Warwick to manage three additional hotels.

The Mist Hotel and Spa by Warwick is scheduled to open on July 30. The hotel is located in Ehden, 15 kilometers from Orghosh.

"The property will be a four-star hotel, with 71 rooms and the concept is for families and ski adventures," said Jean Taouk, Area Director of Sales and Marketing at Warwick MENA. The hotel, owned by Kabalan family, features five indoor and outdoor restaurants, a bar venue, and the 'Taj' lounge. Investment in the property reached $4 million.

Warwick is also p...

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Hayda Lebanon hits the slopes. Touristic village in Zaarour by Fadi Bou Dagher

Hayda Lebanon, a touristic village situated on the Zaarour highway and owned by businessman Fadi Bou Dagher, is open to visitors.

Investments in the 27,000 square meter project have so far reached $12 million.

Hayda Lebanon is composed of six Lebanese cuisine restaurants. The indoor restaurant has a 200-person capacity and the outdoor spaces have a capacity for 1,200. "At the entrance hangs the largest map of Lebanon in the world," said Bou Dagher, who put the names of all 1,622 v...

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One to One now managing Zenotel Wellness Retreat.

One to One Hotels has signed a contract to manage Zenotel Wellness Retreat Hotel.

"Zenotel wanted an international chain to manage its property. We would like to take up the management of hotels in Lebanon and the MENA region," said Omar Saade, General Manager of One to One Hotels.

One to One Hotels will assist the hotel in applying service techniques to international standards. "We will also aim to attract international businesspeople that are usually clients at One to One," Saade...

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Financial crimes up by 56 percent.

Local embezzlement of private funds jumped by 82 percent to 100 reported cases in 2015, surging for a second consecutive year, according to the Central Bank's Special Investigation Commission (SIC).

This category represents 65 percent of all kinds of embezzlements. Foreign embezzlement of private funds accounts for 17 percent of the total. Foreign and local embezzlements of public funds represent the remaining 12 and six percent respectively, according to SIC's 2015 annual report. Reporte...

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Ministry of Tourism lures Russians and Chinese. Charter flights underway

The Ministry of Tourism is working on attracting tourists from Russia and China.

There are 110 million Chinese tourists who visit different countries each year. Minister Michel Pharaon said: "We invited Chinese travel agencies to visit Lebanon in hopes they are encouraged to set up periodic trips for their clients." But the process is still in its early stages.

The ministry has also given classes in the Russian language to tour guides. "Russian tourists are not going as frequently ...

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BLOM Bank creates asset management firm.

BLOM Bank, the country's second largest bank by assets, has established a fully-owned asset management firm to operate its portfolio of local and regional investment funds.

The new firm, named BLOM Asset Management Co., will perform the same activities that are being carried out by the existing asset management division. The move is part of the bank's expansion plan.

Existing employees in the asset management department will be transferred to the new company whose General Manager...

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BUTEC-Elecnor joint venture wins $180 million deal.

A joint venture between local construction and engineering firm BUTEC and Spain-based contractor Elecnor has been awarded a deal worth $180 million by Algerian Qatari Steel Co. (AQS) for a project in Algeria, a source at BUTEC said.
Both BUTEC and Elecnor are engineering, procurement and construction (EPC) contractors.

The source said that the 30-month project relates to the Balance of Plant (BOP) package of AQS' steel complex in Bellara industrial area. It involves the construction of...

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13 architects shortlisted for Beirut Museum of Art.

The Association for the Promotion and Exhibition of the Arts in Lebanon (APEAL) has shortlisted the architecture firms for a new museum to be located opposite to the National Museum. Slated to open in 2020, the museum will be called the Beirut Museum of Art (BeMA) .

The chosen architects are 109 Architectes, Bernard Khoury/DW5, Hashim Sarkis Studios and LLC, Hale Wardé/HW Architecture, ibda Design, IDC/Verner Johnson/ ETEC SA, L.E.FT Architects, Lina Ghotmeh/DGT Architects, Najjar...

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Jihad Al Arab wins Costa Brava tender. Bid value is over $60 million

Jihad Al Arab's company, Araco, is the likely winner of a tender for the construction of a breakwater in Costa Brava, near Khaldeh. The contract also includes the transport of solid waste to the Costa Brava site and landfill operation for a period of four years.

"This is the preliminary result. The ministerial committee in charge of the solid waste tenders and the Council for Development and Reconstruction will study our offer for the last time and announce the result officially next week...

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FAO 3-year strategy to enhance production.

The UN's Food and Agriculture Organization (FAO) has announced a Country Programming Framework (CPF) for 2016-2019.

The CPF will address two main government priorities. The first is "to expand economic and livelihood opportunities benefiting local economies and the most vulnerable communities." The second priority is "to improve performance of the agricultural sector contributing to the economic, social, environmental and sustainable rural development." The CPF will also support food sec...

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IMF report recommends fiscal and financial reforms. Boosting public and private investments is needed

The International Monetary Fund (IMF) has released a report titled 'Investment and Growth in the Arab World - A Scoping Note'.

