central Bank. In effort to combat money laundering

The Central Bank (BDL) has issued a ruling prohibiting banks from issuing or marketing prepaid cards. The decision also applies to other institutions that issue credit and loyalty cards.

The move is part of BDL's efforts to combat money laundering. The ruling pertains to anonymous cards, which could be easily used for money laundering purposes, the source said.

BDL gave the concerned parties till Sept. 30, 2016 as the deadline to take the necessary measures to settle the problem of...

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Half of bank clients access digital platforms. To check bank statements, manage credit cards

A study published by ArabNet on the use of online and mobile banking services has reported that 54 percent of local bank clients access their accounts via a digital platform.

The adoption rate is higher for bank clients who earn a higher income. The major adoption motivators include easier access and simpler follow-up on transactions, as well as reduced banking time, and week-long access. Ten percent access their accounts exclusively via mobile phones.

Nine percent have previously...

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Hawa Chicken gets IDAL incentives.

The Council of Ministers approved the incentives package for Hawa Chicken, as proposed by the Investment Development Authority in Lebanon (IDAL).

The incentives are an exemption on income taxes, a reduction in work permit fees, and work permits for foreign laborers. The incentives are valid for ten years.

Hawa Chicken is planning to expand its factory in Anfeh to reach a space of 61,000 square meters. The project includes the construction of a slaughterhouse, cooling stations, stor...

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Bissat supermarket expands into a chain. Two opened, ten underway

Yehya El Bissat, known for his single, long-standing Saida supermarket, has just begun its nationwide expansion. His company recently opened two branches in Sodeco and Nabatieh under the new brand name, Redy Supermarket.

The anchor supermarket is at The Spot Nabatieh, with a space of over 3,000 square meters. "The grand opening of this fully serviced branch is next week," said Sleiman Makary, Commercial Manager at Retail Pioneer, a company created by El Bissat to manage the chain. The co...

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TV channels to continue broadcasting via Nilesat.

Local TV channels broadcasting through Nilesat will continue to do so but from Cairo after the Egypt-based satellite provider stopped operating from Jouret al-Ballout in Metn, according to Minister of Information Ramzi Joreige.

A statement from Nilesat said that it stopped broadcasting from Lebanon because the contract signed with the Government had expired. The reason for halting local operations should disappear once the license is renewed, unless there are other causes, Joreige said. T...

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Banks banned from dealing with bearer shares. Part of anti-laundering compliance rules

The Central Bank (BDL) has issued a ruling prohibiting banks and other financial institutions from carrying out transactions with companies or mutual investment funds whose ownerships are partially or fully in 'bearer shares'.

The concerned parties are also not allowed to deal with companies or mutual investment funds if the latter are owned directly or indirectly by other companies or mutual investment funds whose shares are bearer shares, according to BDL's intermediate circular 411.
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Ecotourism resort opens in Jezzine.

Blue Jay Valley, an ecotourism resort featuring various activities is now open in Azour-Jezzine.

The resort is composed of 11 bungalows and ten fully furnished tents. "Three of the bungalows are large two-bedroom units," said Zahi El Tawil, owner of the project. It also includes Le Galet Grill and an outside pool. Blue Jay Valley consists of a small factory for natural food and pantry products.

The resort sits on a land plot of 80,000 square meters owned by El Tawil. The tenant has...

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Credit Libanais pursued by two additional suitors. Cedrus and BIT ready to offer more

Two banks are willing to pay Egypt-based EFG Hermes a higher price than it has already received for its 63.7 percent stake in Credit Libanais. The offers are contingent on positive due diligence results. Both Cedrus Invest Bank (CIB) and BIT Bank are independently still pursuing the acquisition of a majority stake in Credit Libanais – despite an initial announcement of granting the deal to the bank's chairman's group of investors.

EFG Hermes is offering Credit Libanais' share for $33, wh...

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Allo Taxi joins eCab alliance.

Allo Taxi announced that it has joined eCab, an alliance of taxi companies operating in 37 cities around the world.

eCab is a mobile application whereby users may order a taxi, nearest to their location. The tariff is calculated according to the time and distance a trip will take. The app gives the user live feed about the taxi's location and how much time it needs to arrive.

The application offers three services: eCab, eCab+, and eCab VIP. The first is a fleet of regular Allo Taxi...

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Prepaid cards ended by the Central Bank. Part of efforts to combat money laundering

The Central Bank (BDL) has issued a ruling prohibiting banks from issuing or marketing prepaid cards. The decision, released through intermediate circular 415, also applies to other institutions that issue credit and loyalty cards.

The move is part of BDL's efforts to combat money laundering, said a banking source. The ruling pertains to anonymous cards, which could be easily used for money laundering purposes, the source said.

BDL gave the concerned parties till Sept. 30, 2016 as...

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Saida to inaugurate trauma & burn hospital.

The Turkish Trauma and Burn Medical Center is scheduled to open in Awali, Saida, by August of this year, according to Dr. Ghassan Doghman, CEO and Vice President of the center.

The 14,000 square meter (m2) land plot was granted by the Municipality of Saida and the construction of the building was funded by Turkey. The building's built-up area is 16,000 m2. "The hospital's construction was completed in 2010, but operations had not yet begun," he said. Investments in the project have so far...

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Software has biggest share in IT sector. Europe is the main export market

Half of the companies working in information technology (IT) are software developers, according to "The Lebanese IT Sector: Overview and Investment Opportunities" report released by the Investment Development Authority of Lebanon (IDAL).

The IT industry is mostly dominated by small and medium-sized enterprises (SMEs) and operates across three major activities: The first and largest is software development (48 percent), mainly focused on the healthcare, education, and banking sectors. "Th...

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e-Payment security by Bank Audi. Two services developed with MasterCard and Visa

Bank Audi launched services that provide e-commerce and mobile commerce security tools, in partnership with MasterCard and Visa.

Randa Bdeir, Group Head of e-Payment Solutions and Card Services at the bank, said that the bank developed two new services, 3D Secure and Tokenization, to protect cardholders and merchants.

She said: "The 3D Secure service is designed to increase the security level of transactions when shopping online, while protecting both the cardholder and the merchan...

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Property registry online next week. To provide real estate register, tracking, and fee calculation

The Ministry of Finance's Property Registry will launch three online services on Tuesday, one of them paid and the two others free of charge.

Georges Maarawi, Director General of the Registry, said: "The first service allows citizens to check the title register of properties (ifada ikariya) and print it out through a mobile phone or a computer." This service will cost LL7,500 ($5), and an additional LL1,000 ($0.66) for application submittal. Until now, the service has been available only ...

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