Mineral water factory to open in Yammouneh. Production capacity 56,000 liters per day

Investor Abdel Wahab Charif will open a factory for mineral water in Yammouneh, Baalbek. Construction work will be launched this summer and operations will begin early 2018.

The factory will be built on land measuring 20,000 square meters (m2) with a total built-up area of 2,100 m2, and at an altitude of 1,750 meters. Charif obtained a license from the Ministries of Public Health and Industry to build and operate the factory. He is now in the process of establishing the company.

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GDP growth to accelerate to 2.5 percent this year. Fiscal and current account deficits to remain sizable

The World Bank has projected an improvement in economic growth this year, but expects fiscal and current account deficits to remain elevated.

Real GDP growth is expected to improve to 2.5 percent in 2017, provided the country does not revert to political stalemate, according to the spring issue of the World Bank's Lebanon Economic Monitor.

The factors triggering the projected growth include the progress made in domestic politics, the continued revival of the tourism sector, and...

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PAC wins bid for airport Duty Free. $74 million going into Treasury in the first of four years

Phoenicia Aer Rianta (PAC), chaired by Mohammad Zeidan, won the auction to run Beirut Rafic Hariri International Airport Duty Free Zone. The contract is over four years, at a value of $74 million.

Jean Ellieh, General Director of the Department of Tenders, said that the value of the contract is divided into two parts: The fixed amount which is $45 million, in addition to a fee per passenger ($3.25).

"8.5 million passengers passed through the airport last year, bringing the total v...

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Eight more companies prequalify for oil and gas. Total prequalified: 53 companies including 13 operators

The Ministry of Energy and Water has announced that one operator, ONGC Videsh Limited (Indian), and seven non-operators have prequalified in the second round for the exploration and production of oil and gas.

The prequalified non-operators are: PJSC Lukoil (Russian), Qatar Petroleum International Limited (Qatari), New Age African Global Energy Limited (British), JSC Novatec (Russian), Petropars Limited (Iranian), Sonatrach International Petroleum Exploration and Production Corporation (Al...

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Cedrus Invest Bank client implicated in insider trading. Bank not named as defendant

The United States' Securities and Exchange Commission (SEC) has filed a legal case against unknown defenders, including a customer of Cedrus Invest Bank, on suspicions of insider trading in call options. The Cedrus client has realized a potential profit of around $527,000, according to SEC.

Contrary to rumors and actual brief by the SEC, The Chairman of Cedrus, Fadi Assali, said that the bank has nothing to do with this issue and will not be affected by it. The deal involves the customer ...

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Apple exports banned in the UAE. Other products must hold a health certificate

The United Arab Emirates (UAE) decided this week to stop importing Lebanese apples. The decision will take effect starting on May 15. The reason for the ban is not yet clear. Other kinds of vegetables and fruits being exported to the UAE should be certified that the products are free from chemical residues.

According to Customs, the country exported 1,450 tons of apples last year, with a value not exceeding $350,000.

Naim Khalil, Chairman of the Syndicate of Importers and Exporter...

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Scale-up program to launch at UKLTH. Venture building accelerator program launched, Beirut Innovation Week confirmed

The UK Lebanon Tech Hub (UKLTH) will launch a scale-up program in September. The program will follow on from the venture accelerator program, The Nucleus, which was launched last week. Dimitri Papadimitriou, Acting Director of UKLTH, said the scale-up program is unconnected to The Nucleus.

"The scale-up program is still a work in progress. We are currently working on the program's branding aspects. Details of the program will be publically announced in the coming months," he said.
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Health is healthy as ranking soars. Top in Middle East, 32 worldwide

Lebanon was ranked as the healthiest country in the Middle East, according to the Bloomberg 2017 Healthiest Country Index. It is ranked 32 out of 163 countries worldwide.

Bloomberg graded all 163 countries based on variables such as life expectancy, causes of death, and health risks ranging from high blood pressure and tobacco use to malnutrition and the availability of clean water.

Life expectancy at birth in the country was 75 years in 2015, according to the World Health Organiz...

