$22 billion in projects were covered in 2017. Construction and real estate activities represent 80 percent of total

The value of the projects covered in BusinessNews by Lebanon Opportunities for the year 2017 amount to more than $22 billion in investments, announced projects, and business transactions. There was more not covered. Construction, represented by real estate development and civil public works, tops the list, accounting for almost 80 percent of the total amount. These projects are announcements, and therefore, with the exception of recorded sales transactions, reflect activity that goes beyond the ...

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Over 8 million airport passengers. Increase in number of tourists and destinations

The total number of airport passengers, including arrivals, departures, and those transiting will reach 8.2 million by the end of the year.

Airport activity has increased eight percent this year.

Tony Ghostine, Head of Economic Division at the Beirut Rafic Hariri International Airport, said: "There is increase in trips heading to Najaf in Iraq, and this is one of the reasons behind the growth in number of passengers."

There was also increase in the number of tourists visiti...

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Tripoli shuts down malfunctioning sorting plant. Will develop temporary landfill

The Municipality of Tripoli closed a waste sorting facility that serves Fayhaa Union of Municipalities, after complaints by citizens about the stench emanating from it.

The Chairman of the Tripoli Municipal Board, Ahmad Kamareddine, said: "We brought experts to inspect the source of the stench because we thought it was from the dump. They were conclusive that the source is the sorting plant."

Tripoli's sorting plant which absorbs more than 450 tons of waste per day is in need for r...

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Emirates NBD sells 40 percent of its BoB shares. Deal valued at $39 million

Bank of Beirut (BoB) acquired more than 40 percent of Emirates NBD's stake in the bank, valued at $39 million. It represents 2.7 percent of the bank's equity out of a total 6.5 percent shareholding. An EMIRATES NBD is a UAE-based bank.

A source at BoB downplayed the significance of the sale transfer. "It represents 1.2 percent of the bank's equity," he said. It is the first divestiture of a UAE investment from the country after the political crisis with Saudi Arabia last November. Several...

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Up to $240 million investment in oil and gas in first five year. Drilling to begin in block 4

The oil and gas consortium, formed of Total, ENI, and Novatek, will invest an estimated amount of $40 million for the construction of each exploratory well. The consortium will construct a total of four wells over the five-year exploration phase.

Walid Nasr, Chairman of the Lebanese Petroleum Administration, said: "The Ministry of Energy and Water (MoEW) agreed with the consortium to build a fifth contingency well if it finds a confirmed discovery in the first well."

This brings ...

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Palestinian refugees number 175,000. Census reveals 45 percent live in camps

The number of Palestinian refugees resident in Lebanon is officially 174,422 individuals, according to a census held by the Lebanese Palestinian Dialogue Committee (LPDC).

The count is the first of its kind and is the result of the Cabinet's desire to reach accurate figures. It also reveals household conditions surrounding housing, families, and individuals.

The study was a result of a combined project between the Central Administration of Statistics (CAS) representing the Cabine...

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$20 billion in 250 projects coming next year near you!. Funds to be provided by private sector and international monetary funds

The government will launch a construction and restoration program including 250 infrastructure projects early next year.

Investment in the projects will reach $16 billion.

Around 25 percent of the funds will be provided by the private sector. Another 25 percent will be provided by the World Bank through soft loans along with a similar amount from the European Union through European monetary funds, which are expected to allocate an €80 billion ($94.4 billion) fund for neighboring ...

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Government pays $50 million in dues in arrears to contractors. Remaining $150 million awaiting 2018 budget

Contractors have started to receive financial dues related to infrastructure projects they have executed since 2011, according to Maroun Helou, Chairman of the Syndicate of Public Works Contractors.

Helou said: "Public administrations, ministries, and the Council for Development and Reconstruction (CDR) have scheduled several payments and have paid us $50 million so far."

Contractors are still owed $150 million in arrears.

"We have asked the Ministry of Public Works and the ...

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License plates to become electronic. All plates to be changed within a year

The Traffic and Vehicle Management Authority will start circulating electronic license plates as of today (December 21).

Inkript had won the contract to procure the licenses, part of a $175 million tender for the production of electronic driving licenses, license plates, and the automation of the Vehicle and Traffic Management Authority.

The new plates will have a serial number, a bar code, and a three-dimensional hologram of the cedar. Huda Salloum, Chairperson of the Authority sa...

