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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