France satisfied with infrastructure program. Skepticism among CEDRE’s donors has risen but they remain ready to help

French President Emmanuel Macron is satisfied with Lebanon's progress on starting an infrastructure investment program, said the office of Prime Minister Saad Hariri, following a phone conversation between the two leaders.

This statement came after Pierre Duquesne, a French envoy representing donors of the CEDRE conference, said that the Lebanese authorities need to speed up reforms, pass the 2020 budget this year, and set the priorities for the 250 infrastructure projects that will be fi...

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Over 300 new real estate projects. Mazraa the best performing region

Since 2018 more than 300 real estate residential building projects have been launched. In 2018 there were 263 new projects underway and 51 have been launched in the first six months this year, according to 'Still Building Apartments', an article published in the September issue of Lebanon Opportunities.

The projects tend to be smaller than in previous years in terms of both the number of units and their size. Around 80 percent of the new projects launched since 2018 are of less than 25 un...

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$1.3 billion in subscriptions to investment funds in 2018.

Subscriptions to local and foreign investment funds dropped by $371 million, or 22 percent, to $1.32 billion in 2018 compared with the previous year, according to the Annual Report of the Capital Markets Authority (CMA).

The number of subscribers fell by 12 percent, to around 8,100 subscribers.

The number of the funds, also known as collective investment schemes (CISs), increased 24 percent, to 651 CISs.

Subscriptions to local funds plunged by $259 million, or 33 percent, ...

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Dehydrated chips factory to open in Jezzine.

Agro Food Industries, Trading, and Technologies (Agrofitt) will open a chips factory in Al Bayader, Jezzine late this month.

Agrofitt will produce a diversified line of dehydrated chips from several types of fruits and vegetables, starting with apples and bananas. There will be several flavors from each product.

The company in collaboration with Saint Joseph University (USJ) has worked on developing the products. "All the experimental tests of the products were conducted in the u...

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Green industrial incubator opened in Roumieh. Project capable for 40 green start-ups and small enterprises

Fondation Diane has launched 'Raymondo' a green industrial incubator in the industrial zone of Roumieh.

Raymondo has a total built-up area of 3,000 square meters (m2), which can fit up to 40 start-ups. "The project will be a platform for start-ups who have creative eco-friendly industrial ideas that can be developed," said Lara Blake, Operation Director at Fondation Diane.

The incubator will also comprise a research and development space and basic equipment and machinery that can...

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State of Economic Emergency declared by political parties. Decisions include cutting deficit and selling part of public companies

Top State officials and political and financial leaders have agreed on the broad lines of a three-year economic emergency plan that aims to reduce the fiscal deficit and speed up the implementation of capital investment projects, according to Prime Minister Saad Hariri.

The leaders have approved a medium-term fiscal framework over the three-year period 2020-2022 that aims to achieve an annual primary budget surplus of at least three percent, four percent, and five percent of GDP over each...

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Central Bank’s gold reserves jump 26 percent in 12 months. Improvement driven by surge in global prices

The value of the gold reserves held by the Central Bank (BDL) surged 26 percent to $13.9 billion by mid-August 2019 compared with a year earlier driven by a sharp rise in global gold prices, according to BDL data.



The spot price of an ounce of gold jumped to $1,520.40 on August 15, from $1,178.3 a year earlier, according to the London Metal Exchange. The ...

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Deposits are secure at Jammal Trust Bank. Liquidity is available to meet the needs of legitimate accounts

All lawful deposits with Jammal Trust Bank (JTB) remain secure until their maturity date and liquidity is available to meet the needs of the bank's legitimate depositors, said Riad Salameh, Governor of the Central Bank (BDL).

Salameh's statement came following an announcement by the U.S. Department of the Treasury that its Office of Foreign Assets Control (OFAC) has sanctioned JTB, alleging that it knowingly facilitated banking activities for Hezbollah.

JTB said: "In the days to co...

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Central Bank’s reserves up $1.4 billion in two weeks. Growth comes from non-resident private sector depositors

The foreign exchange reserves of the Central Bank (BDL), excluding gold, increased by nearly $1.4 billion during the second half of August to reach $38.7 billion at the end of the month, according to Riad Salameh, Governor of BDL.

This increase is due to the influx of deposits from the non-resident private sector directly to BDL and not the result of deposits by any foreign state or any international entity, he said.

