Innholdsfortegnelse for June 2019 i Lebanon Opportunities

The first round – actually around 20 rounds – of preparation for the 2019 budget has caused, and was accompanied by, a whirlwind of analysis without analytics, street demonstrations against imagined measures, and claims of victory by some political parties when no battle was conducted. Get ready for an even more colorful carnival in Parliament. In conclusion, we will be left with a fantasy version of the public accounts. UNJUSTIFED NUMBERS AT THE SERVICE OF THE STRONG The forecasted revenues and expenditures, even after lengthy discussions in the Cabinet, have no basis in reality. Past government performance indicates that we are likely to come up short on revenues and cross the red line in expenditures. The numbers have been hurriedly prepared, with a goal to reach an arbitrarily set 7.5…

CAROL MILAN CEO, OBEGI CONSUMER PRODUCTS (OCP) Carol Milan has been appointed CEO for OCP which includes Logistica, Al Wadi Al Akhdar, and Henkel. Milan joined the finance and control department at OCP 23 years ago, and has been promoted to General Manager of Henkel Levant with operations stretching from Iraq to Qatar. “I will leverage the potential of OCP to grow its great values and culture and keep the legacy of the founders,” she said. Milan will focus on growing the company. Milan is also the Chairperson of the Association of Industrialists in Kesrouan, and a board member of the Brand Protection Group in Lebanon. She holds a Master’s degree in Audit and Finance from the Faculty of Economics and Business at the Lebanese University, and a specialized Master’s…

The majority of banks are offering ever more digital solutions. The banks are competing among each other to attract increasingly technology-savvy customers, especially the younger segment. The banks continue to tap the latest technological advances. They outsource many of their digital solutions to local and international developers. New technology, such as biometrics, is enhancing the security of digital banking, which should encourage reluctant customers to finally enter the fray. Recent legislation, such as Parliament’s approval of the use of electronic signatures, will also help boost the industry. A GROWING INDUSTRY The percentage of people with a bank account that have adopted digital banking increased to 54 percent in 2017 from 38 percent a year earlier, according the Fintech Sector 2018 Factbook by the Investment Development Authority of Lebanon (IDAL). Banks…

SOUND BYTES The lira is in good shape President Michel Aoun When the Cabinet turns into barricades, the State stops working Prime Minister Saad Hariri False rumors are scaring the financial market without any justification Riad Salameh, Governor of the Central Bank We are ready for CEDRE. I hope the Lebanese are too Jean-Yves Le Drian, European and French Minister of Foreign Affairs We have the remnants of a State Mohamed Fneish, Minister of State I bear witness to the suffering of the industrialists and to the injustice inflicted upon Lebanese industries as a result of historical neglect Wael Abou Faour, Minister of Industry Ecological corruption is part of political corruption Gebran Bassil, Minister of Foreign Affairs We are charging the most expensive telecom tariffs in the world. It cannot…

HISHAM ITANI AND INVESTORS BUY STAKE IN CRÉDIT NATIONAL Hisham Itani and other investors have acquired 73 percent of Banque de Crédit National (BCN). The bank is in the process of increasing its capital by $30 million to a total of $45.6 million. The capital hike will be injected by the new shareholders and still requires the approval of the Central Bank. BCN is also considering carrying out another capital increase soon. The amount has not yet been decided. At the end of 2017, BCN’s total assets and shareholder equity stood at $208.2 million and $26.2 million respectively, according to Bilanbanques’ data. Itani is the Chairman of Resource Group, which has investments in a number of technology companies such as digital security provider Inkript and Serta, a provider of information…

