Top 18 stories for 2018. Dynamic year in review

It was a busy year, packed with deals and acquisitions in the financial and non-financial sectors, the passing of long-awaited regulations, and billions of dollars in new loans and concessional financing. Despite long odds, the market saw vibrancy in tourism. Borders reopened in Syria to allow exports to Arab countries. New laws and regulations were passed, such as an e-transactions law, a solid waste management law, and a transparency law for oil and gas. The public budget was also ratified. Bu...

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$20 million EBRD loans to BUTEC for smart metering. First corporate loan by European Bank

The European Bank for Reconstruction and Development (EBRD) will grant BUTEC Utility Services (BUS) a $20 million loan for the implementation for the installation of smart electricity meters.

BUS is one of three distribution service providers in charge of providing operations, maintenance, and bill collection services to public electricity subscribers. BUS handles these operations in the North.

"This is the first corporate loan granted by the EBRD in the local market," said Fadi Ab...

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SGBL Insurance newest owner in Solidere. Sale by SGBL

Société Générale de Banque au Liban (SGBL) has sold 3.5 million shares of Solidere to SGBL Insurance, its fully owned subsidiary, at a total value of $23.7 million.

SGBL now holds 13 million shares, or 7.88 percent of Solidere, while SGBL Insurance owns 2.12 percent.

The sale was done for three types of shares. The first included the sale of 1 million shares of Solidere 'B' at $6.68 per share. The second included the sale of another 1 million shares of ...

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3,000 medicines to be re-priced. Average reduction is estimated to be 40 percent

The Ministry of Public Health (MoPH) will step up its efforts to re-price medication to reduce healthcare costs across the board.

Every five years the ministry compares the cost of thousands of medicines against those costs in seven reference countries, and adopts the lowest price. The MoPH will speed up that cycle in January, and re-price medication every three years and pass those savings to consumers. Medication, generally, drops in price the longer it is on the market, especially afte...

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EU grants $22 million for health sector.

The European Union (EU) has offered €19 million ($21.56 million) in grant funding to support Lebanon's health care system.

The EU Regional Trust Fund grant will secure access to chronic medications, vaccines and essential medical commodities to the most vulnerable population.

The donation raises EU's support to the health sector to €173 million ($197 million), in response to the Syrian crisis, to strengthen the system and to help meet the basic health needs of both locals and Syri...

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T-bills highly oversubscribed. 15-year bills offered at 10.92 percent. Central bank subsidized 0.42 percent

The Ministry of Finance (MoF) said that demand from banks for subscription of its Treasury bill issue of the second week of December exceeded the offer size by 84 percent.

The issue, which will mature in 2033, is valued at LL1,200 billion ($796 million). Demand from banks reached LL7,427 billion ($4.93 billion).

The T-bills were offered at interest rates that are in line with global and local rates, taking into consideration additional risk because of the country's failure to form ...

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Beirut art museum architect replaced. Project to open in 2023

Architect Amale Andraos of New York-based WORKac has been selected to design the Beirut Museum of Art (BeMA), replacing Hala Wardé, who was commissioned for the project.

Andraos is Dean of the Graduate School of Architecture, Planning and Preservation at Columbia. WORKac was funded by Andraos and her husband Dan Wood in 2003.

BeMA, which is scheduled to open in 2023, will be built on a site owned by Université Saint-Joseph across the street from the National Museum. ...

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2017 GDP growth slows to 0.6 percent. Improvement recorded in hospitality services and agriculture

The real GDP growth rate slowed to 0.6 percent in 2017 from 1.6 percent in the previous year, according to the 'National Accounts' report recently released by the Central Administration of Statistics (CAS). The GDP at current market prices for 2017 is estimated at $53.4 billion.

The growth rate comes lower than estimates by the World Bank and the International Monetary Fund (IMF).


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UPDATE: Lebanon’s outlook downgraded by Moody's. Cites rising risks to liquidity position and financial stability

Moody's Investors Service said it has changed the outlook on the Lebanese government to negative from stable and that it affirmed the ratings at B3.

"The negative outlook reflects an increase in risks to the government's liquidity position and the country's financial stability, in large part as a consequence of domestic and geopolitical risks that have become more intractable," the credit rating agency said in a statement.

Moody's said it would change the outlook to...