This reflects depositor confidence, strengthens the stability of ...

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Bidding for wind farm tender to launch by end of September.

The Ministry of Energy and Water (MEW) is scheduled to deliver on Sept. 27 the request for proposal (RFP) documents to companies and consortiums that have submitted their expression of interest (EOI) for the second round of bidding for wind farm projects, said Pierre El Khoury Director General of the Lebanese Center for Energy Conservation (LCEC).

The projects involve building and operating wind farms across the country to generate 500 megawatt (MW) of electricity, Khoury said.

The...

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Bidding for wind farm tender to launch by end of September.

The Ministry of Energy and Water (MEW) is scheduled to deliver on Sept. 27 the request for proposal (RFP) documents to companies and consortiums that have submitted their expression of interest (EOI) for the second round of bidding for wind farm projects, said Pierre El Khoury Director General of the Lebanese Center for Energy Conservation (LCEC).

The projects involve building and operating wind farms across the country to generate 500 megawatt (MW) of electricity, Khoury said.

The...

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Bidding for wind farm tender to launch by end of September.

The Ministry of Energy and Water (MEW) is scheduled to deliver on Sept. 27 the request for proposal (RFP) documents to companies and consortiums that have submitted their expression of interest (EOI) for the second round of bidding for wind farm projects, said Pierre El Khoury Director General of the Lebanese Center for Energy Conservation (LCEC).

The projects involve building and operating wind farms across the country to generate 500 megawatt (MW) of electricity, Khoury said.

The...

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Public parking in Mufti Hassan Khaled Public Park.

Work on building a public parking lot below the Mufti Hassan Khaled Public Park project in Talet Al Khayat has started.

The project aims to build a parking lot of four underground levels which will accommodate 440 cars, in addition to 69 above ground parking areas. The park will undergo a rehabilitation process, as the uprooted trees will be replanted, according to the Beirut Municipality.

The demolition work in the park commenced last week.

Supervised by the Council of D...

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IDAL exempts IT firms from NSSF fees. Up to 15 employees per company eligible

Telecom and IT companies that qualify for incentives from the Investment and Development Authority in Lebanon (IDAL), can become exempt from paying employee subscription fees to the National Social Security Fund (NSSF).

IDAL will pay the NSSF subscription fees for up to 15 employees per company.

IDAL has prepared the implementation decree and referred it to the Cabinet. The law will come into effect once it is signed.

IT and telecom companies that are expanding their busin...

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Public wages soar 18 percent to $6.4 billion.

The State's total personnel cost including social benefits, retirement and end of service indemnities, surged by 18 percent in 2018 to $6.4 billion, according to the Ministry of Finance (MoF).

The cost grew by a compound annual growth rate of 8.4 percent over the period 2011-2018.

The $1 billion jump in costs seen in 2018 was mainly driven by the new salary scale granted to public sector employees in August 2017 and which took full effect in 2018. The salary scale only had a partia...

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Jounieh Highway expansion starting. The project will finish in 30 months

The expansion of Jounieh Highway will start before the end of the year, according to Ramzi Salman, CEO of Société D'Entreprises Abdul Rahman Hourie, the company which won the tender along with Consolidated Engineering and Trading (CET).

The highway will be expanded to new width of 50 meters. It will include three lanes plus one safety lane in each direction. It will cover 10.5 km of the highway from Nahr El Kalb to Tabarja.

The cost of the project is EUR48 million (...

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Restaurateurs’ eyes are on Mina El Hosn. Ten restaurants opened recently and more to come

Mina El Hosn has seen the opening of more than ten premium dining restaurants in the last three years, including both Lebanese and European cuisines, according to 'The party has moved to downtown', a cover story published in the August issue of Lebanon Opportunities.

Boubess Group, a company behind several F&B concepts, has paved the way for a number of chains to tap into the area. It has opened two outlets under the brands Cucina and Métropole in Mina El Hosn.

Other restau...

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Industrial raw materials exempted from Customs hike. Council of Ministers needs to approve list of exempted products

The Higher Council of Customs, following the Ministry of Finance's circular, issued a decision that exempts industrial and agricultural raw materials from the three percent custom duty, which was recently imposed in 2019 budget.

According to this decision, industrialists who can provide an industrial license issued by the Ministry of Industry are exempted from paying the newly introduced custom fees.