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Italian Government grants €500,000 for industrial zone development.

The Italian Government granted €500,000 ($590,000) to support phase II of the development of industrial zones.

The project will be implemented by UNIDO in coordination with the Ministry of Industry and the Council for Development and Reconstruction (CDR).

Building on the results of the first phase of the project, UNIDO will continue providing technical assistance and advisory support to the government in deploying a national industrial zone development strategy for the developmen...

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Kesrouan to get another highway. 19-kilometer stretch will link Dbayeh to Okaibeh

The Cabinet approved the plans for a new highway linking villages and towns in coastal Kesrouan. The goal is to reduce traffic congestion.

The highway has a length of 19 kilometers. "It starts at Dbayeh and reaches Okaibeh passing through Jeita, Aintoura, Ain el Rihaneh, and Adma," said Antoun Souaid, advisor to the President for Engineering Affairs.

The highway will include eight kilometers of tunnels and 5.4 kilometers of bridges and overpasses.

The methods of finance for ...

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300 MW in wind power to be tendered next year. Energy watchdog: Renewable energy target to be exceeded

The Ministry of Energy and Water (MoEW) is preparing to launch a bid for the generation of 300 megawatts (MW) of wind power next year, according to Pierre Khoury, Project Manager at the Lebanese Center for Energy Conservation (LCEC), affiliated to the MoEW. A private sector company will be selected to produce power and sell it to Electricité du Liban (EDL).

The wind turbine project will be similar to the one licensed last July by the Cabinet. Three permits had been given to private...

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Hospitality consultant Raja Nasri passes away. Instrumental in the creation of several restaurant concepts

Leading hospitality consultant Raja G. Nasri passed away on December 17.

Nasri had 38 years of experience in the international hotel industry with specialties in hotels development in the Middle East, and concept development for restaurants, health clubs, and furnished apartments.

Nasri founded Nasri for Touristic Consultant (N4TC) in 2003, which undertook assignments for restaurants and hotels, restructured them for expansion, and prepared operating and franchising manuals. N4T...

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Subsidized housing loans extended to place of origin. Total number of loans to exceed 5,000 in 2017

Loans by The Public Corporation for Housing (PCH), normally issued exclusively on primary residences, have become available for dwellings in one's native location, as per the borrower's identification papers.

People residing in Beirut or other cities will be eligible for a loan from the PCH to own a house in their home town provided their current residential unit has not benefited from a PCH loan, according to Rony Lahoud, the Chairman of PCH.

He said that this expansion of the reg...

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It’s official! An oil producing country. Total-led consortium awarded contract. Next step is exploration

The Cabinet awarded a consortium led by Total (France), and including ENI (Italy) and Novatek (Russia) the exploration and production contracts of two maritime blocks (4 and 9).

"The Cabinet approved the financial and technical terms agreed upon with the consortium," said Walid Nasr, Chairman of the Lebanese Petroleum Administration (LPA).

The next step is signing the Exploration and Production Agreement (EPA). Once signed, the consortium can start actual exploration.

Un...

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Property demand is up total supply of units is down. Suburbs have the highest number of units sold per project

The gap between supply and demand in the property market is beginning to shrink, according to a study undertaken by InfoPro Research and published in the December edition of Lebanon Opportunities.

Demand is heading towards lower-price units in Greater Beirut, according to the study.

The study covers Beirut and the area stretching from Jiyyeh to Jounieh. The scope also extends to reach villages up to 500 meters above sea level.

The suburbs, especially areas within a few ki...

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Securitization deal for Kurban Group.

MedInvesment Bank has launched a $25 million securitization investment fund for the Kurban Group car rental company.

The ABA SEC I MSF fund has issued $25 million against Kurban's rental fleet, from companies operating in the automotive sector, mainly Middle East Car Rental, the agent of Avis Rent a Car, Fleet Management Company, the agent of Budget Rent a Car, and Allo Transport, a transportation company.

The revolving period is 3.5 years during which time the companies could a...

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Mobile phones Regulation resurrected. Objective is to stop contraband and counterfeits

The Ministry of Telecommunications (MoT) has reactivated a law cancelled in 2014 to regulate the mobile devices market, and reduce illegal imports and counterfeited devices. The law will be effective 1st February, 2018.

The Ministry, in association with the cellular operators, will maintain a database of the serial identification number for each device, known as the International Mobile Equipment Identity (IMEI). A device cannot access the networks unless it is identified by the database....

