Top 16 stories for year 2016. The year of the billions

Contrary to belief that 2016 was a 'sluggish' year for the economy, it has been fairly positive, but not for all sectors. The private sector, municipalities, and banks have worked for a better future. Private firms and entrepreneurs took the electricity issue into their own hands to privately generate power. Solar power farms are beginning to pop up around the country. The World Bank injected $1.1 billion in loans for the Country Partnership Framework 2017-2022. The 'deal of the century' occurr...

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Touristic village in Lamartine Valley. Hotel, 40 villas on 120,000 square meter plot

A touristic village is being planned in the Lamartine Valley, Metn, by Metra Decoration, a Dubai-based contracting company owned by Nabih El-Mougrabi. Investment in the project is $35 million. Construction will begin in late 2017 and is expected to be completed within three years. The village is yet to be named.

A five-star hotel comprising 80 rooms, as well as 40 villas will be included on the 120,000 square meter (m2) plot. The total built-up area is 25,000 m2.

The project will ...

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Electricity subcontracts renewed with two companies for four years.

BUS, part of the Butec Group and NEUC of Debbas Group have concluded negotiations with Electricité du Liban (EDL) to undertake power distribution, maintenance, and bill collection operations for a second four-year period.

"The decision awaits the approval of the Ministry of Energy and Water for the renewal and Ministry of Finance for the budget," said a source close to deal.

The contract conditions remain unchanged. The two firms are required to install smart meters during t...

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SGBL finances MEA Airbus purchase.

Société Générale de Banque au Liban (SGBL) is financing the purchase of a new Airbus A330-243 for Middle East Airlines (MEA). The value of the loan is $65 million. It constitutes 80 percent of the plane's value ($81 million), according to MEA. It will be paid back over a ten-year period at a minimum four percent interest rate.

SGBL Chairman Antoine Sehnaoui said: "We have financed MEA to confirm our continuous support to the growth of the local economy."
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First container vessel to dock in Tripoli Port. To ferry 110 containers to Europe and Gulf

Port of Tripoli (PoT) is expecting the arrival of the first container vessel, Cielo di Agadir, carrying a Moroccan flag, tomorrow.

The vessel is part of CMA CGM's fleet.

The vessel is around 185 meters long and 25.5 meters wide. It will dock in a 15 meter-deep quay.

Cielo di Agadir is carrying 70 containers inbound, weighing around 8,700 tons.

Ahmad Tamer, PoT Director, said: "We expect to process 45,000-65,000 containers in 2017 which will lead to a 50 percent grow...

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