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CDR overseeing $4.5 billion in projects. Transport, water projects are funded the most

The Council for Development and Reconstruction (CDR) is supervising the implementation of $4.5 billion worth of ongoing projects, according to its annual progress report for 2018.

The transport sector has the lion's share of contracts under execution, with $1.3 billion, followed by potable water ($718 million).

Transport falls under the category of basic infrastructure, which includes electricity and telecom. This category includes solid waste, wastewater, and potable water.
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MEA signs $300 million deal with Rolls-Royce. British company will provide support for Airbus aircraft engines

Middle East Airlines (MEA), the national flag carrier, has signed a $300 million contract with British motor-maker Rolls-Royce, for the installation of Trent 7000 engines in four new Airbus aircraft, expected to be delivered in two years.

In addition to the cost of the engines, the contract covers maintenance throughout its service life with MEA, the purchase of spare engines, and the supply of parts, according to a MEA statement.

MEA Chairman Mohamad El-Hout and Rolls-Royce Chair...

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Faqra Club to be sold to Rahmeh Brothers company. $18 million deal includes land and management company

Teddy and Raymond Rahmeh, owners of ZR Group Holding, will acquire Faqra Club Holding (FCH), which owns Faqra Club as a property as well as Societe Libanaise Des Projets Touristiques (Solipro), the management company of Faqra Club. FCH is chaired by Elie Nahas.

The deal is estimated at $17 million to $18 million including the management company and some land plots.

The two parties have reached an initial agreement. "The acquisition deal requires ten more days to close," said Nahas...

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Bank Audi gets $75 million trade finance line from EBRD.

The European Bank for Reconstruction and Development (EBRD) said it has signed an agreement to provide a $75 million trade finance line to Bank Audi.

The deal, which is part of the EBRD's Trade Facilitation Programme, aims to support import and export activities, especially of small and medium-sized enterprises (SMEs) as well as intra-regional trade.

"The accord will allow Bank Audi to benefit from EBRD trade finance guarantees which cover the political and commercial payment risk ...

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Food deliveries doubled in one year. Driven by mobile applications

Demand for food deliveries increased dramatically this year, according to the Syndicate of Owners of Restaurants, Cafes, Nightclubs and Pastries.

"The spike in food deliveries is partly driven by an increase in the number of food delivery mobile applications," said Tony Ramy, Chairman of the syndicate.

Additional factors are driving the increase in deliveries. Ordering food to home is, for many people, less expensive. "Alcohol is a major component of a restaurant's bill," said Ra...

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Ethiopia reverses ban on workers with MOU. Salaries may rise

Ethiopia will reverse a ban it imposed on its citizens forbidding them from working in Lebanon, as it is expected to sign a new Memorandum of Understanding (MoU) with the Ministry of Labor (MoL) in two months.

The new agreement will include terms regarding the recruitment process, the labor contract, means of resolving conflicts between workers and employers, and a possible salary increase.

Ethiopia forbade its citizens from working in the country starting in November due to diffe...

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Areeba launches first digital and cashless society. Beirut Digital District promotes cashless culture

Areeba, working with Beirut Digital District (BDD), has launched the country's first cashless ecosystem by allowing BDD community members, through a mobile application, to make payments to individuals and entities operating within the community without the use of cash.

Mouhamad Rabah, General Manager at BDD, said that the application allows 1,500 members in BDD to digitize their payments. Nearly 25 percent of the members switched from cash to seamless mobile payments during a trial period...

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Housing Bank loans to reach $100 million in 2018. The bank exceeded its quota, provided its own subsidies

The value of loans granted by Banque de l'Habitat (the Housing Bank) in 2018 is likely to reach LL155 billion ($103 million), said Joseph Sassine Chairman of the bank.

"The Central Bank (BDL) has subsidized the interest rates of LL50 billion ($33 million) of these loans, which is our annual quota, and will subsidize next year another LL63 billion ($42 million) of the loans granted in 2018," Sassine said. The remainder of the loans provided in 2018, amounting to LL42 billion ($28 million) ...

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Carrosserie plant to open in Koura.

Top Cat Industries, a recently established company, has opened a vehicle body (carrosserie) factory in Bishmizzine (Koura) to be completed in 2020.

The metal shaping and fabrication shop is producing bodies for trucks, cars, tankers, buses, and other vehicles. Initial production capacity will reach 1,000 units per year.