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Campaign to lure tourists is launched. 150 international tourism companies to visit the country next month

Representatives from 150 travel and tourism companies visiting the country next month will be introduced to local hospitality players. The visitors will participate in a forum that will be held on May 24, at Le Royal, Dbayeh, where 50 local travel and tourism companies will introduce their services, and have face-to-face business meetings.

Wadih Kanaan, General Secretary of the Syndicate of Hotel Owners, said: "More than 800 international companies submitted applications to participate in...

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Lebanon Opportunities celebrates 20 years of facts. “We have committed ourselves on the side of the doers,” said publisher

Lebanon Opportunities played host to 650 guests at the Résidence des Pins on Thursday. The ceremony celebrated 20 years of opportunities, right where Lebanon was first proclaimed.

"What is Lebanon – if not an opportunityæ" said Ramzi El Hafez, the magazine's founder and publisher.

Excerpt from Ramzi El Hafez's address

When Lebanon Opportunities was launched in 1997, it was to chronicle a national promise of progress and development. Dreams abound of a modern co...

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BDL directs banks to provide special facilities to the disabled.

The Central Bank (BDL) has issued a directive to banks and financial institutions to provide special facilities such as Talking ATMs or Interactive Teller Machines (ITMs) for people with special needs.

The end of June, 2018, has been set as the deadline for the full implementation of the new directive, according to intermediate circular number 458.

Banks are now required to provide disabled access such as ramps to their premises and adaptations for the sight impaired. Banks are als...

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$20 million snacks factory started by Abdallah Daher. To export to 42 countries, including the Far East

Global Snack, a subsidiary of Daher Investment Holding, will open a factory for savory snacks in Ferzol, Bekaa, in summer 2018.

Investment in the project is $20 million. The total built up area is 23,000 square meters (m2). It will be equipped with automated machines imported from the United States.

Daher Investment Holding, chaired by Abdallah Daher, also owns the Poppins' plant, a manufacturer of breakfast cereals and cereal bars.

Production capacity at Global Snack will...

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Russian companies are looking to boost ties.

Public and private officials in Russia have shown interest in enhancing economic relations with Lebanon, within touristic, banking, oil and gas, and industrial sectors.

The advancement of Lebanese-Russian ties was at the center of discussions made by an economic delegation that was on a three-day visit to Moscow, including ministers of economy and trade, industry, and tourism, as well as the exchange of technology knowledge with Moscow, and Russia's investments in pharmaceuticals ind...

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2.7 million cards are in circulation. Usage up for ATMs and payment cards

The number of payment cards including debit, credit, charge, and prepaid cards has risen 70 percent since 2009, according to the Central Bank. The compound annual growth rate was 7.8 percent.

Payment cards reached 2.76 million last year, registering 0.33 percent compared to 2015.

Grace Eid, Head of Retail Banking at Bank Audi, said: "The small growth achieved last year is because the Central bank issued a decree terminating the issuance of prepaid cards."

The number of debi...

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Raymond Audi steps down as Chairman of Bank Audi. Replaced by Samir Hanna who remains Group CEO

Samir Hanna has been appointed as Chairman and General Manager of Bank Audi replacing Raymond Audi who has stepped down for health reasons. This is the first chairman of the bank outside the Audi family. Hanna will also keep his job as CEO of the Bank Audi Group. His term as Chairman expires at the 2019 annual general assembly of shareholders.

Audi, aged 85, has been serving as director at the bank since its incorporation in 1962, and chairman since 1998. He is a former minister and ex-C...

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Le Cordon Bleu comes to Tabarja. $40 million for 129 rooms hotel

Burj on Bay Hotel, owned by the French international culinary institute Le Cordon Bleu, will open in Kfaryassine, Tabarja, in May.

Investment in this five-star project is $40 million. It will have 129 sea-view rooms, out of which 11 are suites. Room rack rates will be $100-$300.

The hotel comprises five restaurants, including Signatures by Le Cordon Bleu, as well as three conference rooms, and a gym. It will open a spa in later stages.

