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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