IDAL increases financial incentives to exporters. Export subsidy program renewed

The Investment Development Authority in Lebanon (IDAL) has increased the financial incentives of its Agri-Plus program. The program supports agricultural and industrial exporters.

IDAL increased the subsidies by 15 percent. It also increased the financial incentives to products exported to Jordan by 43 percent.

IDAL's financial incentives are based on the type of product, destination, and quality of packaging. IDAL divides export destinations into four zones. Zone A includes near...

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Customs terminates car stamping.

Customs has ceased stamping imported used cars with identifying numbers as part of an effort to reduce red tape, according to the Customs General Director Badri Daher.

The stamping process entails engraving serial numbers on the chassis and engines of used cars, as well as new cars that do not have numbers. It required stamping the customs declaration number, abbreviation of the port's name and the year the car was imported.

"Cars stamping is a local invention," Daher said. "It ad...

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Exploration plan for oil and gas approved. Activities, roadmap, and locations have been set

The Ministry of Energy and Water (MoEW) has approved an exploration plan put together by the oil and gas consortium Total, Eni, and Novatek.

The consortium, which was granted the right to drill in blocks 4 and 9, had 60 days from the date it signed a contract with the State, to deliver the plan for each block. The Lebanese Petroleum Administration (LPA) had 60 days to study and amend it.

The plan sets out the main petroleum-related activities to be carried out by the consortium. Th...

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Labaki’s film rights sold in 60 countries. Initial cost of Capharnaüm already covered

Nadine Labaki's film 'Capharnaüm', which earned the Jury Prize at the 71st edition of Cannes Film Festival, has achieved huge commercial success.

The film was produced by Mooz Films, a recent company established by Khaled Mouzanar. He said that another company named Capharnaüm Films bought the rights from Mooz films for worldwide distribution. This company is owned by a group of investors that includes Akram Safa and Cedrus Bank, among others.

The film's budget was $4 mi...

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540 MW Deir Ammar plant turned into a BOT agreement. Will be operational in two years

The Cabinet has agreed to turn an agreement to develop a power plant in Deir Ammar into a 'long-term Power Purchase Agreement' with Greek Cypriot firm JP Avax, which won the tender more than four years ago. The new deal is tantamount to a 'Build Operate Transfer' (BOT) agreement.

Under the terms of the BOT agreement, which expires in 20 years, the government will purchase electricity at 2.95 cents per Kilowatthour (Kwh). Cesar Abi Khalil, Minister of Energy and Water, said: "We lowered th...

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$53 million for 58 tech upstarts. New funds and accelerators are shoring up the sector

Last year, 58 tech startups were established, with a total funding value reaching $53 million. This is a more than six-fold increase, from $7 million and 11 startups in 2013.

According to Azza Yehia, Research and Data Director at ArabNet, the number of deals increased every year, totaling 162 startups in four years.

Seven new funds and accelerators were initiated between 2017 and today. This is an almost 25 percent share of all new funds in the MENA region. The new funds, in addit...

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13 consortiums prequalified for regasification units. Each may cost up to $400 million

The Ministry of Energy and Water launched a Request for Proposals for the purchase of Floating Storage and Regasification Units (FSRUs), after 13 international and local consortiums prequalified to participate in the tender.

The Council of Ministers had ratified the terms of reference for the FSRUs, which were purchased by 96 companies.

Prequalified companies will have 120 days to prepare their bids. The Ministry will then evaluate the bids and bring them to the Council of Minister...

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Tax-related info to be provided to 27 countries.

The Ministry of Finance has set a list of 27 countries to which Lebanon must provide information for tax purposes. The data pertains to 2017 and will be provided this year.



Parliament ratified the tax information exchange law in 2015. The following year, the country declared its commitment to the international standard of automatic exchange of finan...

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42 bidders for wind generation tender. Siemens and General Electric expressed interest

A total of 42 Expressions of Interests (EoIs) were received by the Ministry of Energy and Water for the generation of 300 megawatts (MW) of wind power.

This is the second round of the tender to develop wind farms. The first was won last year by Hawa Akkar, Sustainable Akkar, and Lebanon Wind Power for the production of 200 MW.

The new EoIs, according to the Lebanese Center for Energy Conservation (LCEC), include companies from 21 different countries, with local firms leading the wa...

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Direct MEA flights to Madrid next month.

Middle East Airlines has launched a new direct flight route between Beirut and Madrid, Spain.

Flights will commence on June 16 with three flights per week on Mondays, Thursdays, and Saturdays. Ticket prices starts from $550. The route will serve passengers coming from South America.
...

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$18 million in grants for rural infrastructure.