The hotel has created around 100 jobs...

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The Spot mall in Choueifat ready to open next month. Tenants include Spinneys, Circuit Empire, Centrepoint

The Spot Choueifat, a mall by BA United Holding, is scheduled for a soft opening on May 18. The grand opening will be in July.

The mall has a Gross Leasable Area (GLA) of 45,000 square meters (m2) and a land area of 135,000 m2.

Anchor tenants include Spinneys, which has a 7,000 m2 store, Circuit Empire (ten theatres), H&M, Starbucks, American Eagle, Pinkberry, Max, and Centrepoint (2,500 m2).

The mall has two children areas: One for two to 12 years old, and the other for t...

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Industrial permits down four percent.

The Ministry of Industry (MoI) issued 666 industrial permits last year, four percent less than in 2015.

Licenses issued for the establishment of new factories reached 247. Food industries and construction account for 47 percent of these.

Licenses issued to 'semi-light' industries (third category), reached 258 licenses, and 223 licenses were issued to 'light' category factories (fourth category).

Fady Gemayel, Chairman of the Association of Lebanese Industrialists (ALI), sai...

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Sale of Le Charcutier Aoun to Majid Al Futtaim stalls. Plan to turn it into Carrefour

An agreement to purchase Le Charcutier Aoun by Emirati retail giant Majid Al Futtaim, operator of Carrefour supermarkets, has stalled. A press conference was called last week to announce the deal, and was later cancelled, or postponed.

"Negotiations are underway but the deal is not complete yet," a source close to the deal said. Both sides have refrained to comment on the record. One of the parties leaked the news over the weekend, to exert negotiation pressure.

Le Charcutier Aoun...

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$300 million in finance for projects approved. Highways, water, wasterwater, Bisri dam

Parliament has ratified a number of financing agreements worth $303 million, to conduct infrastructure projects in a number of regions. The four financing agreements have been offered by the Islamic Development Bank (IDB).

Parliament approved a $26.7 million loan to execute part of the 'South Coastal Highway'. The loan will be paid over a period of 12 years, with a three year grace period. It will cover the construction of a three-kilometer road between Burj Rahhal and Abbasieh. It includ...

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Local fintech startups among top four countries regionally. Emerging sector showing positive signs

Lebanon is one of four countries in the Middle East and North Africa (MENA) that when combined account for almost 75 percent of all fintech startups launched in 12 countries regionally, according to the recently published report: State of Fintech, by WRL and PayFort. The other three countries are the UAE, Jordan, and Egypt.

The report revealed that 105 fintech startups had launched in the region by the start of 2016. This is expected to reach 250 by 2020.

Jad Salame, Managing Par...

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Lebanon Opportunities: 20 Years Special Issue. GDP has tripled since magazine was first published

Lebanon Opportunities celebrates its 20th anniversary this month. The magazine was first published to chronicle a national promise of progress and development. Dreams abound of a modern country, fair to its citizens, hospitable to its returning or visiting expatriates and to tourists, enabling business to thrive, and protecting the weak strata of its people. Doers and cynics battled, back then, the merits of these dreams – and they still do today. Lebanon Opportunities committed itself on the si...

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Government complex is under construction in town of Chehim.

The construction of a governmental complex in the town of Chehim has begun.

Consulting firm Khatib & Alami is the advisory firm and the contractor is Establishment Nazih Braidy.

The Council for Development and Reconstruction (CDR) is overseeing the project's execution, which is expected to be complete in two and a half years at a cost of $15 million.

Zaidan al-Saghir, Mayor of Chehim, said that the complex will include offices for the Ministry of Agriculture, Ministry of S...

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Feud over mutual funds.

The Ministry of Agriculture (MoA) has issued a circulation asking mutual funds not to follow the instructions of the Ministry of Economy and Trade (MoET) regarding the issuance of insurance policies.

In March, the MoET issued a decision that forbids mutual funds to sell insurance policies either directly or indirectly to the public. The decision would have been carried out by the Insurance Control Commission (ICC).