The 6,000 square meters (m2) facility is built on a 12,000 m2 land plot. Investment in the project is $6 million.

The factory will create 200 full time jobs...

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Two restaurant clusters planned in Zahle and Saida.

Construction will start early next year on two restaurant clusters in Saida and Zahle.

The two projects are a joint venture between Venture Group, a hospitality concept development company owned by Marwan Ayoub and Rabih Saba, and a group of seven investors. Venture Group will develop the clusters over a period of two years, and will manage the projects once they open.

The project in Saida will be built on an 8,000 square meters (m2) land plot. The project faces Saida stadium and ...

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Lebanon Opportunities Awards for nine companies. Kassatly Chtaura is Company of the Year

Nine companies were awarded on Wednesday December 5th, for their astonishing achievements this past year, during the annual Business Opportunities in Lebanon conference, which attracted more than 1,000 participants.

The nine companies are:
Product of the Year: e-medco
Brand of the Year: Anghami
Entrepreneurship Program of the Year: Smart ESA
Real Estate Project of the Year: Mar Mikhael Village
Hospitality Project of the Year: Bkerzai
Green Project of the Year: Live Lo...

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Newly issued public debt yields to market conditions. New cabinet would be major first step to easing pressures

The banking system will be able to finance the external funding gap over the next two to three years with existing foreign exchange liquidity, according to a report by Goldman Sachs released this month.

This will be achieved through the financial engineering operations of the Central Bank (BDL), the U.S.-based global investment bank said in the report, titled 'How long can Lebanon finance its deficitsæ'

"Beyond [the three-year] time horizon, the risk of a forced external adj...

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Public debt to carry market interest rates. Interest rate on ten-year bills to rise three percentage points

The Central Bank (BDL) and the Ministry of Finance (MoF) have agreed to finance the State in 2019 through the banking sector at interest rates currently prevalent on the market, said Riad Salameh, Governor of BDL.

Interest rate on ten-year treasury bills will be raised to 10.5 percent. The yield on such bills was 7.46 percent at the end of September.

The Central Bank used to channel low-cost lending from banks to the State through swap operations. BDL was allowing banks to earn gen...

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National Library inaugurated today. To contain 300,000 books and 3,000 manuscripts

The National Library, located in Sanayeh, has been inaugurated.

"The Library will be open to the public next month once all the technical work is completed," said Hassan Akra, Director General of the library.

"Restoration works have been completed, old manuscripts have been moved from the port, and books have been placed on the shelves, ready for the opening," Akra said.

The National Library includes reading rooms, conference halls, and an events venue to host cultural activ...

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$563 million from UN to Lebanon in 2019. 22 percent increase

Lebanon will receive $563 million in aid from the UN next year, according to the updated UN Global Appeal 2019 report, which was released this month.

The UN's 2019 aid for Lebanon is 22 percent larger than the preceding year's support, which totaled $463 million, and was dedicated to the agency's cash assistance initiatives for refugees and vulnerable locals, such as the food e-vouchers program.

The funds will cover "the implementation of a lump-sum approach to multipurpose cash pr...

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Oven and heater factory in Jiyeh. Production capacity over 500 units per day

General MBA for Industry and Trade, a recently established company, will open a factory to produce ovens and heaters in Jiyeh in early 2019.

The 4,000 square meters facility will have a daily production capacity of 250 electronic heaters, 50 gas ovens, and 250 electronic ovens, which will be marketed under the brand names 'Centro' and 'Super General'.

"We will be producing private labels also," said Chadi Machmouchi, Chairman.

The company will target export markets such as...

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Tender launched for electronic stock exchange. Follows delay in privatization of Beirut Stock Exchange

The Capital Markets Authority (CMA) has launched a request for proposal for a tender to select an operator for its planned electronic trading platform (ETP).

The operator could be one company or a consortium of companies and the ETP will operate as a stock exchange in the secondary market, said Firas Safieddine, Vice Chairman of the CMA.

Interested parties will be given four months to submit their bids for the tender. Once an operator is selected it will be given six to nine months...

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Eight consortia bid for regasification units. Site will be in Selaata, Zahrani, or Deir Amar

Eight consortia presented their bids to participate in a tender for the import of a floating storage and regasification unit (FSRU), according to the Ministry of Energy and Water.