The three percent customs duty was recently approved in the 2019 budget, on impor...

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85 percent cuts on overdue tax fines. Repayment by installment is allowed

Taxpayers can benefit from an 85-percent cut on fines imposed on unpaid taxes provided they settle the overdue taxes and the related reduced fines by the end of the current year, according to the 2019 budget law.

The cuts pertain to taxes imposed by the General Directorate of Finance and by other public departments and public institutions, as well as municipalities and other public bodies.

Overdue car registration fees (mecanique) also benefit from the fine deductions.

The b...

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Airport fees increase on business and first class travel. Fees down on long haul private jet trips

Fees for departing passengers using business and first class flights as well as private jet and yacht tickets have been increased, according to the approved budget law. The law will come into effect starting from August 1, 2019.

The distance criterion for the new fees become 900 kilometers (km), instead of 1,250, according to Mohamad Chehabeddine, Director of the Civil Aviation Authority.

For trips with a final destination of over 900 km from Beirut, fees have increased from LL50,...

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37,000 new public transportation plates to circulate.

The Traffic and Vehicle Management Authority will circulate 15,000 public transport license plates for cars, 15,000 for mini buses, 6500 for trucks, and 500 for tank trucks.

The car plate costs LL40 million ($26,600). Those for mini busses and tank truckscost LL50 million ($33,300), and those for trucks cost LL55 million ($36,600), according to the budget law.

A joint decision of the Ministries of the Interior and Municipalities (MoIM) and Finance (MoF) will specify the necessary ...

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Touch buys new premises in Beirut Central District for $75 million.

Touch, one of the two local mobile operators, has acquired its new premises located in Beirut Central District for $75 million, according the Media Office of the Minister of Telecommunications.

Touch, which is owned by the Lebanese state and operated by Kuwait-based mobile telecommunications company Zain, has signed two agreements with the owner of the building. The agreements involved revoking the existing rent contract and replacing it with a purchase deal.

The Media Office sai...

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Tourism’s contribution to GDP grew 11 percent last year.

The contribution of travel and tourism to GDP was $10.4 billion last year, representing 19 percent of the Gross Domestic Product (GDP), according to the World Travel and Tourism Council (WTTC).

The sector's contribution to GDP increased by 11 percent in 2018, compared to the preceding year.

Out of the total, $9.3 billion was generated from foreign visitors, according to the WTTC.

The total amount includes direct contributions represented by subsectors such as hotels, trave...

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Medical Center planned for Hadath. 161-beds to meet large demand in the area

Excavation works for building the Lebanese Medical Center have been launched in Kafaat, Hadath.

The National Association for Higher Education in Lebanon (NAHEL) has gained a license from the Ministry of Public Health to build the hospital. Construction work will be completed within three years.

Dr. Bilal Shoumar, Dr. Ali Ghosn, Ali Berro, Noha Ammar, Ahmad Bahja, and Ali Fahes are members of the association , which owns the hospital.

The total built-up area of the hospital...

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Freddie Baz leaves Bank Audi. Marc Audi appointed as Vice-Chairman

Bank Audi has announced that Freddie Baz has stepped down as the bank's Vice-Chairman and board member.

The bank's board of directors has acknowledged the resignation of Baz and appointed Marc Audi as a new Vice-Chairman for the remainder of the current board's term.

Marc, who is the son of Jean Audi, has been a board member since 1996 and a General Manager since 2004. He is the bank's Country Manager for Lebanon.

Marc Audi started his career in the Bank Audi Group in 1981...

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Passing the 2019 budget: a good first step, World Bank. Tax of three percent to be imposed on imports subject to VAT

Lebanon's passing of the 2019 budget that aims to achieve a significant reduction in the country's fiscal position is a good first step, said Saroj Kumar Jha, Regional Director at the World Bank.

"For a successful outcome, we urge proper implementation of budget measures, as well as continued momentum into the budget of 2020," he said.

Parliament approved the austerity budget amid protests, mainly by army veterans.

The parliamentary Finance and Budget Committee had projected...

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Drydock and shipyard being built in Akkar. $75 million project also includes a fishing farm

Excavation works have been launched by Alarida Drydock and Maintenance for Ships to build a dry dock and a factory for manufacturing and maintaining yachts and ships in Alarida village, Akkar, near the Syrian border.