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Charles Arbid Chairman of Economic Social Council. Will constitute a platform for dialogue on economy

Charles Arbid, Chairman of the Lebanese Franchise Association, has been elected by acclamation the Chairman of The Economic and Social Council (ESOC) today.

Saad Eddine Sakr has become the Vice Chairman, and Mohamad Choucair, Salah Osseiran, George Nasraoui, Youssef El-Bassam, Anis Bou Diab, Gretta Saab, and Bechara El-Asmar are members.

ESC's office committee will meet on Friday to invite the General Assembly, which includes 71 members, in order to appoint the eight committees, ...

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National training center for entrepreneurs.

Early next year The Ministry of Education and Higher Education (MEHE) will open a national center to train students in entrepreneurship. It will be located at the Ministry building at the UNESCO complex.

The center will be launched in partnership with Berytech and Ecole Supérieure des Affaires 'Smart ESA', and supported by the Central Bank.

Ahmad Jammal, Director General of Higher Education at MEHE, said that 12 local universities will participate in this program and will s...

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Furnished apartments project opened in Antelias.

Daaboul and Chidiac Group opened a block of furnished apartments 'Residence 649', in Antelias, this month.

The total built-up area of the project is 8,000 m2, built on a 1,600 m2 plot of land.

Investment is $7.2 million and Chaddad Group was the contractor for the project.

The project includes 51 apartments with spaces ranging from 40 to 100 m2. It also includes parking for 70 cars.

Elie Daaboul, Managing Director, said the furnished apartments will provide break...

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Lancaster Eden Bay Hotel will be ready in 2018. $100 million for 150 rooms

Lancaster Eden Bay Hotel, a five-star hotel, will open at Ramlet Al-Baida seashore in 2018.

Investment in the hotel exceeded $100 million.

The hotel will have a total built-up area of 25,000 m2. It will include 150 rooms and suites with full sea view.

The hotel will also comprise five restaurants and bars, five swimming pools, and a spa.

It will create more than 200 full time jobs.

Previous plans for this land plot encompassed a resort which includes chalets...

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Five-star hotel slated for Ramlet Al-Baida. Investment made by Hojeij Group Holding

BLUR, a five-star boutique hotel, is set to launch in Ramlet El Baida. Construction work will start next year, and will be completed in 2020.

The hotel is owned by Hojeij Group Holding, which owns the Middle East and African Bank (MEAB).

The total built-up area of the hotel is 10,500 square meters (m2). The hotel will include 215 rooms and suites. It will comprise three restaurants, one of which is located on the rooftop, as well as a swimming pool, conference hall, and spa.
<...

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A $50 million entertainment center to open in Saloumeh. Includes hotel, restaurants, and cinemas

Real Estate Developer (RED), a newly established company owned by Andreas Iliovits, will gradually open Beirut Business Center, an entertainment complex in Saloumeh starting this month.

Iliovits, a Lebanese-Greek investor, has been active mainly in the construction material business in the UAE. He is the Chairman of Mosart Marble and Mosaic Company in Abu Dhabi. This is his first investment locally.

Iliovits said that investment in the project exceeds $50 million.

The tota...

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Tender launched for fiber optic network. $300 million national scale project

The Ministry of Telecommunications (MoT) launched a tender for the deployment of a fiber optic network on a national scale, estimated to be valued at $300 million.

The Ministry expects the project to be completed within a four-year period, where fiber optic connections will be brought close to business and household end users, with a minimum speed of 50 mbps.

The plan includes linking end users with fiber optic connections known as FTTX in highly inhabited areas. VDSL modems, usin...

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SGBL to buy two banks in France and Monaco. $183 million in combined equity

Société Générale de Banque au Liban (SGBL) said it has signed a deal with Luxembourg-based KBL European Private Bankers (KBL epb) to acquire two of its subsidiaries.

The subsidiaries are KBL Richelieu Banque Privée in France and KBL Monaco Private Bankers. The combined equity of these two subsidiaries stood at €154 million ($183 million) at the end of 2016, according to the annual report of the KBL epb group.

The move, which is part of SGBL's ...

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Econet to merge with Cablevision. Internet meets wireless television

GlobalCom acquired Cablevision through its subsidiary Econet. Cablevision is a major wireless channel distribution company. The two entities will merge in 2018. The deal is estimated at $10 million. None of the parties will confirm the value of the transaction.