Some of the bidders are major oil and gas companies such as Shell, Rosneft, and Qatar Petroleum, and two of them, ENI and Total, have also won an exploration and production agreement for oil and gas.

FSRUs are offshore gas terminals that are connected to power plants. They take LNG in liquid form and exp...

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Beirut is the guest of honor at annual Barcelona festival. Local artists and performers to participate

The Municipality of Barcelona has chosen Beirut to participate in Barcelona's largest art and culture festival.

La Mercè, which is called the Festival of Festivals, has been an official city holiday since 1871. It runs on September 21 to 24, and will showcase audio and visual works, concerts, fireworks, human towers, and more.

"A delegation from the Barcelona Municipality visited the ministry, municipality, and governorate to inform them that Beirut was selected the gue...

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Credit Libanais gets $50 million senior loan from IFC.

Credit Libanais has obtained long-term financing from the International Finance Corporation (IFC) that it will use to provide loans to local Small and Medium Enterprises (SMEs), the two parties said in a joint statement.

The financing granted by the IFC, which is a member of the World Bank Group, comprises a senior loan of $50 million with a hedged fixed interest rate.

"IFC's financing package is expected to expand the SMEs lending by ten percent and the number of SMEs in Lebanon b...

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Shouf reserve added to global conservation list. Effective management maintains biodiversity

The Shouf Biosphere Reserve has been added to the International Union for Conservation of Nature (IUCN) Green List of Protected and Conserved Areas, a global standard recognizing best practices in protected areas.

It was one of 15 natural sites from Egypt, France, Jordan, Kenya, Mexico, Peru and the UAE that were added to the IUCN green list, bringing the total number of listed sites to 40. The list includes Wadi Al-Hitan in Egypt, the UAE's Al-Wathba Wetland Reserve, and Montague Island...

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Mimosa expands its facility in Kaa El Rim.

Mimosa, a sanitary paper manufacturer, will expand its facility in Kaa El Rim, to be completed in early 2019.

The 5,000 square meters expanded area will include space for production lines and warehouses. Production capacity will increase by ten percent.

The $2 million expansion will be partly funded by subsidized loans, according to Wissam Tannouri, CEO.

The expansion will create ten full time jobs. "The entire new production will be for local consumption," Tannouri said. ...

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3 million passengers at MEA in 2018. Company to sign codeshare agreement with Turkish Airlines

Middle East Airlines (MEA) expects its 2018 profits to be lower than the preceding year, but forecasts the number of passengers to reach 3 million by the end of the year, according to its Chairman Mohamad El-Hout.

"The company will achieve profits although they are smaller than last year, but we will be able to distribute $55 million in dividend to our shareholders," he said.

MEA distributed $550 million in dividends over the last ten years.

MEA plans to sign a codeshare ag...

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First animated film made in Lebanon. Movie produced by Beirut Cultural Festivals

Beirut Cultural Festivals is showing 'Alwan Beirut', the first animated film made in Lebanon in Cinema City in Beirut Souks.

The film's plot alternates between reality and illusion, incorporating advice, values, and culture. It aims to increase children's awareness and develop their imagination.

The film's production company, Beirut Cultural Festivals, covered the film's $500,000 production costs.

"The film was totally produced locally. It includes 400 songs, all of which ...

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Phoenician Funds invests in Bluering. Investment will enhance geographic expansion

Phoenician Funds, a local venture capital firm, has invested in Bluering to develop its products and expand geographically, said Fares Kobeissi, Chief Executive Officer at Bluering. The company specializes in commercial and retail credit rating solutions dedicated to banks and financial institutions.

Bluering confirmed that the investment was in the seven figures, raising its capital to a total of $2.3 million. In return, Phoenician Funds acquired a 20 percent stake in Bluering and a seat...

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Furniture factory to open in Nabatieh.

Free Line Trading, a recently established furniture manufacturer, will open a factory in Toul, Nabatieh early next year.

The factory will manufacture master and children's bedrooms, as well as television stands and media consoles.

The 4,000 square meters facility's initial monthly production is set for 50 master bedrooms and 50 children's bedrooms. The company plans to sell its products wholesale, with the majority of production slated for export to Côte d'Ivoire, Ghana, an...

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EU provides $114 million to support education. To enhance quality and cover enrolment fees

The European Union (EU) will provide €100 million ($114 million) to the Ministry of Education and Higher Education (MEHE) to ensure quality education for all children.

