Charity hospital will open in Deir Al-Ahmar.

The Maronite Diocese of Baalbek–Deir Al-Ahmar will open Charity Hospital in Deir Al Ahmar in early 2019.

The total built-up area of the hospital will be 11,000 square meters (m2). It will include 89 beds, along with an emergency care unit, laboratories, operation rooms, and a radiology department.

"There is large shortage in medical services in the region", said Sister Lina Abbas, a representative from the Maronite Diocese. The nearest hospital is 30 minutes away from Deir Al-Ahm...

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Online platform to market industrial goods abroad.

Orient Swiss Lebanon, a recently established company owned by Bachir Abi Khalil, recently launched an online trading gateway that helps manufacturers market their products in the Silk Road countries.

Orient Swiss Lebanon is a subsidiary of Orient Swiss, a Swiss-based company specialized in building online marketplaces for B2B2C trading and inbounds travel within the Silk Road countries.

The initiative is supported by the Ministry of Economy and Trade and the Chamber of Commerce, I...

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Tech startups grow three-folds. ArabNet survey ranks country second in the MENA region

The country still ranks in second place in the MENA region behind the United Arab Emirates (UAE) in terms of number of startups and value of investments. The number of startups witnessed a more than three-fold increase from 11 to 37 companies between 2013 and 2016. Similarly, investments reached $56 million in 2016, compared to just $7 million in 2013.

This is the first conclusion of the Arabnet's Lebanese Innovation Economy report, issued at the Arabnet conference this week.

Omar...

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Foreign currency reserves back at over $43 billion. Inflows have topped outflows since December

The Central Bank's foreign-currency reserves rebounded following the Prime Minister's withdrawal of his resignation in early December and they are now back at more than $43 billion, said Riad Salameh, Governor of Banque du Liban (BDL), according to an interview with Bloomberg. Foreign reserves dropped to nearly $41.5 billion after the resignation in November.

The recovery showed that confidence is "stronger after the crisis," Salameh said.

He said that the money outflows witnessed ...

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Ministry of Telecom launches ICT fund. MIC Ventures will invest in technology and services

The Ministry of Telecommunication (MoT) launched MIC Ventures, a $48 million fund, to invest in and empower the ICT sector and related services startups.

Jamal El Jarrah, Minister of Telecommunications, said that MoT will not only offer financial support, but will provide a free technical laboratory. If more advanced technology is required, MoT will support the access to needed technologies through regional or international institutions. Jarrah said that the financed companies will get as...

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Cèdre (Paris IV) donor conference set for April 6. Grants and soft loans expected to account for 60 percent of the $17 billion proposed projects

The government will seek funding for an infrastructure investment program worth between $16 and $17 billion at the Cèdre donor conference that will be held on April 6 in Paris, said Nabil El Jisr, Chairman of the Council for Development and Reconstruction.

The Paris IV conference has been renamed Cèdre by its host, French President Emmanuel Macron.

The government will propose the first two phases of more than 250 projects at the conference. These two phases are expec...

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Dekwaneh: First from seven industrial zones to be renova. $300 million to be financed by international donors

The Ministry of Industry (MoI) signed an agreement with the Municipality of Dekwaneh and the Lebanese Academy of Fine Arts (ALBA), part of Balamand University, to develop the industrial zone in Dekwaneh-Mar Roukoz.

Dany Gedeon, Director General at the Ministry, said: "This project is part of the Ministry's plan to renovate and reduce pollution in seven industrial zones including Choueifet, Kfarshima, Mkalles, Taanayel, and others." Dekwaneh municipality has taken the initiative to start ...

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Sodeco Suites Hotel by Zeidan Group.

Zeidan Group, a real estate developer company chaired by Fouad Zeidan, will launch Sodeco Suites Hotel in Ashrafieh this May.

The group will manage the four star hotel. The total built-up area of the hotel is 6,000 square meters (m2).

The hotel includes 95 rooms and suites measuring between 26 and 45 m2. All rooms include a kitchenette.

Saadeh Massaad, General Manager, said: "The hotel will provide long and short stay rooms." Prices start from $99.

The Sodeco Suit...

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Cabinet approves plan to rehabilitate dumpsites. Priority for 20 locations nationwide

The Cabinet approved a plan by the Ministry of Environment (MoE) to shut down and rehabilitate random dumpsites that were created during the last years, especially when the waste crisis started in the summer of 2015.

The total cost for rehabilitating the top 20 dumpsites is $36 million. The cost for rehabilitating the remaining dumpsites is estimated to be $25 million.