Habib Torbey, CEO at GlobalCom Holding, said that Econet will achieve a substantial increase in its market share through the acquisition. Collective number of subscribers for both companies reaches now 42,000, as the acquired clien...

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Banks to buy insurance against losses from cybercrime. Central Bank issues circular to regulate protective measures

The Central Bank (BDL) has instructed the banks and financial institutions to take protective measures against electronic crimes, according to BDL.

BDL detailed these measures in basic circular no. 144, which was issued recently.

Banks and financial institutions should allocate funds to set up information technology (IT) security systems and must have insurance against e-crime risks.

They have to create a specific taskforce for protection from e-crimes and must prepare inci...

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800 MW power generation tender rejected by ‘Shoura’. Ruling supports opinion of Tenders Administration

The State Council (Shoura) ruled in favor of an objection filed by Middle East Power to stop a public tender for plants to generate 800 MW of electrical power in or besides the installations of Deir Ammar and Zahrani, and asked the Ministry of Energy and Water (MoEW), who prepared the tender, to provide the Council with all related documents.

Middle East Power was one of the bidders. Its offer has been rejected because "it did not comply with the terms of reference".

The Council i...

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Nassar Glazing to open factory in Mtein.

Nassar Glazing, a manufacturer of glass, mirror, and stainless steel products, will open a factory in Mtein in early 2019.

Investment in the facility will reach $2.2 million. Raymond Nassar, General Manager, said that they borrowed a subsidized loan to finance part of the project.

The total built up area of the factory is 3,000 square meters.

The overall production of the company's factory in Jal el Dib is currently $1 million. "Our target is doubling the production," sai...

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Mtein will get an industrial zone.

The Ministry of Industry announced that the government of the Netherlands will finance the master plans for the building of an industrial zone in Mtein (High Metn).

The zone will have a surface area of 600,000 square meters (m2). The land is owned by the municipality.

The new industrial zone in Mtein will complement an existing one. It will include industries from the third, fourth, and fifth categories or light industries such as food.

A source at the Ministry of Industr...

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Black Friday had white results. Sales form at least ten percent of annual turnover

Last weekend retailers engaged in 'Black Friday', an American-inspired occasion that comes a day after Thanksgiving on which special discounts are offered.

Nicolas Chammas, Chairman of the Beirut Traders Association, expects this year's Black Friday sales to reach $200 million.

Local retailers have slightly shifted the concept, extending the occasion over three to four days, rather than just one.

Chammas said that Black Friday became a trend in the U.S. during the recession ...

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Soliver glass factory will reopen next year. $32 million investment to upgrade machines

Soliver, a manufacturer of glass containers, will reopen its factory in Bchamoun in mid-2018.

The company took the decision to shut down its factory last February, and dismissed 250 employees after compensating them. The reason behind the closure, according to Omar Kaddoura, General Manager of Soliver, was because the company was losing its market share, due to the high cost of electricity, especially as the glass industry requires large amounts of energy. Soliver pays more than $3 milli...

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The Central Bank is buying dollars. Impact of crisis was limited and market is stable

The Central Bank (BDL) intervened to support the lira after the resignation of Prime Minister Saad Hariri but the market has reversed and BDL is now buying dollars, BDL Governor Riad Salameh said, according to Reuters.

The turnaround came following Hariri's return to Lebanon and his decision to put his resignation on hold. These developments also triggered a rebound of the Eurobond prices on the global markets. The price of Solidere shares on the Beirut Stock Exchange also recovered after...

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Marlboro to be produced locally. Total production output will double

The Régie Libanaise des Tabacs & Tombacs has signed a partnership agreement with Philip Morris International (PMI), to manufacture Marlboro cigarettes in its factories.

Régie will be producing several kinds of Marlboro including the Medium, Next, Soft, Touch, and Gold. It will start producing Marlboro Medium and Next in December, and the rest once installing the production line in June 2018.

George Hobeika, Secretary General of Régie, said that Régie wi...

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Newly registered firms up 62 percent in a decade. The majority are proprietorship

The number of new companies being registered has increased by 62 percent in the past ten years.

Last year, 8,422 companies were registered, an eight percent decrease from 2015, and about the same as in 2014, according to data compiled by Khalil Masri&Fils.

In 2016, registrations of proprietorship companies topped the list (around 4,000), followed by Société à Responsabilité Limitée (SARL), or Limited Liability Companies, (2,300), Sociét&ea...