The company is owned by the Member of the Parliament Tarek El-Merhebi.

The project will be built on a 200,000 square meters (m2) plot of land, part of which is on the seaside, with a total built-up area of 70,000 m2.

The project will have two phases. The first...

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Tax declarations to be used as basis for obtaining loans. Central Bank’s decision aims to fight fiscal evasion

Banks and financial institutions are allowed to lend or renew credit facilities to businesses only against duly audited financial statements that are identical to those submitted to the tax authorities, according to a new circular by the Central Bank (BDL).

The decision applies to enterprises or companies whose annual turnover is equal to or greater than LL1.5 billion ($1 million).

The banks' assessment of the credit worthiness of a business should be based on the financial state...

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Bank deposit costs rising unjustifiably. Association of Banks says liquidity is sufficient

The Association of Banks (ABL) has warned that the cost of deposits is rising at an unjustifiable rate, taking into consideration that there is sufficient liquidity available.

The ABL said in a statement that a very small number of banks are not abiding by a recommendation to keep interest rates stable. The ABL said these banks are putting the entire banking sector at risk and that they have been asked to commit to these requirements, if they do not, ABL will take appropriate measures.
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Beach club coming to Beirut waterfront in 2020. Project to include a pool, lounge, and restaurant

7 Management, the company behind Latifa Bar, Kahwet Beirut, Sayf, Raii, and Antika Bar, will open a beach club and lounge at Beirut Waterfront in May 2020.

The total built-up area of the project is 2,000 square meters (m2). The project will also include a seafood restaurant.

"There is large shortage in beach clubs and swimming pools in the center of Beirut, and this has pushed us to initiate the first beach club at Beirut Waterfront," said Rabih Fakhereddine, CEO.

Invest...

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Industrial permits grew by 50 percent in 2018. Surge due to registration in response to a warning issued to unlicensed establishments

The Ministry of Industry (MoI) issued 957 industrial permits last year, an increase of 47 percent compared to 2017. These include new establishment licenses, expansion approvals, exploitation permits, and renewals.

"A wide range of the permits were issued to factories that had been operating without licenses, after warnings were issued by MoI to several factories to [encourage them to] get licensed," said Dany Gedeon, Director General at MoI.

The MoI issued 261 licenses for the es...

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Last years’ tourism revenues are the highest since 2002. Activity grew ten percent last year compared to 2017

Tourism activity grew ten percent last year compared to the preceding year, reaching $8.4 billion, according to figures released by the Central Bank (BDL).

Tourism receipts in 2018 were the highest since 2002, exceeding the year 2010, which was considered the peak year, where tourism activity reached $8 billion.

Tourism receipts expanded at a compound annual growth rate (CAGR) of four percent during the years 2002 - 2018. They posted a CAGR of 12 percent between 2006 and 2010, a ...

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Power tender bidders to apply for classification. Requests for proposals will be issued in the near future

The Ministry of Energy and Water (MoEW) has called upon companies seeking to participate in large scale conventional power projects as independent power producers (IPPs) to apply for classification as lead developers or consortium members.

A lead developer is defined as a firm that will hold the largest share in a special purpose company founded for the implementation of the project and that will act as the managing member in the new company. A consortium member is defined as a firm with ...

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Local franchised restaurants surpass 200 branches abroad. Nigeria, Armenia, Kurdistan and Bulgaria new destinations

Restaurant franchisors have plans to expand into new international markets this year, according to 'retail concepts', a cover story published in the July issue of Lebanon Opportunities.

Many restaurant franchisors have signed franchise contracts in multiple countries including Nigeria, Armenia, Kurdistan, and are negotiating deals in untapped European countries such as Bulgaria and Sweden. Franchisors are also spotting opportunities in the Far East.

"The [Lebanese] cuisine has be...

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Uruguay Street is back in business. Nine pubs opened. More to come

Outlets on Uruguay Street, in Beirut Central District, have reopened. The nightlife destination, which has been almost entirely closed since 2016, has reopened for business.

District Developers, chaired by Hassan Dergham, has gained the investment rights to renovate and operate the street outlets for seven years from Solidere.

Nine pubs and bars have opened on the street so far: Wicked, Sugar Fish, Monkey Bar, Mojito, Duval, LA Cantina del Patron, Casa de Uruguay, U Lounge Bar, a...

