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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