Highest hotel room rates in three years. Average room rates reached $176 in H1 2015

Hotel average occupancy rates at four and five-star properties reached 56 percent during the first half of 2015, according to 'Middle East hotel benchmark survey report' recently published by Ernst & Young. The figure shows a six percent growth compared to the same period last year.

This demand was reflected in room rates, which grew by 4.6 percent to reach $176, the highest since 2012. The revenue per available room (RevPAR) grew by 17 percent to $99. Kanaan said that the boost is relate...

Article details

Guesthouse chain launched ‘Beit’ outlets in rural areas. Founder of Souk El Tayyeb partners with owners of traditional homes for B&B experience

Kamal Mouzawak, founder of the 'Tawlet' restaurant and the 'Souk El Tayeb' weekly farmers' market, has launched 'Beit', a chain of guesthouses with three outlets. "We aim to support rural communities and the survival of the country's architectural and cultural heritage," said Mouzawak. He said that with this project they are trying to bring back the traditional national home.

The first outlet, 'Beit Ammiq' opened three weeks ago. It consists of three rooms adjacent to 'Tawlet' Ammiq. Rate...

Article details

3M Plast expands factory in Ghazieh.

3M Plast, a manufacturer of plastic products including food serving utensils, will expand its factory in Ghazieh, in early 2016.

Marco Kabalan, General Manager, said: "We will expand to produce new plastic items for the market." 3M Plast will be the first local producer of resin plastic products, which used to be imported.

The $3 million expansion will increase the built-up area of the factory from 8,000 to 12,000 square meters. Machines required for the facility will be imported ...

Article details

Moody’s praises banks for their high liquidity. Deposits are growth driver, but pressure on profitability, credits, and asset quality lead to negative outlook

The banking system's funding strengths are expected to remain, along with possible improvements in capitalization, said Moody's Investors Service in a report published yesterday.

The rating agency said banks will continue to grow their stable deposit funding bases over the outlook period. Customer deposits represent more than 80 percent of system liabilities and are supported by inflows of remittances from the diaspora, which is equivalent to 15-20 percent of the Gross Domestic Product (G...

Article details

Shouf-Jezzine geo-park to be launched this year. Project part of the Heland program of the European Commission

The first geo-park in the country will be announced before the end of 2015, said Kamal Bou Assi, Project Manager of the Shouf Biosphere Reserve.

The geo-park is a unified area with geological heritage of international significance. Geoparks inform about the sustainable use and need for natural resources, whether they are mined, quarried or harnessed from the surrounding environment while at the same time promoting respect for the environment and the integrity of the landscape.


Article details