Around $90 million of the grant will cover students' enrolment fees in primary education, teacher's salaries, and parents and school funds to support the maintenance of public school infrastructure.

Another $12 million will be allocated to deliver the ministry's non-formal education programs.

Some $1...

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NGO consortium to implement water projects.

The EU Regional Trust Fund in Response to the Syrian Crisis (MADAD) has awarded $8 million to a consortium of three international NGOs to improve water and wastewater services across the country.

The consortium, dubbed Water Access and Development (WAAD), is tasked with providing local communities hosting Syrian refugees with improved water, sanitation, and hygiene infrastructure and facilities.

WAAD will have 25 infrastructure projects in Akkar, Bekaa, North, Mount Lebanon, South...

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$200 million plan to expand mobile network. 18-month plan will improve voice and data capabilities

The Ministry of Telecommunication (MoT) is expanding the country's mobile network to improve 3G and 4G coverage.

There will be an additional 900 3G/4G sites such as rooftop towers and greenfield towers in rural areas once the project is complete. Consumers and businesses can expect better coverage and improved voice and data services, said Salem Itani, Chief Technical Officer at Touch. There will be fewer dropped calls and data will stream more quickly.

Alfa and Touch will share e...

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103-room hotel opens in Ain Saadeh.

The Ray Hotel and Studios, a 4-star accommodation, opened last month in Ain Saadeh.

The 5,000 square meters (m2) project has 52 rooms and 51 studios, with dimensions ranging from 20 to 40 m2.

The hotel also has a restaurant, an outdoors swimming pool, and playground.

Rack rates start at $70 per night and go up to $120.

The hotel is owned by Alain Naddaf, and Samir Naddaf Construction Projects is the contractor.

The project created around 20 job opportunities...

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Zahle to still have uninterrupted electricity. EDL transfers will cover production to year’s end

Parliament approved on Monday a draft law to sign a two-year 'operations contract' with Electricité de Zahlé (EDZ) to continue providing the Bekaa city and its surroundings with 24 hours of electricity at a lower cost for consumers.

The draft law allows EDZ to continue to independently generate its own electricity after its concession expires at the end of 2018.

"Since it is unlawful to extend the concession of EDZ according to Article IV of the Electricity Law, we re...

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Industrial permits up by 45 percent. 139 licenses for new establishments

The Ministry of Industry (MoI) issued 476 industrial permits in the first six months of the year, a 45 percent increase compared to the same period last year. These include new establishment licenses, expansion approvals, exploitation permits, and renewals.

The MoI issued 139 licenses for the establishment of new factories. "Investors' appetite for putting money in the industrial sector is growing," said Dany Gedeon, Director General at the Ministry.

Food industries and constructio...

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Parliament allocates $50 million for Ministry of Public Health.

Parliament has approved a law allocating an additional $50 million for the Ministry of Public Health (MoPH) in order to cover several years of deficit that was incurred by subsidizing medication for chronic diseases.

The ministry subsidizes the cost of medication for chronic illnesses and cancer for around $7 million per year, according to Bahij Arbid, Advisor to the MoPH.

The MoPH is working for the medical assistant program with YMCA to provide medication to chronically ill pat...

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Parliament ratifies Tripoli Port development agreement.

Parliament has approved an $86 million finance agreement with the Islamic Development Bank for the development of Port of Tripoli (PoT).

The funds will be used to upgrade the port's infrastructure, which includes four kilometers of roads that connect the port with surrounding facilities, as well as a 70,000 square meters parking space for 230 trucks.

Networks for water, fire suppression, wastewater collection, rainwater, irrigation, electricity, and telecom will also be developed....

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Bank of Beirut buys Luxembourg bank. Assets of acquired bank total $291 million

Bank of Beirut (BoB) has signed an agreement to acquire Fortuna Bank, a Luxembourg retail financial institution with total assets of €257.1 million ($290.5 million) as of the end of 2017. Fortuna's portfolio of loans to customers increased six percent to nearly $229 million last year.

The conclusion of the deal requires the approval of the Central Bank (BDL) and of European regulators, according to a joint statement released by the two banks.

Fortuna Bank's top management and empl...

