Public Library to open in Sanayeh in December.

A public library will open in a historic building now named Saraya el Hamra, which is located in the old Faculty of Law and Political Sciences at the Lebanese University in Sanayeh, in December.

The renovation and expansion will cost $25 million. Several donors, including Qatar and the Government, funded the project.

Saraya el Hamra will also comprise an auditorium, a faculty for religious dialogue, a museum for fine art, an open air museum for sculpture, and a national theater. ...

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Central Bank asks banks to prepare ‘recovery plans’.

The Central Bank (BDL) has asked banks to prepare a 'recovery plan' as an additional step to bring the banking sector further in line with international regulatory standards.

The plan, which is to be used in times of crisis, is part of the 'Key Attributes of Effective Resolution Regimes for Financial Institutions' set by the Financial Stability Board (FSB). The FSB is an international organization that monitors the global financial system and promotes financial stability and reform of fin...

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Subsidized housing loans cap upped to $800,000. Move is part of efforts to support the real estate sector

The Central Bank (BDL) has raised the upper limit of subsidized housing loans provided by commercial banks by 50 percent to 1.2 billion liras (approximately $800,000), according to BDL's intermediate circular 473.

The previous ceiling was LL800 million (approximately $530,000).

BDL said in the circular that was addressed to banks and financial institutions, that the borrower is not allowed to obtain additional credit facilities to cover the price of a residential unit.

Comm...

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MEA suspends Erbil-Beirut route.

Middle East Airlines (MEA) acceded to the request of Iraqi civil aviation authorities to suspend its Erbil-Beirut flights starting Friday evening.

The company said that Iraqi authorities banned international flights to and from Erbil, due to political concerns after Kurdistan's independence referendum.

Mohamed El Hout, Chairman of MEA, said that the suspension has been applied for three days, until Monday. MEA will later react based on the actions of the Iraqi authorities. If the i...

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Unemployment in Tripoli is at nine percent. Potential jobs through support of SMEs and startups

The working age population in the North is estimated at 610,000 individuals, of which 53 percent are inactive, leaving a total labor force of 289,000, according to the World Bank report "Jobs for North Lebanon", issued this week.

Within the participating labor force, 20 percent are employers and 22 percent are self-employed, both are largely informal. Just 49 percent of the labor force receive a standard wage and of those, only 15 percent are formal wage workers. The remaining nine perce...

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The Beirut Bourse becomes a joint stock company. To be privatized within a year

The Council of Ministers has issued a decree to establish the Beirut Stock Exchange SAL (BSE) as a joint stock company. The new BSE will replace the existing bourse, which will be liquidated.

The initial capital of the new company is set at LL100 million ($66,000) divided into 100,000 shares, each with a nominal value of LL1,000. It could be increased in the future by issuing new shares, or by converting reserves into stocks, or by other legal means.

The shares of the new BSE will...

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Al Ettihad newspaper to be launched in October. Website to launch three weeks later

A new Arabic language newspaper by the name of Al Ettihad Al Loubnani will be launched in October, according to the founder and editor-in-chief Moustafa Nasser. The electronic version of the daily will begin operation about three weeks later.

The newspaper company is owned by Nasser and other shareholders.

Nasser said claims that print media is facing difficult future are exaggerated. Even if it is challenging, there is no reason not to embark on this venture, he said.

Al...

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Confectionary factory in Hadath.

Many Food, an agent for a number of imported brands including Lay's, Doritos, and Cheetos, will open Confexia, a confectionary factory, next month in Hadath.

Confexia will produce chocolates and wafers under the brand names 'Twins', 'Joe', and 'Wonder Berry'. It will produce chocolate in bulk and under private labels.

Many Food, owned by entrepreneur Adel Abi Chaker, acquired a company owned by Ahmad Ismail and Wael Halawi who used to produce Joe and Twins in a small factory in A...

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Tax law revoked by Constitutional Council. Chamber of Commerce: We hope this decision will create a positive shock

The Constitutional Council has unanimously revoked a new tax law, in its entirety, which was recently passed by Parliament. The law will be returned to Parliament for debate.

The Council said that the Parliamentary voting process for the tax law was not nominal and therefore it was not constitutional. It also said that the law was not approved in the framework of the preparation of the public budget. Another violation of the law, according to the Council, is that specific revenues were ea...

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Solar generated electricity doubles to 34,000Mwh.

The total cumulative investment in solar photovoltaic (PV) projects surged 71 percent to $57.4 million in 2016 compared with the previous year, according to the 'Solar PV Status Report for Lebanon-2016', a report by the United Nations Development Programme (UNDP).

The report shows that additional investment injected in 2016 alone reached $23.8 million.

Solar generated PV electricity more than doubled to 34,000 megawatt hours (Mwh) last year compared to 2015. These figures account, ...

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Oil tax bill voted into law. Corporate tax on oil-related companies set at 20 percent

Parliament recently ratified the oil tax bill suggested by the Lebanese Petroleum Administration (LPA) and approved by the government, with a few amendments.

The new law sets the corporate tax on companies' profits exploring and operating offshore exploration at 20 percent. Regular income tax is 15 percent (it has been suggested that it be increased to 17 percent in the law currently under review by the Constitutional Council).

For the calculation of profits, all expenses paid bef...

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€80 million BDL-subsidized energy loans at zero interest. Financing scheme by EIB and AFD through local banks

The European Investment Bank (EIB) and Agence Française de Developpement (AFD) will provide a financing facility of €80 million ($95.8 million) through local banks to finance energy projects.