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$1.7 billion swap between Treasury and Central Bank. T-bills redeemed against Eurobonds

The Ministry of Finance (MoF) said it has completed a debt exchange with the Central Bank (BDL) valued at $1.7 billion.

The MoF redeemed treasury bills held by BDL worth LL2,562 billion against new Eurobonds denominated in US dollars of an equivalent value of $1.7 billion.

The MoF said in a statement that through this swap it will extend the maturity of two percent of the public debt by an average of 10.27 years. As a result of the deal the debt composition stands at 40 percent in ...

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Beirut Chamber sees stable exports. Value of goods per tonnage rose sharply

The Chamber of Commerce, Industry, and Agriculture in Beirut and Mount Lebanon reported a small growth in 'real exports' in the first six months of the year compared to 2016. The tonnage of exports however shot up 36 percent.

Real exports exclude mineral products, gold, pearls and precious and semi-precious stones.

In terms of value, the Chamber issued certificates of origin for exports worth $1.4 billion, up four percent from the first six months of last year.

The price of ...

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Interest rates up on deposits in lira. Rates rise to lock in longer terms and for balance sheet window dressing

Banks reached a tacit agreement among themselves following the resignation of Prime Minister Saad Hariri to raise interest rates on lira deposits according to Amine Awad, General Manager at BLOM Bank.

The banks offered higher rates on deposits with tenures of more than three months and for large amounts. The intention is to encourage depositors to opt for longer term commitments."It contributes to reducing the mismatch between the tenures of the banks' assets and liabilities,"Awad said.
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Life insurance deals to be reported to Ministry of Finance.

Insurance companies will have to submit to the Ministry of Finance (MoF) information about cash value life insurance contracts issued to persons whose tax residences are in countries that require such reports under the Common Reporting Standard (CRS), according to a circular issued by the Ministry of Economy's Insurance Control Commission (ICC).

The CRS, which will be implemented starting from 2018, is the global standard for the automatic exchange of financial account information. It aim...

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Local TSC supermarket Bankrupt and out of business. Fails to attract three suitors

The local company that owns Kuwait-based supermarket chain Sultan Center (TSC) has been declared bankrupt by the court. TSC is exiting the local supermarket sector.

TSC had over $30 million in commercial debt, a source familiar with the issue, said. The company had been accumulating losses for more than three years, as annual sales did not reach $40 million.

The administration of the supermarket chain was in negotiations with other chains for a possible takeover.

TSC was ap...

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42 companies bid for solar energy farms. 12 companies will be selected

The Lebanese Center for Energy Conservation (LCEC) received 42 offers from the 256 companies that expressed their interest in the implementation of solar photovoltaic (PV) farms to generate 180 megawatts (MW) of electrical energy.

The deadline for submitting proposals was on October 30 and only 12 out of the 42 bids will be selected during a public session to pick the best offers delivered to the Ministry of Energy and Water (MoEW). The winning offers are to be announced in two weeks by a...

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Hasbaya gets round-the clock electricity.

The southern town of Hasbaya has enjoyed electricity 24/7 since the beginning of this month. Hasbaya is the first city in the south and the second in the country to achieve 24-hour electricity, after Zahle.

The situation is due to the work of the Municipality of Hasbaya. The municipal council bought generators producing close to four megawatts (MW) of power to use during electricity blackouts, and placed them outside inhabited areas of the town in lands either owned by the municipality or...

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Olive oil exports double in three years. Saudi Arabia and US top destinations

Exports of olive oil have been growing at a compound annual growth rate (CAGR) of 30 percent since 2014, according to the Olive Oil Factsheet published by IDAL.

Exports of olive oil reached 10,000 tons last year. They were mainly exported to the Gulf and North America. Around 26 percent of total exports went to Saudi Arabia, and 13 percent to the US.

There are growing export partners such as Australia, Venezuela, and various African countries. Exports to these countries have been...

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Lira is secured by Central Bank capabilities. Riad Salameh: “There is no need to panic”

The governor of the Central Bank Riad Salameh affirmed the stability of the lira. He cited financial operations carried out by the Central Bank and the cooperation with the banking sector in his assessment.

"The lira will remain stable and it is based on the existing capabilities of the Central Bank," he said. "The Central Bank has built a monetary model that takes into account the financial and economic data of the country has contingency plans to deal with negative surprises," he said....