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Berytech in Amchit. Innovation center to open in Q1 2020

Berytech and Michel Issa Foundation (MIF) have launched 'Berytech Amchit', the first business innovation center outside Beirut.

Berytech Amchit will support area entrepreneurs in various fields including ICT, smart agri-food, renewable energy, ecotourism, and social entrepreneurs, said Maroun Chammas, Chairman and CEO of Berytech.

The Amchit location was selected for two major reasons. Ramy Boujawdeh, Berytech's Deputy General Manager, said that the area has a high population and ...

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79 illegal factories shut down due to license violations. 72 additional companies issued warning due to environmental violations

The Ministry of Industry has decided to close 79 illegal factories that are still operating without licenses, after several warnings were issued to 117 factories to get licensed, 38 of which complied.

"We support the ministry in the decision taken to close illegal factories. We are against the illegal economy," said Fadi Gemayel, Chairman of the Association of Industrialists.

The ministry has also warned 261 licensed factories to comply with environmental standards, of which 189 ...

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Achour denies ownership of Lycée Abdel Kader school. Beirut Municipality did not issue demolition or sale permit

"Achour Holding is not the new owner of Lycée Abdel Kader and does not intend to become so," said Manar Jaber, Sales Manager and spokesperson at Achour Development.

Media outlets reported that Achour Holding bought Lycée Abdel Kader, located near the Patriarchate area in Mar Elias, with the intention of demolishing the property and building a mall in its place. There were additional reports that Lycée Abdel Kader has rented the premises of Collège des Pè...

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Bank Audi to provide $200M for green energy projects. Audi secures $90 million from European Bank and $10 million from TaiwanICDF

Bank Audi said it will offer $200 million in financing for green energy projects. Ventures to be funded include projects that aim to reduce greenhouse gas emissions and improve energy efficiency.

Financing will be funded by a $90 million loan obtained from the European Bank for Reconstruction and Development (EBRD) and a concessional facility worth $10 million from the International Cooperation and Development Fund (TaiwanICDF). The remaining $100 million will be financed from Bank Audi'...

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Average maturity of deposits nearly quadruples in one year. Longer tenure reduces risks of bank runs

The average maturity of deposits has increased to 5.7 months, up from just 45 days before the resignation of Prime Minister Saad Hariri in November 2017. The average maturity had been stable at around 45 days for 20 years.

"The average maturity of deposits is still rising and the fact that depositors are engaging in longer maturities is a signal of confidence. A longer maturity also enables us to face any emerging crisis," said a source at the Central Bank. More than two-thirds of total d...

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Thyme exports doubled in one year. Significant amounts heading to US

Thyme exports jumped dramatically for a second year in a row. Shipments doubled in 2017, and demand continues to rise.

Exports of the herb jumped 110 percent last year to 136 tons compared to 2016, and increased some 40 percent in the first eight months of 2018, compared to the same period last year, according to Customs data.

Thyme is exported mainly to the Gulf countries as well as the United States, Australia, and Germany. "It is one of the most feasible crops currently," said ...

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Private club and restaurant to open in Naccache.

Le Mythe, a private club concept and restaurant, will open in the renovated villa Ayache in Naccache in late November.

The 30,000 square meters project will include a "private club for a select segment of social elites in the area," said Sandra Haddad, Partner and Consultant in the project. The club is designed to give business people and social figures a place for meetings and events.

Le Mythe will offer several venues and function areas, each with a special theme, as well as a f...

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Lira-dollar margin widens by 1.15 to three percent. Interest rates difference widest since 2005

The margin between the weighted average interest rate on lira deposits and that paid on dollar deposits widened by 1.15 percentage points to 3.03 percent in September, compared with a year earlier.

The margin paid on lira deposits vis-à-vis dollar deposits averaged 2.44 percent since 2011, according to the 'Lebanon Economic Monitor' report recently issued by The World Bank (WB).

The weighted average interest rate on lira deposits increased by 1.86 percent over the period of ...

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US sanctions against Iran will not affect local banks. Lenders are already in full compliance

Local banks will not be affected if SWIFT complies with U.S. sanctions against Iran, which have been put into effect.

SWIFT, the Society for Worldwide Interbank Financial Telecommunication, provides financial messaging services, such as money transfer instructions, between banks across the world.

Makram Sader, Secretary General of the Association of Banks, said that Lebanese banks don't have any correspondent relationships with Iranian banks. Local banks stopped de facto dealings e...