The interest rate paid by the borrowers will be near zero as the credit facility will be heavily subsidized by the Central Bank (BDL).

The facility, named Lebanon Energy Efficiency and Renewable Energy Finance Facility (LEEREFF), aims to finance small scale projects in the sector of ene...

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Business Support Unit for Start-Ups By IDAL. Next step is to create specialty clusters

The Investment and Development Authority in Lebanon (IDAL) will launch the Business Support Unit (BSU) in Beirut in late October. Another three units will open at later dates in Tripoli, Zahleh, and Saida.

The unit aims to support start-ups and entrepreneurs who have feasible projects and business models, and to provide them with free consultancy services.

The unit will help start-ups get the required loans from financial institutions. It will also guide them to the best practice...

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Our population will shrink despite increasing longevity. The rich account for 40 percent of consumption

The population is enjoying a better life and spending more, according to a special report about changes in population and household living conditions, published in the September issue of Lebanon Opportunities.

An average of 1.7 children per woman has been recorded in recent years. This is below the replacement rate of 2.1 children per woman, and will lead to a decrease in population.

The increase in the elderly population, which has already reached nine percent, has caused a surge ...

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Ramco wins tender for Beirut waste management.

A joint venture between local firm Ramco Trading and Contracting and Turkish firm Altas Temizlik, has won a tender for garbage collection, transport, and road sweeping operations in Beirut. The process requires Audit Bureau approval before it comes into effect.

The company won the tender, held by Beirut Municipality, for $70 million over a period of five years. It will begin collecting garbage in five months.

The company will pick up 650 tons of waste per day.

Hagop Terzi...

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Power barge tender to be re-launched. Ellieh: If the tender is rejected, we will initiate a mutual agreement

The Cabinet has referred the terms of reference for two additional power barges to the Department of Tenders, for the second time. Both barges are required to have the capacity to produce 425 megawatts.

The Department of Tenders will re-launch the tender once it receives instructions from the Cabinet. The tender will call for power plants that have the ability to produce 400 megawatts within three months, and an additional 400 megawatts over six months.

Jean Ellieh, Director Gene...

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Plans to boost Internet speed to 50 Mbps underway. MoU signed with Cyprus

Lebanon's share in the submarine cable Alexandros will be increased from 310 to 1,920 gigabytes per second (GB/s), said the Ministry of Telecom (MoT). The plans will complement the start of the fiber optic project due to begin in the coming weeks. The $300 million fiber optic project will help boost Internet speed to at least 50 megabits per second across the country.

Last week, the MoT signed a memorandum of understanding with the Cyprus Telecommunications Authority (Cyta) regarding the ...

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Designer outlet mall coming to Mazraat Yachouh. High-end brands to be offered

Centerfalls, a designer outlet mall, will open in October 2018 in Mazraat Yachouh in Metn.

The mall is owned by the development company SIDCOM, which was created especially for the Centerfalls project. The major shareholders are Joseph Semaan and Mansour Charafeddine.

SMAG, a shopping mall advisory group, headed by Rony Aoun, is the project consultant.

Aoun said, "Centerfalls promises outlets for high-end brands."

Investment in the project is estimated at $75 m...

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Hotel revenues up by 20 percent. Occupancy up by ten percent in summer

Revenue per available room (RevPAR) in Beirut is forecasted to increase by almost 20 percent this year, reaching $87, according to a survey conducted by Colliers International.

Occupancy rates are expected to reach 59 percent, up from an estimated 50 percent in 2016.

The average daily room (ADR) rate is forecast to remain stable at $146.

The analysis is based on operating data from a sample of 3-, 4-, and 5-star hotels and quality serviced apartments.

Pierre Achka...

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MBAs are becoming more specialized at top colleges. Business Analytics, Digital Management, and Fashion Marketing

Universities are launching new Master's and Executive Master's specializations in order to meet market needs, according to a special report about business faculties published in the September issue of Lebanon Opportunities.

The American University of Beirut (AUB) will launch a Master's in Business Analytics in the coming school year. "Around 25 candidates applied to this Master's so far," said Maya El Helou, Director of Graduate Programs at the Olayan School of Business ...

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New taxes suspended following Constitutional Council’s decision. Pay rise law is still in force

The Ministry of Finance (MoF) has instructed all units under its authority to halt the collection of additional taxes and fees that are subject to a new law that has been suspended by the Constitutional Council.

The law, that aimed to finance a pay rise for employees of the armed forces and public sector, was approved by Parliament in July along with a law that restructured public sector wage and salary scales. President Michel Aoun signed the two laws in August.

The Constitutional...

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Subsidized housing loans rise with interest rate drop. Banque de l’Habitat’s loans to surge 3.5 times

Demand for housing loans has grown this year, driven by substantial cuts in interest rates on subsidized loans.
The loans granted by the Housing Bank (Banque de l'Habitat) are expected to grow to more than LL500 billion ($332 million) in 2017, 3.5 times their value from the previous year, said the bank's Chairman Joseph Sassine.

Slashing the interest rate on the bank's loans to three percent from five percent substantially boosted demand, Sassine said as part of a report published in t...

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Guest homes and winery in Ghalboun.

Elie Gebrayel, major shareholder of Erga Group, an engineering and consulting firm, opened two guesthouses in Ghalboun, Jbeil, last week.

The guesthouses are found in two old houses which have been renovated. The first, with five-rooms and a total built-up area of 330 square meters (m2) is named Beit el Dayaa, and is located in the middle of Ghalboun village.

The second guesthouse is named Beit El Bayder, located at a higher altitude than the village. It measures 210 m2, including...

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