Touch launches ‘Innovation Lab’ initiative.

Touch, the mobile telecom operator, launched its Touch Innovation Program (TIP) to select potential entrepreneurs and enhance their potential.

TIP partners with Arabnet and Antwork to provide mentorship and working space.

Nadim Khater, Chief Commercial Officer at Touch, said that this project moves in parallel to the digital transformation plan within Touch. This plan includes partnering with content providers for a shared revenue model. Among the recent partners, Touch had teame...

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Six-month payback in UNIDO-IRI green program.

The United Nations Industrial Development Organization (UNIDO) announced the first results of the 'MED Transfer of Environmentally Sound Technology (TEST) II' project that was launched in 2015. The program aims at assisting industrial companies in switching to sustainable consumption and production. Practical results from eight factories that applied to the project have resulted in a saving of over €1.6 million ($1.9 million) annually.

TEST II addresses rising energy raw material costs b...

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Too many universities?. 200,000 students, up more than 40 percent in a decade

The number of students in private universities reached 125,000 in the school year 2016-2017, registering a 43 percent increase in ten years, according to the Center for Educational Research and Development (CERD).

The number of Lebanese University (LU) students registered only increased by three percent in ten years, reaching 75,000 last year.

There are currently 49 private universities and colleges, increasing from 38 in 2009. There are an additional 50 branches spread across th...

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Mohamed Choucair elected Chairman of Economic Bodies. Succeeding Adnan Kassar

Mohamad Choucair, Chairman of the Federation of Chambers of Commerce, Industry and Agriculture in Lebanon, was handed over the chairmanship of Economic Bodies, succeeding Adnan Kassar, Chairman of Fransabank Group.

Representatives from all economic sectors confirmed their support to Choucair.

Kassar said: "Choucair proved that he is a leader who is able to launch initiatives and handle all the responsibilities, and support the economic bodies' role in economic and social issues. ...

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Minor Hotels to manage Oaks Beirut.

Minor Hotels, an international management chain, will manage a hotel owned by Allied Investment Group, a hospitality company, previously known as Hotel de Ville. As of June the hotel will operate under the brand name Oaks Beirut.

Allied Investment, owned by Joseph Nemer, is in the process of renovating the 4A-star hotel. The hotel, which closed last October, was managed by Golden Tulip.

Investment in the renovation is $5 million. Renovia Beirut, owned by Greco Younan, is renovati...

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Central Bank to inject another $1 billion stimulus. New modified package will be launched next week

Next week the Central Bank (BDL) is scheduled to launch a new stimulus package of around $1 billion to subsidize housing loans and loans provided to the productive sectors, according to Wael Hamdan, Head of BDL's Financing Unit.

There will be some modifications to the new package but they are not major changes, Hamdan said. Interest rates will be raised slightly. The Public Corporation for Housing (PCH) will have the lion's share of this support, according to Hamdan. Banque de l'Habitat ...

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Public entities to cut spending by 20 percent. Wages and related costs are excluded

The Prime Minister has instructed all state departments, public institutions, and other entities financed through the public budget to reduce their cost projections for the draft budget of 2018 by 20 percent.

The decision is part of the government's financial policy that aims to rationalize spending and rein in public finance.

Salaries and related costs are excluded from the budget cuts. The concerned entities should resubmit their reduced draft budgets within two weeks to the Mini...

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Inflation up 4.5 percent. Driven by commodity prices, higher euro

The annual inflation proxy rate increased to 4.48 percent in 2017 from -0.82 percent in the previous year, according to the Central Administration of Statistics (CAS).

The Consumer Price Index (CPI) rose five percent in December compared with the same month in 2016. The prices of all categories of goods and services that compose the CPI increased over the same period.

The Institute of International Finance (IIF) said in its 'Economic Views' report released in December: "Inflationar...

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IFC funds EIP $60 million for SMEs. To invest in 18 industrial, agriculture and trade sector companies

The EIP Levant Fund, which was established and is managed by Emerging Investment Partners (EIP), a Beirut-based private equity fund management company, has received commitments to become shareholders in its capital from the International Finance Corporation (IFC), and Dutch Good Growth Fund (DGGF).

The value of the fund is between $50 and $60 million. The first phase of subscriptions will be closed in the first quarter of this year.

The fund will employ its capital in the coming ...