Agence Française de Developpement (AFD) has granted the Council for Development and Reconstruction (CDR) and Ministry of Agriculture €15 million ($18 million) to finance infrastructure within rural areas.

Olivier Ray, Director at AFD, said that the grant covers a three-component plan including short, medium, and long-term projects. The financing scheme will run over the long term, until 2022.

Ray said that AFD aims at improving the infrastructure of vulnerable and remote loc...

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Import barriers imposed on some consumer products. Clothing, food, confectionary, and detergents affected by new measure

The Cabinet approved the Ministry of Economy and Trade's request to take protective measures against imported products that compete with similar local products.

Alia Abbas, Director General at the Ministry, said these protective measures will include banning the entrance of some products, referring the imported goods to the Custom's red line for further inspection, or imposing customs fees.

The Cabinet agreed to ban the import of some kinds of detergents that are entering from co...

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Privatization Council appoints international tendering advisors. $4 billion projects in airport, highway, and data centers

The Higher Council for Privatization (HCP) has signed contracts with International Finance Corporation (IFC), European Bank for Reconstruction and Development (EBRD), British firm Solon, and French firm KPMG, as international advisors.

The IFC was appointed as transaction advisor for the project to expand Beirut Rafic Hariri International Airport to receive 20 million passengers.

The EBRD is the transaction advisor for the development of Khalde-Nahr Ibrahim Highway.

Solon an...

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Second oil licensing round by year end. Good appetite from international companies

The Ministry of Energy and Water is preparing to launch the prequalification period as part of the second oil and gas licensing round by the end of 2018 or early 2019.

"Oil companies should know from now about the second round so that they secure personnel and budgets when they are planning the annual budget," said Cesar Abi Khalil, Minister of Energy and Water (MoEW). The decision to open a second round was encouraged by the rising oil prices.

The Lebanese Petroleum Administratio...

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Raoul Nehme named top gun at Bankmed. Second managerial change this year

Raoul Nehme has been appointed as Executive General Manager of Bank Med. He is replacing Mohamed Ali Beyhum who is leaving the bank. Beyhum has been in the position since 2010.

Nehme, who will take charge of his new job in June, was Chairman of the Executive Committee of ASTROBank in Cyprus. He was previously General Manager of Holding M. Sehnaoui which is one of the major shareholders in ASTROBank. Prior to that, Nehme was General Manager of BLC Bank in which Holding M. Sehnaoui also own...

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102-bed Hospital in Hermel.

Construction works for Al Shafi Hospital in Hermel will start in July, to be completed in 2020. The hospital is owned by Ali Taha.

The total built-up area of the hospital is 4,350 square meters (m2), and the land plot measures 10,000 m2. It will include 102 beds.

Taha gained a license from the Ministry of Public Health to build a first category hospital which provides all medical services, including surgeries, emergency care, a radiology department, and laboratories.

Al S...

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$200 million financed by European Bank. Energy and infrastructure projects are targeted

The investments made by the European Bank for Reconstruction and Development (EBRD) will reach more than $100 million in its first year of operation in Lebanon, according to Alain Pilloux, EBRD's Vice President for Banking. The bank plans to double this amount next year and has ambitious plans for the future as there is no upper limit for its investment, Pilloux said.

Locally, EBRD has so far invested $75 million.

The multilateral bank plans to finance projects in the energy secto...

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Private industrial zone to be developed in Shouf. To include agro-industrial enterprises and agricultural lands

The Iklim Fund for Development and Innovation has launched the Iklim Economic Zone in the Shouf. It is expected to be completed in early 2019.

The Iklim Fund was established by the Lebanon Fund for Development and Innovation (LFDI), in collaboration with the local community and the private sector in the region. LFDI is chaired by Marcel Daoud.

Subscriptions to the Iklim Fund are ongoing. The fund will establish a management company to operate the project.

The total area of ...

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Gastrodiplomacy initiative launched.

The Ministry of Foreign Affairs launched the Gastrodiplomacy Initiative today during the Lebanese Diaspora Conference.

Gastrodiplomacy aims at highlighting local cuisine and products, and marketing agro-industrial produce and restaurants in the countries that host Diaspora communities. The Initiative also aims at maintaining the quality of food and services provided by Lebanese restaurants abroad.

Ambassadors, Councilors, and Commercial Attachés are required to help restau...

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Residences are highest consumers of electricity. Cooling and lighting are Watt guzzlers

The residential sector represents 30 percent of total electricity consumption, according to The First Energy Indicators Report released by the Lebanese Center for Energy Conservation (LCEC).