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Exporters are penetrating markets with quality. Potential is in added value industries and markets comprising expatriates

Local industrialists and farmers have been successful at exporting their goods to various destinations. Products that find the greatest success are often those that have the highest added value, according to a special report on exporters published in the November issue of Lebanon Opportunities.

Prepared foods and beverages top the list of exports most years, followed by electrical equipment, chemical products, and paper products.

In the past decade exports have witnessed several u...

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Industrial zone at Nahr Ibrahim. $100 million to equip industrial lands and facilities

The Nahr Ibrahim Industrial Region will be launched in early 2018. Sakr Real Estate, a property development company will be developing and managing the project. Construction will be completed in 2021.

The company has finalized the studies and the master plan. Industrialists interested in owning or leasing land in the city will be able to book their site starting from November 16.

Investment in the project is estimated at $100 million, including the cost of the land.

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Bank of Beirut to buy Banque de Crédit National. Go ahead given to start acquisition talks

Bank of Beirut (BoB) said its board has approved a plan for the acquisition of the entire shares of Banque de Crédit National (BCN).

BoB said its board has mandated Salim Sfeir, its chairman, to negotiate with BCN's shareholders and to set the acquisition terms. The chairman was also authorized to sign all related contracts and documents.

BCN's total assets stood at $217 million at the end of 2015. Shareholder equity totaled $28 million. The bank has three branches, two in ...

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Régie invests $8 million to double production. Lines dedicated to produce international cigarette brands

Régie Libanaise des Tabacs et Tombacs (Régie), the State-owned tobacco monopoly, will expand its Hadath factory's production capacity by 50 percent in 2018. Investment in the expansion is around $8 million.

Production capacity will reach one million boxes (500 packs per box), an increase from the current 500,000 boxes.

Régie, following an agreement with the UK-based Imperial Tobacco, is producing its international brands 'Gitanes', 'Gauloises', and 'West' in...

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Leaving fees increased at Beirut Airport.

The Directorate General of Civil Aviation at Rafik Hariri Beirut International Airport (RHBIA) will increase fees for departing passengers.

Mohamad Chehabeddine, Director of the Civil Aviation Authority, said that the increase in fees will only include trips with final destinations of over 1,250 km from Beirut. The fees for economy tickets will not change regardless of the trip distance and is confirmed at LL50,000 ($33), said Chehabeddine.

The new fees are:LL110,000 ($73) for busi...

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Lending by Economic & Social Fund hits $120 million.

The Economic and Social Fund for Development (ESFD) said it has provided nearly 9,800 loans to small and medium enterprises (SMEs) since it launched its operations in 2003 and until September 2017. The overall value of the loans reached 179.9 billion liras (around $120 million).

These loans have contributed to the creation of more than 8,000 jobs, a statement by ESFD said.

The loans granted to the services sector accounted for 39 percent of the overall number of loans while trade r...

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National datacenters to be tendered by Ministry of Telecom. Bids through private public partnership

The Ministry of Telecommunication (MoT) is planning to build datacenters hosting a local cloud platform, to be owned, managed, and operated by the private sector through the Private Public Partnership law (PPP).

The Ministry will provide the land. The project is divided into four phases, with an ultimate cost for each phase estimated at $50 million. The bidding is expected to be announced this November.

Imad Abou Rached, Procurement Director at OGERO, said that the MoT is finalizin...

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Fiscal deficit narrows by 53 percent in first semester. IIF expects debt-to-GDP to drop in 2017 and 2018

The fiscal deficit narrowed by 53 percent to LL1,368 billion ($908 million) in the first half of 2017 compared with the same period last year.

The improvement in the fiscal deficit was mainly driven by a one-off factor consisting of taxes on the profits realized by banks on the 'unconventional' financial operations that were carried out by the Central Bank (BDL) in 2016, said Garbis Iradian, Chief Economist at the Institute of International Finance (IIF). A rise in value added tax (VAT) ...

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BDL considering launching digital currency. Move to be preceded by enhancement of cybercrime protection

The Central Bank (BDL) is considering issuing a digital currency in the coming years that will be under its own supervision, said Governor Riad Salameh.

The digital currency will play a key role in the future, but BDL must first carry out some necessary measures, especially developing means for protection against cybercrimes, Salameh said. The Special Investigation Commission and the Banking Control Commission have teamed up to create a system to prevent these crimes, he said.