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National project to promote large scale use of heat pumps.

The Lebanese Centre for Energy Conservation (LCEC) has launched a national project to introduce heat pump technology on a large scale to the local market, specifically for space and water heating.

A heat pump converts ambient energy from the air, water, or the ground into energy used in air conditioning and for heating water. It provides significant energy savings as it can produce up to four times more energy than the electricity used in operating it.

Those who want to install hea...

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E-commerce platform gets $4 million for expansion. Funds contributed by Cedar Mundi, iSME, BLC Bank

Ecomz, the e-commerce management platform, said recently that it has increased its capital by $4 million to scale-up, expand globally, and enhance the platform with Artificial Intelligence (AI) and machine learning capabilities.

The new equity funding came from Beirut-based venture capital firm Cedar Mundi Ventures, the Kafalat-managed iSME Programme, and BLC Bank.

"We may launch other rounds to raise more funds two or three years from now because this line of business always needs...

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Plastic surgery hospital planned for Dawhet El Hoss. $5 million investment in 37 beds

A specialized plastic surgery hospital is planned for Dawhet El Hoss. Excavation works will start within six months and the project will be completed in 2022.

The 37-bed hospital is owned by Dr. Nader Taher, who is specialized in ear, nose and throat and facial plastic surgeries. It will have a built up area of 5,000 square meters (m2) in total, with four underground levels and three floors above ground. The hospital's name has not been chosen yet.

Shehab Engineering and Consultin...

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Roaming service charges lowered locally and in the Gulf. The aim is to attract tourists from GCC countries

The two local mobile operators, Alfa and Touch, and their counterparts in the Gulf Cooperation Council (GCC) countries have agreed to significantly lower the cost of voice and data roaming services both in Lebanon and the GCC countries.

The decision, which takes immediate effect, reduces roaming costs to close to rates available in Lebanon, according the Media Office of the Minister of Telecommunications.

The move aims to encourage tourists from the Gulf to visit Lebanon and to fa...

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Banks to capitalize profit on financial engineering.

Banks and financial institutions are now allowed to record immediate profits on financial engineering operations carried out with the Central Bank (BDL) provided the funds they used in these operations result from their foreign exchange operations, according to a new BDL circular .

They are also allowed to record immediate profits if the proceeds used in these operations are not derived from funds deposited with BDL.

If these conditions are not met, banks and financial institutions...

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IMF: Projected deficit well above government target. Central Bank advised to step back from sovereign bond purchases

The 2019 fiscal deficit is likely to represent 9.7 percent of GDP, well above the government's target of 7.6 percent, according to a concluding statement by the International Monetary Fund (IMF) following its regular annual consultations with the local authorities.

The IMF also said: "The Central Bank (BDL) should gradually step back from quasi-fiscal operations and strengthen its balance sheet. It should step back from government bond purchases and let the market determine yields on gove...

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$28 million invested in 40 digital startups. Lebanon leads MENA in deals per capita and per GDP

In 2018, Lebanon recorded the largest number of digital investment deals per capita and per GDP among the countries of the Middle East and North Africa (MENA), according to a recent report by ArabNet.

The report, titled 'The State of Digital Investments in MENA 2013-2018', showed that 40 digital start-up investment deals were concluded last year in Lebanon, the same number recorded in Egypt, the most populous Arab country.

The number of deals, however, dropped by 29 percent compare...

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Stéphane Attali passes away. ESA General Director created an entrepreneurship pole

The ESA Business School has announced the demise of its General Director Stéphane Attali who was in charge of his post since 2009. ESA was launched in 1996 by then French President Jacques Chirac and Prime Minister Rafic Hariri.

Attali was also the President of MEREF, the French chamber of commerce in Lebanon.

Under his tenure, ESA has made a large number of achievements. It obtained a number of international accreditations, started new programs such as an entrepreneurship ...

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Popcorn factory to open in Zahle.

Startup company Disrupt Snacks will open a factory for the production of healthy popcorn, in January 2020.

The factory is owned by Georgio Daher who created the brand name 'Pop Pop' for the popcorn.

The factory is being built in Zahle's industrial zone with an investment of $650,000, excluding the land cost. The total built-up area of the factory is 650 square meters (m2).

The factory will create 15 full time jobs. It will distribute its products in the local market. "Part ...