The residential building sector is followed by the commercial sector, which accounts for 27 percent of demand, then by the industrial sector (19 percent), and health and education (16 percent).

Sorina Mortada, author of the report and LCEC consultant, said: "There has been a large increase in ...

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$2 billion in Eurobonds for sale by the Central Bank. To be issued within one year

The Central Bank (BDL) plans to sell Eurobonds worth up to $2 billion over the next 12 months, according to Riad Salameh, its governor. Buyers would mainly be local banks.

The bonds, denominated in US dollars, would be sold in tranches ranging between $500 million and $1 billion.

Salameh said that Lebanese Eurobonds are undervalued and that they generate high yield on the secondary market. He said that the government does not intend to sell Eurobonds directly on the market but it i...

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Mixed-use cluster inaugurated in Naccache.

Tap Food, a recently established company, has inaugurated 'Zero 4', a mixed-use cluster in Naccache.

Alain Hadife, founder of the wedding planning company, Caractère, is the major shareholder.

The land plot is 20,000 square meters (m2) in size, and the built-up area is 2,600 m2.

Investment in the project is $6 million, excluding the cost of the land, which is leased.

The cluster comprises 14 restaurants and coffee shops, including Onno Bistro, BRGR.Co, Paul, ...

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Banks to subsidize pre-approved housing loans. Mortgages from before March 15 can benefit

The Association of Banks (ABL) said it has asked the banks to bear the subsidy costs of already approved housing loans until the end of 2018. Loans accepted by the banks and submitted to the Central Bank (BDL) before March 15, 2018 will benefit from the banks' support.

A banking source said that an agreement has been reached between the banks and BDL in this regard. The source said that the value of these loans is estimated at around $300 million.

BDL will take over for the year 20...

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Remittance inflows rise to $8 billion. Saudi Arabia remains the top source at 20 percent of the total. USA ranks second

Remittance inflows are estimated to have risen 4.6 percent in 2017 to $7.95 billion, according to the World Bank's Migration and Development Brief released in April.

Remittances account for 15 percent of GDP, the second highest ratio among major remittance receiving countries in the Middle East and North Africa (MENA) region.

The increase in remittance inflows represents an improvement from the 1.7 percent growth recorded in 2016.

Economist Samir Nasr, Chairman of ECE Capit...

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Tourism total output $9.4 billion in 2017. Six percent growth expected this year

The contribution of travel and tourism to GDP was $9.4 billion last year, representing 18 percent of GDP, of which $7 billion were generated from foreign visitors, according to the World Travel and Tourism Council (WTTC).

The total amount includes direct contributions represented by subsectors such as hotels, travel agents, airlines and other passenger transportation, and other indirect contributions from investment and the supply chain.

The direct contribution of travel and tour...

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Financial crimes on the rise 597 cases reported. Embezzlement is the most reported crime

The number of money laundering and terrorism financing crimes reported to the Central Bank's Special Investigation Commission (SIC) increased 27 percent to 597 cases in 2017.

Nearly 80 percent of the cases were reported by local entities with the remaining 20 percent received from foreign entities.

The SIC has so far investigated 514 of these cases, or 86 percent of the total. It has referred 250 of the investigated cases to the General Prosecutor and to requesting authorities. The...

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Industrial zone by Chmistar Municipality.

Works have started on 55 warehouse structures.

The project is being implemented by the municipality of Chmistar. Task Engineering Contractors will be overseeing and managing the project.

The land plot is 30,000 square meters (m2) in size. It will comprise 55 warehouses with parking for cars, each of which includes a mezzanine with a total space of 120 m2. The project will also encompass factories that will be built as hangars upon demand.

Abdallah Tfaili, Deputy Mayor of Chm...

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Ramco picking up Beirut trash as of May. Treatment of refuse coming up next

A joint venture between local firm Ramco Trading and Contracting and Turkish firm Altaş Temizlik has started garbage collection, transport, and road sweeping operations in Beirut.

The company won the tender, held by the Municipality of Beirut, for $70 million over a period of five renewable years.

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

The company has taken over operations from Sukleen, a company under the Averda umbrella, and which had been in charge of roa...

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Employment program for infrastructure launched. ILO and UNDP target refugees and host communities

The International Labor Organization (ILO) has partnered with United Nations Development Program (UNDP) to launch the first phase of the Employment Intensive Infrastructure Program (EIIP). The program falls under the government–led crisis plan for 2017-2020.

The aim is to offer job opportunities for both locals and Syrian refugees.

Tomas Stenstrom, Chief Technical Advisor and team leader of the project from ILO, said that Phase I is funded by The German Development Bank (KFW) and ...

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