The top 20 priority dumpsites, as per the Master Plan, are located in Tripoli, Jbeil, Minieh-Donnieh, Batroun, Akk...

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BIEL moves to Tahwita. Old BIEL becomes Arena Waterfront

Beirut International Exhibition and Leisure Center (BIEL) is moving to the eastern suburb of Tahwita.

BIEL group has ceased the operation of the current structure, located on the seaside, but maintains ownership of the building, but not the plot of land. The seaside structure is currently being operated by Seaside Development, chaired by Walid Sabeh Ayoun. The original location has been renamed Arena Waterfront. The actual business has been taken over by a new company owned by Alaa Khawaj...

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Kassatly Chtaura launches non-alcoholic beer.

Kassatly Chtaura, a manufacturer of food and beverage products, will start producing non-alcoholic beer in March, under the brand name 'Mezza'.

Nayef Kassatly, Managing Partner, said that a section in the factory was dedicated for a 1,500 square meter (m2) production line, separate from that of Beirut Beer.

"Demand for non-alcoholic beer is growing from many regions," he said.

The production capacity is 20 million bottles, or five million liters per year. "We will operate ...

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New flat fee imposed on businesses and the self-employed. Not deductible from taxable profit

The Ministry of Finance (MoF) will levy an annual flat fee on all types of business activities, including companies and the self-employed.

The fee is imposed on the headquarters and the branches of both stock corporations and partnerships. The MoF's decision defines the 'branch' as a location where the taxpayer carries out their activities or receives their clients.

The fee is not deductible from profit subjected to income tax.

According to the MoF decision, the fee will st...

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Three local companies win tender to lay fiber optic network. OGERO announced vendors and anticipates $1 billion in direct revenues

OGERO announced the winning companies set to deploy the national public fiber optic project. Three local companies will partner with international vendors to implement the project. Power Tech affiliated with the Finnish company Nokia, BMB Group with Calix from the USA, and SERTA Channels with the Chinese firm Huawei.

Imad Kreidieh, General Director of OGERO, said that the expected accumulated revenues from the project will reach $1 billion within a four-year period. The project will have...

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Consortium will start exploring disputed Block 9. Tillerson in Beirut. Talks to include maritime demarcation line disputes with Israel

The consortium of Total, ENI and Novatek, that won the tender to explore for oil and gas offshore, will drill an exploratory well in 'Block 9', 25 kilometers north of the southern border of the Exclusive Economic Zone (EEZ), according to Stephane Michele, Chairman of Exploration and Production at Total Middle East and North Africa.

Michele said: "In 2019, we will begin by drilling the first well in Block 4, because we think it is most promising."

The consortium will then move to B...

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Kuwaiti Fund to finance Shouf wastewater project.

The Council for Development and Reconstruction signed a $50 million loan agreement with the Kuwait Fund for Arab Economic Development (KFAED) for the development of wastewater projects in the Shouf.

The loan has a grace period of five years before repayments begin. The repayment period is 20 years.

The loan will be used for the development of two tertiary wastewater treatment stations. The first will have a capacity to treat ten thousand cubic meters of wastewater daily and will se...

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Imports up Trade deficit also increases. US and China are top suppliers

'Real' imports grew to $14.3 billion in 2017, up four percent from the year before, according to the Customs.

'Real' imports exclude pearls and precious stones, as well as mineral (oil) products.

The trade deficit, which includes all products, reached $12 billion, up four percent compared to 2016.

Imports of vegetable products have gone up (13 percent), to $980 million. This is mainly due to an increase in demand for cereals. Naim Khalil, Chairman of the Syndicate of Importe...

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Jeita-Faraya road rehabilitation receives funding.

The Kuwaiti Fund for Arab Economic Development (KFAED) has agreed to finance a road linking Jeita Square to Faraya, for $60 million.

Antoun Souaid, advisor for Engineering Affairs to the President of the Republic, said: "The 23-kilometer road will be expanded and the entrances of major villages will be rehabilitated." These cities will include Achkout, Ballouneh, Suheileh, and Ajaltoun.

The Arab Fund for Economic and Social Development (AFESD) had already agreed to finance the road...

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OGERO launches Internet roadmap. Fiber optics, 4.5G, and VDSL are on a fast track

OGERO recently launched a roadmap for better Internet infrastructure. The strategy was introduced with the authority's re-branding.

Imad Kreidieh, General Director at OGERO, announced an updated timeline for fiber optics networks (FTTX), 4.5G mobile coverage, and wired broadband VDSL connections. Kreidieh said that some projects are delayed due to various reasons.

