Prior approval for visas to Iraq terminated.

Iraq has terminated the previous approval of visas for Lebanese visitors to the country. Travelers are now required to obtain their visas at the airport upon arrival in Iraq.

Prior to the decision, travelers to Iraq were required to apply for a visa three days in advance at a cost of $40.

Iraqi visitors to Lebanon could obtain their visas upon arrival in Beirut.

"We've been calling for reciprocity with Iraq for several years," said Abdel Wadoud Nsouli, Chairman of the Leb...

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Banks’ capital adequacy continues to rise beyond Basel. Banks need now to focus more on profitability

The Capital Adequacy Ratio (CAR) of banks rose to 16.82 percent at the end of 2017 from 16.49 percent a year earlier, according to the 'Lebanon Banking Sector', a report by Bank Audi released in September.

The CAR continues to improve beyond the Basel requirements "reflecting an adequate coverage of the aggregation of credit, market and operational risks," the report said.

In compliance with the Basel requirements, banks are required by the Central Bank to reach a CAR of 14.5 perce...

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Movenpick Hotel sold to local and Saudi investors. Deal upward of $125 million

Saudi-based Kingdom Holding Company (KHC), a publicly listed company directed by Prince Alwaleed Bin Talal, has sold 95 percent of the 5-star Mövenpick Hotel Beirut property in Raouche.

The hotel has been sold for more than $125 million.

The property was bought by two companies: Universal Pan and Pine. One of the companies' shareholders are Lebanese and Saudi. Ali Dayekh is one of the shareholders. He had purchased the Four Seasons hotel earlier this year, also from Kingdom Holdin...

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$325 million sought to buy unsold properties. Novel investment scheme being proposed

Developer Namir Cortas and property broker and consultant Massaad Fares are launching the first fundraising round for an investment scheme, or 'platform', dedicated to buying unsold high-end properties in Beirut and its immediate surroundings.

The goal is to raise $325 million by promoting apartments ranging in price between $500,000 and $2 million, through Legacy Central, a company chaired by Fares and Cortas that will act as the investment manager.

"Legacy Central is a sales com...

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Medical innovation for diabetes by Benta. More than $10 million allocated for R&D

Benta Pharma Industries (BPI), a local manufacturer of pharmaceuticals, has achieved promising results of an innovation it's working on with Vanderbilt and Harvard universities.

The innovation enables the implantation of a human pancreas inside a human body without the need for immunosuppressive therapy, which makes the body less likely to reject the transplanted organ.

"Implanting subcutaneous human pancreas technology has been available for a long time, but Benta's innovation i...

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