The report highlighted the importance of boosting public and private investment to spur economic growth and create new job opportunities. Private investment and foreign direct investment (FDI) in Arab countries was below that of their international peers and failed to significantly fuel economic growth.

The report provided several recommendations for Leb...

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Food trade relies heavily on imports. 170,000 people slip to poverty line due to Syrian crisis

Up to 80 percent of the market's food needs are imported, according to ESCWA's 'Strategic Review of Food and Nutrition Security in Lebanon' report, released this month.

Food accounts for 16 percent of the total import bill, second only to fuel. Consumed food items are distributed as follows: 35 percent for bread and cereals, 11 percent for milk and dairy, eight percent for meat and poultry, and 46 percent for other food products.

The food items for which the market is completely de...

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Solidere losses lead to lowered expectations. FFA Private Bank had decreased target price to $11 per share

Solidere posted a loss of $87.2 million in 2015, following a profit of $113.7 million in the previous year. The loss is due to weakness in revenues from sales. Additionally, two major sales deals needed to be provisioned against, due to pending cancelation after talks for rescheduling payments had faltered. Solidere said it has created provisions of $82 million to write off those earnings for land sales concluded before 2015.

Two weeks ahead of the results announcement, FFA Private Bank ...

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Medical platform seeks funds. For development, marketing

Proximie, an augmented reality medical platform created by medical doctor Nadine Haram and engineer Talal Ali Ahmad, is seeking to raise $2 million to $5 million to develop and market their product.

Haram was approached by the UK-Lebanon Tech Hub, which will facilitate the introduction of the product to investors in Lebanon, the United Kingdom, and the United States. Proximie provides remote proctoring of medical procedures using collaboration tools integrated with secure video stream and...

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New advertising decree for consumer protection. Clear separation between editorial and paid messages should be made

The Ministry of Economy has issued a decree to regulate advertising activities that promote goods and services. The ruling aims to protect the rights of consumers and children and to ensure that fair competition among brand owners is respected.

The new regulations are needed as the advertising landscape has become more complex, said George Jabbour President of the Advertising Association. Up until now advertising agencies practiced self-discipline but with the proliferation of media outl...

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MAN Enterprise, Grundon partner in waste treatment projects.

An agreement to develop waste facilities across the Middle East and Africa has been signed by local construction firm MAN Enterprise and UK-based Grundon Waste Management.

According to the agreement, MAN Enterprise is the exclusive partner for waste management projects that Grundon bids for in the region. The bidding will not be related to the waste crisis in the local market.

Grundon will provide recommendations on Best Available Technology (BAT) and knowledge transfer on the tech...

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Doctors outnumber nurses 2:1.

The number of nurses is much lower than the demand, according to the estimations of the Order of Nurses. There are 7,000 nurses who provide direct care to patients out of 11,500.

The order's estimations show that there are at least 17,000 doctors. "This means that for every nurse there are more than two doctors. The standard is that for each doctor there should be four nurses," said Nuhad Dumit, Chief of the order.

There are over 12,000 hospital beds distributed across all regions...

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$30 million in wastewater funding for Bekaa.

The Council of Ministers has approved a loan agreement between the Council for Development and Reconstruction (CDR) and the Italian Directorate General for Development Cooperation of the Ministry of Foreign Affairs to execute a wastewater treatment project in Bekaa.

The contract entails the construction of a treatment station with a capacity of 32,000 cubic meters a day, collection networks and primary connections, supervision by an Italian architectural committee, and two years of mainte...

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Tax data to be shared with foreign states in 2018. Automatic exchange of financial account information to be handled by specialized agency

Lebanon has declared its commitment to the international standard of automatic exchange of financial account information, which aims to combat tax evasion and avoidance, according to a statement by the Organization of Economic Cooperation and Development (OECD) and the Global Forum on Transparency and Exchange of Information for Tax Purposes.

The move comes in implementation of the tax information exchange law that was approved by Parliament in 2015 and is part of the country's commitment...

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Henkel Lebanon expands Levant operations.

Limited growth opportunities are driving Henkel-Lebanon, a manufacturer of cleaning products and detergents, to expand its operations in Syria and Iraq.

Carol Milan, General Manager of Henkel Levant, said: "Because we are market leaders in a number of categories, and the market is mature, and in light of demographic changes that have impacted consumer behavior, we have decided to expand." A shift in consumers, from tourists to refugees, has affected its local operations. "We are planning ...

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Moneylenders and NGOs added to watchlist categories. Central Bank tightens noose around money launderers

The Central Bank (BDL) has added three categories of customers to the list of clients that banks and financial institutions should classify according to their risk for money laundering and terrorist financing.

BDL's intermediate circular 421 has identified moneylenders (known locally as credit comptoirs) and non-banking institutions that carry out electronic cash transfers. It also includes charitable organizations, especially newly-established, that do not have clear financing programs ...

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Export subsidy program extended till March 2017. 70 percent of subsidies still not used

The Council of Ministers has extended the export bridge subsidy program until the end of March 2017, according to the Investment Development Authority (IDAL). The program covers the cost of transportation through roll-on-roll-off (RO-RO) ferries. The temporary maritime export bridge that the Government subsidized to support local exports was implemented six months ago, when the land border between Syria and Jordan was closed. It expired last month.