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Technological industrial zone slated for Sibline.

The Ministry of Industry (MoI) has launched preliminary studies for the construction of a technological industrial city in Sibline.

The Investment and Development Authority in Lebanon (IDAL) finalized a market study to discover if there is enough potential to launch the project. IDAL studied the region's ability to access the market, raw materials, and human resources.

IDAL's results showed that there is large potential for establishing a zone for high-tech industries producing p...

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Public debt is under control. Minister of Finance denies rescheduling following Moody’s warning

The government has responded strongly to a warning issued by Moody's, the credit rating agency.

Slowing capital inflows and weaker deposit growth increase the risk of debt rescheduling or another liability management exercise that may constitute a default, according to a credit analysis by Moody's Investors Service. The firm said that this could happen despite the inclusion of fiscal consolidation measures in the draft budget for 2019.

In response, Ali Hassan Khalil, Minister of Fi...

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Nakhoul relocates and doubles production.

Nakhoul Corporation, a manufacturer of air distribution and flue system products, opened a factory in Gharzouz, Jbeil early this month.

The company's factory in Zouk Mkael has been relocated to the 5,000 square meter facility in Gharzouz in order to double production. Nakhoul Corporation currently designs, manufactures and installs more than 200 projects per year.

Investment in the project is around $4 million, excluding the cost of the land.

"We are expanding to increase ...

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Fiscal deficit widens 66 percent. Revenues from VAT signal stable consumption

The fiscal deficit for 2018 increased to $6.2 billion from $3.8 billion in the previous year driven by a surge in expenditure and stagnation in revenue growth, according to the Ministry of Finance (MoF).

The MoF released the figures for this year's annual budget three months later than scheduled.

The deficit represents nearly 11 percent of GDP according to the World Bank's GDP estimates for 2018.

Total expenditure jumped 16 percent to $16.4 billion.

More than one thi...

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Zero percent growth forecasted for this year. Riad Salameh: There is liquidity in the banking system

The Governor of the Central Bank (BDL), Riad Salameh, said that the Gross Domestic Product (GDP) will neither grow nor shrink in 2019.

The situation will improve in the second half of the year if the hospitality and tourism sectors improved, Salameh said.

Remittances are stable, ranging between $7 and $8 billion per year. "If remittances weren't enough to meet the country's financial needs, the Central Bank will compensate the shortage," said the Governor. The country will not fa...

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Seven local universities among top 1,000 in global survey.

AUB ranks third in the Arab World

Seven Lebanese universities were ranked in the top 1,000 universities in the world by Quacquarelli Symonds' (QS) World University Rankings 2020.

The American University of Beirut (AUB) was ranked 244 among 1,000 universities, followed by Saint Joseph University (USJ) at 561-570, the Lebanese American University and Balamand University were ranked 581-590, Holy Spirit of Kaslik (USEK) 601-650, Beirut Arab University and Notre Dame University (...

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Salim Sfeir slated to chair Association of Banks. General agreement among members

There is consensus among the members of the board of directors of the Association of Banks (ABL) that Salim Sfeir take the helm of ABL for the next term, said Joseph Torbey, the incumbent Chairman of ABL.

The ABL board members rotate the post of chairman among themselves and they have agreed that Sfeir will hold this position for the coming term, Torbey said.

Sfeir is currently a member of ABL's board of directors. He has been Chairman and CEO of Bank of Beirut since 1993.

T...

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Bank Audi to manage electronic trading platform. ETP likely to start operations within six months with global reach

The Capital Markets Authority (CMA) has granted a license to Bank Audi Group and the Athens Stock Exchange (ATHEX) to set up and operate an electronic trading platform (ETP), said Riad Salameh, Governor of the Central Bank and Chairman of the CMA.

Firas Safieddine, Vice Chairman of the CMA, said that the winning consortium will contribute capital of $20 million to a special purpose vehicle (SPV) that will be created to operate the platform. The Bank Audi-ATHEX consortium has opened the do...

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Restaurant cluster to open in Dhour Choueir. 15 Food and Beverage outlets

Najem Development, the real estate development arm of Najem Group, the manufacturer of fine stone and marble, will open a mixed-use project 'DC Time Square' in Dhour Choueir in spring 2020.

The project will include a restaurant cluster and supermarket, as well as residential apartments.