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Banks required to submit strategic plans. To be submitted regularly to Banking Control Commission

The Central Bank's Banking Control Commission (BCCL) has asked all banks to prepare strategic plans and related action plans, according to BCCL's circular no 292.

The banks must update these plans at least once a year and when needed. They should submit them annually to the BCCL before the end of January.

The action plans are used to execute the bank's general strategy.

The strategic and action plans must cover a period of at least three years. They should also encompas...

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Shoura court suspends Fiber network licenses. GDS and Connect

The State Council (Shoura) ruled in favor of an objection and suspended a license awarded by Ministry of Telecommunications (MoT) to GlobalCom Data Services (GDS) and Connect. A ministerial decision in 2017 allowed the two companies to deploy private fiber optics networks in specified dense geographic locations as a part of the 'Fiber-to-the-home' (FTTH) project.

Jamal Jarrah, Minister of Telecommunications said that MoT will abide by the initial verdict and temporarily suspend the licens...

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Beirut Port hub for Hamburg Süd.

The German container shipping company Hamburg Süd has adopted Port of Beirut (PoB) as a transshipment hub for its operations in east Mediterranean.

Samir Moukawem, chairman of Sealine Group and Hamburg Süd's official local representative, said: "The shipping company decided to use the port as a hub to Lattakia and east European ports because it foresees a good future in Syria and the region."

Large vessels used to carry up to 7,000 Twenty Foot Equivalent (TEU) containers ...

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Incubator launched at Rafik Hariri University.

The Maria Goeppert Mayer Incubator (MGMI) will be launched today at the Rafik Hariri University (RHU) in Mechref.

MGMI is the result of cooperation between local partners and German Embassy to transfer hi-tech knowledge to local startups. It will link local technology ideas with German knowhow.

Ayman Chehade, initiator of the project and Director of the MGMI, said that the incubator will be affiliating with the Innovation Center, which is a German governmental institution that ai...

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24-hour electricity in Beirut next year. Tender to be launched in February

The Municipality of Beirut is preparing to provide the capital with 24-hour electricity next year, said Jamal Itani, Chairman of the Municipal Council.

Beirut needs between 150 and 200 megawatts to cover the daily blackout of four and a half hours on average.

"We have contacted Electricité du Liban (EDL) and the Ministry of Energy and Water, who responded positively to our proposal," Itani said.

The terms of reference will be completed by the end of the month and the ...

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Small cars behind auto sales increase. Dagher Hayek group holds more than a quarter of market share

Sales of new cars showed a 2.5 percent increase during 2017 where 39,863 private and commercial vehicles were registered.

Sofidal Holding, the official name of the Dagher Hayek automobile businesses, controls an almost 27 percent share of the car market. Its NATCO Company, distributing KIA, has a 19.12 percent market share. Other companies within the group distribute Citroën, Peugeot, Mitsubishi, Suzuki, and the Chinese brand BYD.

RYMCO, dealer of Nissan, GMC, Infiniti, Lada,...

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Property sales top $9 billion. Better activity in Kesrouan, Zahle

The value of real estate transactions went up 24 percent compared to the year before, according to the Real Estate Registry. Sales totaled $9.4 billion in 2017.

The number of real estate transactions totaled 80,823, recording an increase of 26 percent. This makes the average price per transaction $116,300, almost stable compared to last year.

These transactions represent property registrations. The sales contracts could have been signed years ago.

Georges Maarawi, Director G...

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McKinsey to help set economic vision. Idiots and geniuses battling it out

The Cabinet has assigned McKinsey the task of helping the country formulate an economic policy in cooperation with the relevant ministries and other entities, said Minister of Economy and Trade Raed Khoury.

A six-month agreement was signed with the international consultancy firm to conduct a study which will cost $1.4 million.

According to Khoury, the major aim of the economic policy is to define a suitable economic model for Lebanon and to identify economic sectors with value-adde...

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Transshipment up following two-year dip. Port of Beirut sees stable revenues

Transshipment of goods went up 40 percent in 2017 compared to the year before, according to statistics published by the Port Authority of Beirut (PoB).

The past two years have seen mergers in shipping lines because of the sluggish world economy. Giant transshipment companies like CMA CGM and MSC had, as a result, moved fewer transshipped goods during the last year. This is reflected in PoB's activity.