Kreidieh said that OGERO has started deploying the public fiber optic network, and 15 percent of the plan is comple...

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$2.7 billion sought for refugee crisis response.

The government has requested $2.68 billion to carry out projects under the Lebanon Crisis Response Plan (LCRP) for 2018.

The LCRP, targeted at Syrian refugees and local host communities, is divided into ten sectors: Social stability (conflict resolution), protection (children and family issues), water, health, basic assistance (mainly the distribution of cash), energy, food security, shelter, education, and livelihood (employment).

The largest appeal was made for basic assistance (...

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Public transport reform plan proposed. Comprehensive approach to be presented to Council of Ministers

The Ministry of Public Works and Transport has launched a plan to reform the public transport system.

The plan was prepared by the Confederation of Public Drivers and Transport Unions in collaboration with donor organizations.

Bassam Tleis, Chairman of the Confederation, said: "The Minister of Public Works Youssef Fenianos promised us that the plan will be on the agenda of the upcoming Cabinet meeting."

The plan is made of three levels: The first requires the approval of min...

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Balance of payments records small deficit. End-of-year inflows reversed large shortfall

The balance of payments (BoP) has registered a deficit of $156 million in 2017 compared with a surplus of $1.24 billion in the previous year.

The deficit remains much lower than the annual average deficit of $1.88 billion recorded over the period 2011-2015.

The 2017 annual deficit was caused by a decline of $1.77 billion in the net foreign assets of banks and financial institutions, which was partly offset by a rise of $1.61 billion in those of the Central Bank (BDL).

Econo...

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EU program offers below-market rates. Public and private sectors can tap €4 billion in concessional financing

The European Union launched an External Investment Plan (EIP), a scheme which provides concessional financing for projects in 70 countries, including Lebanon.

The EU did not specify a ceiling for each country. The total funds available to finance projects amount to €4 billion.

"Projects can be developed by the Government or private sector or financial institutions. They will enjoy financing with rates that are cheaper than the market rate," said Michael Kӧhler, Director of the Neig...

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Order of Engineers to build sports club in Safra.

The Order of Engineers in Beirut will build a sports club for its members in Safra, Keserwan. Construction works will be completed in 2020.

The total built-up area of the project is 25,900 square meters. It will include a gym, a spa, swimming pools and their facilities, as well as playing areas for several sports.

An $18 million budget has been earmarked for the project. The architect of the project is Creation Studio Group, owned by Rachid Seif.

Elie Khoury, a member of ...

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Real exports up four percent to $2.2 billion. First increase since 2014

Industrial and agricultural 'real' exports increased four percent last year, compared to 2016, registering at $2.2 billion, according to figures published by Customs.

The 'Real' export figures exclude pearls and precious stones, which registered $586 million compared to $828 million last year. They also exclude mineral products (mostly oil products, mainly re-exported to Syria), which increased to $48 million from $19 million in the previous year.

Exports increased 15 percent in te...

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Foreigners bought $524 million in properties. Arabs top buyers list

Foreigners from 58 nationalities bought 1,364 real estate properties, worth $524 million in 2017, according to figures from the Real Estate Registry. The figures are of similar value to 2016. They represent two percent in number, and five percent in value, of the total number of transactions during the year.

The top five nationalities that purchased property in the local market are: Saudi Arabian ($109 million), Syrian ($83 million), Kuwaiti ($19 million), Qatari ($14 million), and Jordan...

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Circular published by BDL on new stimulus package. Interest rates slightly raised on productive sectors and some housing programs

The Central Bank (BDL) has launched a new stimulus program to subsidize housing loans and loans to the productive sectors.

BDL said in a new circular that it will subsidize up to $1 billion of loans this year. The loans denominated in lira that will be eligible for the subsidies total LL810 billion ($540 million) with the remaining $460 million consisting of loans denominated in US dollars. The dollar loans are mainly provided to the productive sectors.

The lion's share of the s...

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LGB Bank gets $67 million funding to finance SMEs.

LGB Bank said it has secured syndicated funding worth $67.5 million from three international development finance institutions (DFIs).

The funding, which has a tenor of five years, will be used to finance local small and medium enterprises (SMEs), LGB said in a statement.

The DFIs providing the funds are the Dutch Development Bank (FMO), the OPEC Fund for International Development (OFID), and the Development Bank of Austria (OeEB). FMO has contributed $32.5 million while OFID and Oe...

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