The project is built on a 2,400 square meter (m2) plot of land, made up of three blocks. The total built-up area of the restaurant cluster is 2,000 m2. It will comprise 15 outlets.

Investm...

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Technology park coming to Aley area. Site to host high-tech academy, light production facility, and incubator

Houmal Technology Park (HTP), a high-tech center and academy, will open in Houmal, near Aley, at the end of 2020.

HTP is owned by Fadi Daou, the founder and CEO of Multilane, a semiconductor company.

The total built-up area of HTP is 22,000 square meters (m2), built on a 24,000 m2 plot of land. Investment in the park is $15 million, excluding the cost of the land.

HTP will comprise a training academy to train fresh graduates on Integrated Circuit Design, to allow them to w...

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Michel Abi Nader passes away suddenly. Chairman of MAN Enterprise and founder of Hausman, Metrix, Potel, and Tecman

Businessman, civil engineer, and contractor Michel Abi Nader (73 years) has passed away.

Abi Nader was founder and Chairman of construction firm MAN Enterprise. He was also the founder of a number of other companies that provide various services in the construction sector.

Abi Nader established MAN Enterprise in 1971. The company is engaged in large-scale turnkey projects targeting a broad base of both public and private sector clients. It provides its services to the global marke...

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MEA first buyer of new extra long-range Airbus aircraft. Four A321XLR planes on order

Middle East Airlines (MEA) has signed a firm order for four Airbus aircraft of the new extra-long range narrow-body model A321XLR.

The list price of each A321XLR plane is around $120 million, said Mohamad El Hout Chairman of MEA. This model benefits from fuel cost efficiencies, he said.

This deal makes MEA the 'launch airline customer' of the A321XLR body, which means that it is the first air carrier in the world to order this model.

"The agreement takes Middle East Airlin...

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Foreign investment inflows surge 14 percent to $2.9 billion. Significant upturn compared to the decline in 2017

Foreign direct investment (FDI) inflows are expected to have increased 14 percent to an estimated $2.9 billion in 2018 compared with the previous year, according to the 'World Investment Report' by the United Nations Conference on Trade and Development (UNCTAD).

"FDI flows in the [West Asia] sub-region remained uneven. Four countries – Turkey, the United Arab Emirates, Saudi Arabia and Lebanon – absorbed approximately 90 percent of FDI in West Asia," the report said.

FDI inflows to...

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Ghazieh Shopping Center to open in 2021.

Excavation works for a shopping center in Ghazieh have been launched along the Ghazieh Highway. The project will be completed in 2021.

The project is a joint venture between Sama for Engineering and Contracting and Khalife Transfand.

Investment in the project is $6 million, including the cost of the land.

The 7,500 square meter (m2) center will be built on a 4,000 m2 land plot.

The shopping center will include 33 retail spaces, four of which are equipped as restau...

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Third submarine cable to boost Internet service. The aim is to turn Lebanon into a regional hub for Internet distribution

The Ministry of Telecommunications (MoT) has plans for a new Internet submarine cable to link the country to Europe, said Minister of Telecommunications Mohamad Choucair.

The aim is to boost the Internet service locally and to turn Lebanon into a hub for Internet distribution to countries in the region, he said.

Once the studies related to the project are completed, a tender will be launched which will be implemented in partnership with other parties. Lebanon will pay part of the c...

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Marina in Naameh developed by Bassatneh and Jihad El Arab. 50 townhomes and five villas included in the project

Marine works have been launched by Hiba Real Estate for a marina with a yacht club and restaurant in Naameh, to be completed in two years. The marina will have berths with a capacity for 150 boats.

The project is a partnership between the Bassatneh family and Hiba Real Estate, which is owned by Jihad Al Arab. Al Arab also owns the JCC Araco Group of companies.

The government issued the project a license to create the maritime property on Naameh's seaside.

The owners are plan...

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Civil status departments to be linked electronically. Citizens can get printed forms of civil status extracts from anywhere

Citizens will be able to get a printed extract from their civil status documentation (ikhraj kayd) from anywhere in Lebanon within three to four months, said Minister of Interior and Municipalities, Raya El Hassan.

The regional civil status departments will be connected to the central office through the broadband Internet network or through wireless where broadband is not available, El Hassan said.

Citizens will no longer have to go to the caza where they were born to get thei...