According to the Beirut Container Terminal Consortium (BCTC), MSC has restarted w...

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Tourist tax free spending is growing. Verdun is a growing destination

Tax free spending increased by 5.5 percent over the last year compared to 2016, according to Global Blue's report: Globe Shopper Spending Insights 2017. The report accounts for VAT refunds that occur at Beirut Rafic Hariri International Airport and other borders.

This increase comes after a nine percent drop in 2016 compared to 2015.

Joe Yaccoub, Managing Director at Global Blue Lebanon, said: "Activity was promising in the first nine months. Expectations were for double digits du...

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Banks barred from insurance. Brokers are likely to benefit most

The Central Bank (BDL) has instructed banks and financial institutions not to engage in insurance or reinsurance activities or market and advertise insurance contracts.

Insurance companies owned by banks can continue their business operations as usual but they cannot market their deals through the banks.

BDL said that the banks and financial institutions are also prohibited from allowing representatives of insurance companies to have a work space on their premises.

A numb...

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Music conservatory launched.

A project for the development of a music conservatory in Dbayeh has been launched.

The project will be financed by a grant from the Chinese government, totaling $35 million.

The Chinese will design and develop the National Conservatoire for Music, which will include several music halls for training purposes, as well as an amphitheater for concerts, with a capacity of 1,400 seats.

The project will be built on a land area of 15,000 square meters.

The Council for Devel...

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Virgin Megastores only in large malls. Opera flagship closes down

The iconic Virgin Megastores branch at the Opera House building in Beirut Central District has closed down. The decision was taken as part of the company's strategy to shift operations from retail streets to malls, according to former minister Marwan Kheireddine, the major shareholder of Megastores of Lebanon, the local franchisee.

Kheireddine said: "The trend in shopping has moved from standalone shops to malls. The second reason is because there is lack of demand for CDs and DVDs." List...

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Central Bank assets rise 16 percent. Loans to financial sector double to $12.7 billion

The total assets of the Central Bank (BDL) grew to $118.3 billion at the end of 2017, rising by $15.9 billion or 16 percent compared with a year earlier, according to BDL's data.

Deposits by the financial sector surged over the same period by $13.3 billion, or 16 percent, to $97.5 billion. The banks' deposits at BDL include a variety of items such as lira and dollar deposits, reserve requirements, and certificates of deposit (CDs).

The Central Bank's loans to the financial sec...

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EDL workers to benefit from new salary scale.

An agreement was reached between workers at Electricite Du Liban (EDL) and the organization's management. Workers suspended protests after the agreement.

EDL will deal with the contracted workers according to Labor Law 46 and will consider them as public sector employees. They will be given appropriate ranks and pay grade improvements. The basic salary to be considered regarding any increase is that of 2008, as for all other public sector servants.

Bechara Al Asmar, Chairman of...

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Trading volume down on Beirut bourse.

The daily average value of shares traded on the Beirut Stock Exchange (BSE) dropped 21 percent in 2017 to $3.15 million compared with the previous year, according to data provided by Blominvest Bank and the BSE.

The decline was mainly driven by an exceptional deal on the common shares of BLOM Bank on March 1, 2016 resulting from the liquidation of AZA Holding which owned shares in the bank. The transaction, valued at $192.6 million, involved the transfer of the ownership of nearly 20.1 mi...

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Unchaining Beirut Central District. Public-private sectors unite to revive commercial center

Speaker Nabih Berry announced yesterday lifting the security barricade surrounding Nejmeh Square and locking off key commercial streets in Beirut Central District.

The private sector has welcomed the initiative that was driven by Prime Minister Saad Hariri's successful New Year's Eve party in Nejmeh Square. The party has brought together over 15,000 spectators and attracted international acclaim.

Both the private and public sectors have started devising measures to bring back shop ...

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End of Debbas contract for South and Suburbs. Electricity service provider pressured to subcontract

National Electric Utility Company (NEUC), the electricity service provider operating in the southern suburbs and the South, announced that it has ceased operations.

NEUC's contract expired at the end of the year. The company asked citizens to contact Electricité du Liban (EDL) for new requests.

NEUC is a subsidiary company of Debbas. It is one of three private service providers tasked with maintenance, bill collection, and installation of smart meters on behalf of EDL.

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