Insurance companies are being competed against by mutual funds that...

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$2 billion available from China Silk Road. Funds await proposals from government

The Silk Road Chamber for International Commerce (SRCIC) is ready to grant $2 billion in loans with low interest rates to the local market, according to Adnan Kassar, Chairman of the Economic Bodies and the founding father of Lebanese-Chinese relations.

"Tapping these funds is strictly tied with the government's ability to put forth economic projects with benefit to the road," Kassar, who is also the honorary Chairman of the SRCIC, said.

The allocation is part of a $5 billion Silk...

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$6 billion for refugees and hosts for 2017 at Brussels Conference. More funds planned for subsquent years

The Brussels Conference on Supporting the Future of Syria and the Region agreed on a holistic approach to handling the Syrian crisis, including financial assistance of $6 billion for 2017 alone. It also agreed to respond to the humanitarian situation and a long-term vision to support a peaceful and stable future for Syria and the wider region, European Union (EU) High Representative Federica Mogherini said.

Delegations representing more than 70 countries and international organizations pa...

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UNDP: Companies looking for skilled labor. Sectors: Food manufacturing, construction, and ICT

A major obstacle to job creation stems from a gap in available skills, according to the recently published report: 'Mind the Gap' by the United Nations Development Program (UNDP). It said that the economy needs to generate six times the jobs that are currently being created in order to absorb regular market entrants. It also highlighted youth employment as a particular problem.

UNDP commissioned a survey to 240 companies among three sectors: Food manufacturing, residential construction, ...

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GlobeMed to handle EDL's healthcare.

GlobeMed Lebanon, a Third Party Administration (TPA) company, has been contracted to manage the healthcare benefits of Electricité du Liban (EDL) employees and their families, equating to 9,000 people.

A specialized office will be run by GlobeMed within EDL's premises, to facilitate all required transactions. For the first time, EDL employees and their family members will benefit from the company's pharmacy network allowing them to obtain their medications on a direct basis settlem...

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Chocolate factory opens in Rasmaska.

Fine Food, a food and chocolate retailer, opened yesterday a chocolate factory in Rasmaska, Koura. Investment exceeded $5 million.

Equally owned by Fine Food and Turkish investors, the factory's built up area is 2,500 square meters (m2).

Haissam Kasha, General of Fine Food, said: "Our Turkish partners provided us with the technical knowhow, in addition to the investments."

The installed equipment was imported from Turkey.

In the first stage, chocolate bars under ...

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Nine companies prequalify for oil and gas exploration. Previous applicants update their data

The deadline for the second prequalification round for oil and gas exploration has expired. Nine new companies have now applied to partake in the first licensing round, according to the Ministry of Energy and Water (MoEW).

The companies are ONGC Videsh Limited (India), PJSC Lukoil (Russia), Sapurakencana Energy SDN BHD (Malaysia), Sonatrach International Petroleum Exploration and Production Corporation (Algeria), Qatar Petroleum International Limited, Advanced Energy Systems (ADES) SAE (E...

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Bank Audi sells cards unit to M1 Group. Deal estimated at $185 million

Bank Audi has sold its electronic payment and card services business to M1 Financial Technologies, a subsidiary of M1 Group. M1 will operate the business via Areeba SAL.

The value of the deal is $185 million, but is subject to adjustment of up to $35 million. The deal includes acquiring the team, equipment, machines, and all points of sale. The completion of the deal is waiting for the final approval from the Central Bank, as well as the relevant service providers, including MasterCard an...

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$10-$12 billion sought from Syria conference. Hariri: “We need investments or refugees must go”

The international community will be asked to invest $10-$12 billion in the local market over the next seven years, Prime Minister Saad Hariri told France24. The plea will be made tomorrow at the European Union's Brussels Conference on Supporting the Future of Syria and the Region.

Hariri said: "It is not our exclusive responsibility for assuming the consequences of refugees. If the international community does not invest with us, we will have to take measures to see how these refugees co...

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