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Beirut Corniche development to start. Project to add an additional 11,000 m2 of public space

Beirut Municipality has plans to develop and expand Corniche Beirut this year. The cost of the project is estimated at $25 million.

The beach railing along the seaside promenade at Ain Mreisseh will be removed, and the walkway will be made two meters wider along 2.5 km.

A six thousand square meter public area will be added to the current piazza facing Palm Beach Hotel, so that a total area of 16,000 square meters can be dedicated to future celebrations, festivals, cultural and mus...

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$200 million ready for renewable energy. Loans will be offered at subsidized interest rates

Financing of more than $200 million for renewable energy and energy efficiency projects has become ready for deployment after all the required procedures have been completed, said Pierre El Khoury, Director General of the Lebanese Centre for Energy Conservation (LCEC).

The loans could benefit from interest subsidies granted by the Central Bank (BDL).

There is strong demand for the loans and the funds could be completely used up before the end of the current year, Khoury said.

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Banks are promoting digital solutions to cut costs. Smartphones are increasingly incorporating more financial services

The banks are increasingly adopting digital solutions in order to reduce their costs and attract a growing market segment of technology-savvy customers, according to 'Smartphones are reshaping banking', an article published in the June issue of Lebanon Opportunities.

The cost saving comes in terms of money, time, and effort, said Philippe El Hajj, Deputy General Manager and Head of Retail Banking and Small and Medium Enterprise (SME) Banking at Fransabank.

Many banks are offering ...

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Mets Energy will expand and relocate. Production capacity to increase by half

Mets Energy, a manufacturer of generators and a power solutions provider, will open a factory in the Bchamoun Industrial zone in September.

The current 13,000 square meter (m2) factory will be relocated to a 30,000 m2 facility, to increase production capacity by 50 percent. The annual production capacity of generators will increase from 4,000 to 6,000 units.

Investment in the project is around $5 million. The land will be leased.

"We will relocate to improve production ef...

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Number of payment cards rise six percent to 2.78 million.

The number of payment cards in circulation increased 5.5 percent in 2018 to 2.78 million, mainly driven by the growth in debit cards and prepaid cards, according to Central Bank data.

This compares with a decline of 4.7 percent in 2017 and a slight increase of 0.3 percent in 2016.

Payment cards held by residents represent 97 percent of the total number of payment cards, with the remaining three percent held by non-residents.

Debit cards, accounting for 58 percent of the tota...

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Lebanon world’s second in gold reserve per capita. Along with foreign currencies provides full coverage for the lira

Lebanon is the second country in the world in gold reserves per capita with 69.3 grams for each citizen.

Switzerland tops the world's list with 136.3 grams per capita.

The value of gold reserves at the Central Bank (BDL) stood at $11.9 billion at the end of last March. Gold together with BDL's foreign assets cover the money supply in lira and provide a strong support to the national currency,

Lebanon ranked 18th in terms of gold holdings among 96 countries, according to data...

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Private sector credit unchanged last year.

Outstanding credit provided by the financial sector to the private sector increased by 1.3 percent in 2018 to stand at $69.5 billion at the end of the year, according to the Central Bank's 'Quarterly Bulletin' for the fourth quarter of 2018.

Loans by commercial banks to the private sector witnessed a decline in the first quarter of 2019 as their appetite for lending remains constrained amid tcurrent low growth environment, Bank Audi said in its 'Lebanon Economic Report' for the first qua...

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AUBMC launches New Medical Center Expansion.

The American University of Beirut Medical Center recently laid the foundation stone for the New Medical Center Expansion (NMCE) this week. Construction is expected to start in fall 2020 to be completed by fall 2025.

The NMCE building will include 12 floors above ground, and ten underground levels. It will be constructed in place of the current parking lot, extending from Maamari Street towards Clemenceau Street, and connecting to the existing Medical Center buildings.

The NMCE wil...

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New banks fees on cash withdrawals. A measure to boost digital transformation

Banks have recently set restrictions on cash withdrawals and the collection of checks in Lebanese Lira.

The new commission rates range between 0.2 and 0.4 percent on each withdrawal, and the commission on checks in Lebanese Lira is between LL1,000 to LL1,500.

The commission is imposed on cash withdrawals that are above $5,000. These measures are part of the banks' strategies to boost the number of customers using digital banking services.

"We are removing commissions on d...

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