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Airbnb listings skyrocket in Beirut. Occupancy rate for apartments averaging around 55 percent

The number of Beirut properties listed on Airbnb has grown fourfold in the last three years, with listings jumping from 300 to nearly 1,200 offerings this year, according to the November issue of Lebanon Opportunities.

Renting apartments and rooms through the online platform has become an attractive business for investors. "Airbnb started with individuals listing their apartments, but it is becoming a business model, where professional management companies are leading the market," said El...

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The World Bank issues warning on risk profile. CEDRE a unique opportunity

The country's risk profile is rising sharply and the utility of some of the tools used by the Central Bank (BDL) to uphold the macro-financial situation is depleting, according to the 'Lebanon Economic Monitor' report for the fall of 2018 issued by The World Bank (WB).

The 'De-Risking Lebanon' report said that an improvement can be achieved when a new Cabinet is formed, especially if it quickly implements the commitments made at the CEDRE conference. "A critical first step is the formatio...

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Custom fees imposed on imported aluminum.

Custom fees on imported aluminum extrusions will be raised 14 to 20 percent depending on the producer, according to a decree issued by the Ministry of Economy and Trade.

The decision will go into effect once it is published in the Official Gazette, and will be enforced for a period of four months.

Aluminum extrusions are sold in various profiles and are used in windows, doors, and other structural applications.

Custom fees will be raised by 20 percent on products imported f...

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Offshore company law to allow single shareholders. Allows foreigners without work permit requirement

Parliament has reduced the minimum requirement to establish an offshore company to a single shareholder. The law used to require at least three shareholders.

Karim Daher, founding partner at HBD-T Law Firm, said that the sole shareholder in an offshore company benefits from the same liability protection that a joint-stock company offers its shareholders. The legal form of offshore companies is unchanged.

According to the new law's explanatory notes, the purpose of the amendment ...

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Transit taxes double for land exports between Syria and Jordan.

Transit fees on land exports through Syria and Jordan have more than doubled, from $800 to $1,800 per truck, following the re-opening of the Nassib-Jaber border crossing between Syria and Jordan two weeks ago, according to the Syndicate of Vegetables and Fruits Importers and Exporters.

Transit fees in Syria have increased by 450 percent, from $150 per truck to $800. Transit fees in Jordan have also increased, from $250 to $400.

Local farmers who wish to export to Jordan are also ...

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Factory profit margin average 15 percent net. Survey by Ministry of Industry

The net profit ratio from sales in the manufacturing sector averaged 15 percent in the past two years, according to a recent survey conducted by the Ministry of Industry.

The survey covered 1,975 agro-food companies, as well as steel, furniture, and chemical industries, of the country's 4,720 licensed factories.

Expenditures on fuel oil and electricity accounted for five percent of the total, with an average of $140,000 for each factory.

Salaries paid for full time employe...

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Sorting facility for apples in Bcharre.

Cedrine, a company which sorts packs, and markets apples will open this month in Beit Monzer, Bcharre.

The total built-up area of the sorting facility, including cold storage warehouse, is around 2,500 square meters (m2).

Tony Keyrouz, a major shareholder, has invested $1.5 million in the project. USAID funded around 70 percent of the machines' cost.

The project will create around 50 jobs.

The facility has the capacity to sort seven tons of apples per hour. "We wi...

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Lloyd’s to appoint local brokers. Facilitating access to specialist underwriting expertise

Lloyd's underwriters will start to appoint accredited brokers to write reinsurance business, according to the Insurance Control Commission (ICC).

Lloyd's is an international specialist insurance market, where more than 50 insurance companies, 200 registered brokers and a global network of over 4,000 brokers operate.

Local access to this market was previously available through Dubai and Cyprus.

Intermediaries should be licensed by the ICC and should go through the Lloyd's bro...

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Smallest banks have highest growth in assets. Loans to customers surge 59 percent

Consolidated assets of the country's smallest banks soared 31.4 percent year-on-year to $3.19 billion in 2017, mainly driven by a sharp increase in loans, according to Bilanbanques, a report issued by Bankdata Financial Services.

This group of banks, dubbed 'Delta', includes 21 banks with deposits of less than $200 million each. Most of them are investment and specialized banks as well as some local subsidiaries of foreign banks.


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