$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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