Digi...

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Advertising allowed for pharmaceutical-like products. Ads could be run on TV, radio, and in print media

The Ministry of Public Health (MoPH) said it has decided to allow advertising campaigns to be carried out for products classified by its technical committee as similar to drugs.

Advertising could be made through audio-visual or print media, the MoPH said.

The products should belong to the 'Class I' and 'Class II a' classifications adopted by the US Food and Drug Administration (FDA) and by France's Agence Nationale de Sécurité du Médicament et des Produits de ...

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Property Registry e-services launched.

The Ministry of Finance (MoF) has launched six real estate electronic services on a mobile application and on the website of the General Directorate of Land Registry and Cadaster (GDLRC) (www.lrc.gov.lb).

The e-services allow users to access the Title Register (Al Sahifah Al Ikariah). They can track transactions and their paid invoices, and request ownership statements. The e-services include a simulation feature to estimate the fee to be paid. Users could also be informed through email a...

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Bank of Beirut goes to Ivory Coast.

Bank of Beirut (BoB) said it has decided to establish a bank in the Ivory Coast with an initial capital of 15.25 million euros ($18 million).

BoB will first found a subsidiary company with a capital of EUR15,250 that will be later converted into the new bank, according to a BoB statement.

The bank said that the board of directors has mandated the chairman or any other person appointed by him to implement this decision. Salim Sfeir is currently BoB's Chairman and CEO.

The ba...

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ESA and HEC Paris launched Master's in Entrepreneurship. Classes to start in September 2018

Ecole Supérieure Des Affaires (ESA) in partnership with Ecole des Hautes Etudes Commerciales in Paris (HEC), a university specialized in management, have launched a Masters in Entrepreneurship.

The program, that will start in September 2018, is supported by the Chamber of Commerce, Industry and Agriculture in Beirut and Mount Lebanon. Mohamad Choucair, Chairman of the Chamber of Commerce, said that the chamber will provide scholarships for this program.

The program targets...

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Villa projects are keeping some developers busy. Improving developing costs to meet middle-income families’ demands

Villa developers are attempting to cater to the needs of the middle class. This is increasing the number of villa projects in various locations, especially in the Metn and Jbeil areas, according to an investigative feature published this month in Lebanon Opportunities.

Demand is increasing for more affordable primary-residence villas, and being met through customized supply. Abboudi Farkouh, Chairman and General Manager at ForeFront Development, said that "Current developments meet the lo...

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Additional $500 million in subsidized loans for 2017. Expatriates to benefit from subsidized loans

The Central Bank (BDL) has decided to inject an additional $500 million to the stimulus package for 2017 which aims to finance productive projects and home purchases at subsidized rates, according to BDL's intermediate circular 475.

This brings the stimulus earmarked for the current year to $1.5 billion. The $1 billion originally allocated for 2017 has already been used up.

BDL will continue to charge the banks a one percent interest rate on the additional funds if they are denomin...

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First budget in 12 years passed by Parliament. No audit of previous extra-budgetary outlays

Parliament has approved the state budget for the first time since 2005.
The budget, which is for fiscal year 2017, was ratified without a prior audit of previous extra-budgetary expenditures disbursed during the last 12 years.

The LL1,200 billion earmarked to finance the pay rise of public sector employees was reduced to LL500 billion. This was due to the late ratification of the budget.

The lawmakers have also decided to withdraw a clause regarding the resolution of the constr...

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BIAT launches project to revive Tripoli’s furniture industry.

The Business Incubation Association in Tripoli (BIAT) is preparing a project to help revitalize the furniture industry in the city.

The scheme will consist of two parts, the creation of an online platform for the furniture sector and training for people working in the sector.

The project is funded by the European Union and has been subcontracted by Expertise France to BIAT which will implement it. It is part of a broader program to support development projects in Lebanon. Expertise...

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Dunes Hotel changes brand from Holiday Inn to Radisson. Under renovation

Radisson Blu, an international management chain, has acquired the management of Dunes Hotel in Verdun. As of December, the hotel will operate under the name Radisson Blu Hotel Beirut.

Until now the hotel was managed by Holiday Inn.

A renovation process is being undertaken for the 127 rooms, lobby, restaurants, and the lecture and conference halls. Renovation will be completed in late November.

Mohamad Yassine, Radisson Blu Hotel's General Manager, said: "Hospitality and t...

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