IDAL, the public entity responsible for...

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Fourth loan by IFC to Fransabank.

The International Finance Corporation (IFC), a member of World Bank Group, signed a $20 million loan agreement with Fransabank, to finance energy efficiency, renewable energy, and climate change mitigation loans.

The loan is supported by the Canadian Government. This is the fourth loan given by the IFC to Fransabank as part of its support for sustainable energy financing. The package includes $14 million financed by the IFC and $6 million by IFC-Canada's climate change program.

The...

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Bank Audi considering to relocate HQ abroad-UPDATE 1. Audi says it is still at the stage of conceptual exercise

Bank Audi is seriously looking to relocate its headquarters outside Lebanon according to a banking source. Abu Dhabi is at the top of its list. The bank is in advanced negotiations with regulatory authorities in the UAE. Dubai is its second choice. But Freddie Baz, the bank's chief strategist and Vice-chairman, said in response to a question by BusinessNews that the matter is still a conceptual exercise. "No decision has been made by Bank Audi," he said. "Bank Audi regularly considers strategic ...

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Mikati launches Via Mina hotel. A 19th century property made up of 22 rooms

Via Mina, a boutique hotel in Mina-Tripoli owned by a company controlled by a holding owned by Taha Mikati and his brother, former Prime Minister Najib Mikati, is open for business. It was classified by the Ministry of Tourism as a historical boutique hotel.

The building, which dates to the 19th century, was purchased by the Mikati family many years ago. The hotel is managed by Fadi al Sidawi. A French colonial-style hotel, Via Mina consists of 16 standard rooms, two suites, two family s...

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Dutch pledge $92 million for humanitarian aid.

Holland said it is giving Lebanon €80 million ($92 million) to assist in handling the Syrian refugee crisis.

Dutch Prime Minister Mark Rutte said: "For 2016 and 2017 we allocated a total of 260 million euros ($300 million) for countries hosting Syrian refugees." The Netherlands would give 40 million euros ($46 million) in 2016 and the rest in the year after. "The Netherlands currently supports Lebanon on the issue of monitoring the border," he said.

An agreement was also signed bet...

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Four airliners start routes to Beirut. Two passenger and two cargo companies

Swiss passenger airline company, Germania Flug AG, announced a new direct route to Beirut.

Walid Temsah, Chairman of local tourism agency Tala Tours, said: "We are announcing the launch of the only direct route between Zurich and Beirut at a rate of two flights a week, every Monday and Friday." The flights will take place all year round. "Businessmen and tourists will receive special treatment in addition to the time saved and distance shortened to periodically visit their friends and fam...

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Banks to abide by US laws targeting Hezbollah.

The Central Bank (BDL) has instructed local banks and financial institutions to abide by the U.S. law approved in December 2015 that aims to prevent the financing of Hezbollah.

The banks are required to immediately inform BDL's Special Investigation Commission (SIC) of any measures they decide to take in application of this law, especially when they intend to freeze or close any of their customers' accounts, BDL said in its Basic Circular 137 released Tuesday. Other measures that need not...

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Four banks bidding for local HSBC branches. Fransabank, BLF, BLOM, and Audi have been prequalified

Fransabank and BLF are among the banks seeking to acquire the local operations of HSBC, according to a source close to the deal.

BLOM Bank and Bank Audi are also competing for the deal. HSBC has prequalified four banks only.

The banks are not creating consortia to acquire HSBC Lebanon as groups, so only one bank will win the deal, which is still at the negotiation stage and requires the approval of the Central Bank, the source said.

The move is part of HSBC Holdings' plan ...

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Strong remittances to grow further. Inflows reached $7.2 billion, slightly below expectations

The World Bank (WB) has revised down its estimation of remittance inflows for 2015 to $7.2 billion, according to its Migration and Development Brief released in April. An earlier report issued in October forecasted the remittances at $7.5 billion, a 2.8 decrease from 2014.

The decline in oil prices has negatively affected remittance inflows especially from Gulf States and oil producing African countries, said Marwan Barakat, Head of Research at Bank Audi. Remittances from expatriates in G...

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Prepaid cards allowed only for bank customers. Central Bank amends total ban

The Central Bank (BDL) has decided to allow banks to issue prepaid cards provided they are tied to a bank account and issued in the name of a specific person. These include cards such as those linked to the account of customers and issued in their names or in the name of one of their family members. They also include prepaid cards such as those issued upon the request of employers for the payment of salaries and worker allowances.

The ruling, released through intermediate circular 418, a...

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Corruption getting worse says watchdog group. Transparency International: Ordinary people can make a difference

Lebanon stands out in the MENA region as having the most negative corruption ratings, according to citizens who have been surveyed as part of a report published last week by Transparency International, under the title 'People and Corruption: Middle East & North Africa Survey 2016.'

People are particularly likely to think that corruption has risen, as 92 percent of the surveyed say that they think it has increased in the past year. It is the highest percentage compared to the other surveye...

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