Name Horizon Pharma Sal Capital (Shares) LL30, 000,000 / (1,000) Directors Louai Mohamed Bissar (Chairman) (550), Nouha Abdelatif Babti (440), Nassib Khodre Chaabane (10) Reg address Debbas Building, Saifi, Beirut Object General trade, import, export, commerce of pharmaceutical products and supplies, tenders and commissions Banker Banque Misr-Liban Sal Solicitor Me Wassim Ahmad Mansouri Auditor Ali Rachid Diab Name All Points Security Services Sal Capital (Shares) LL30, 000,000 / (100) Directors Antoine Georges Bachalani (Chairman) (60), Georges Antoine Bachalani (20), Joseph Georges Bachalani (20) Reg address Lot No. 4508/3 Achrafieh, Beirut Object General trade, security services for the protection of property and individuals, valet parking Banker Bank Audi Solicitor Me Walid Nour Haddad Auditor Marie Tanios Zoghbi Name General Aviation and Petroleum (GAP) Sal Capital (Shares) LL30, 000,000 / (1,000) Directors…

One wonders about the timely synchronized hostile attitudes toward the Lebanese banking sector exhibited by the American Israel Public Affairs Committee (AIPAC), the Israeli pressure group in Washington, and some prominent political parties at home. External pressures are fathomable to most analysts, because undermining monetary stability could lead to the downfall of both Lebanon and Hezbollah, in the eyes of this pressure group. But there is no sound reasoning for the attack that some Lebanese parties are waging on the banks, aside from the possibility of their need for cash to compensate for the decline in their foreign political funding. UPHOLDING INTERNATIONAL TIES The external pressures are being addressed by the Association of Banks (ABL), which has been deploying intensive, systematic, and costly endeavors to achieve this goal through talks…

Developers are creating special offers on certain units. These deals benefit both the developer and the client. Developers are selling their units and clients are getting more value for their money. MARKET OFFERS InfoPro Research identified 11 developers that are using pricing incentives to promote their properties. Massaad Fares, a former chairman of the Real Estate Association, and Chairman of Prime Consult, a property broker, described the presence of such deals as a “positive move.” He said that “the main problem is the weakness of demand.” Developers have gradually started to reduce the prices of certain apartments. There are a number of factors that make these offers special. A developer might choose to selectively lower the price of a single apartment in a project in order to market the project…

As talks on austerity proposals which aim to reduce the enormous budget deficit continue to dominate the headlines, we must not overlook the importance of protecting the banking sector and creating an attractive environment for investment. With Lebanon suffering one of the highest levels of public debt in the world – approximately 150 percent of GDP – there is no doubt that the 2019 budget must comprise drastic cost cutting measures to revitalize the economy. TAXES ON INTEREST MAY REPEL DEPOSITS The increase in the taxes on interest earned from banking deposits, approved by ministers in early May, will lead to the opposite of the intended result. It will have an adverse effect and discourage investment of much-needed funds in Lebanese banks. Despite the current rhetoric that suggests Lebanon is…

We miss you! You have made a great effort It will be over when it is over There was no waste or corruption in the two ministries held by Hezbollah Cutting the budget deficit is a message to the international community For those who would like to eat French cheese, bon appétit, but they will have to pay two percent Budget discussions have turned into theatre The austerity budget revealed treasures of waste, fortified by iron domes of secrecy Decide what you want, we will be waiting for you in Parliament This budget deserves to enter history by recording it in the Guinness Book of World Records as it won the prize for the longest time it took to complete worldwide CEDRE is watching! Overall, the budget is fair The…

PAMPLONA Area Ashrafieh, Abdel Wahab Inglizi St., opposite Sushi Bar Restaurant Architect Sherif Aoun Developer Mouin Aoun Properties Contractor MAC: Mouin Aoun Contracting Delivery Apr. 2022 Apt. Sizes 75 m² - 110 m² 130 m² - 210 m² - 290 m² Price/m² Starting at $5,700 Phone (01) 200.170 Verdun Side Area Ras Beirut, Verdun, close to Khadija El Kobra College Architect Mohammed Issam Halabieh Developer Mohammed Issam Halabieh Contractor Mohammed Issam Halabieh Delivery Mar. 2021 Apt. Sizes 145 m² Price/m² Starting at $2,930 Phone (01) 305.700 - (03) 631.963 Mazraa 4711 Area Mazraa, Corniche Mazraa, Zreik St., behind Al Halabi Roastery Architect Jashy for Construction - Imad Jashy Developer Jashy for Construction-Hasan Jachy Contractor United Construction Company Delivery Dec. 2020 Apt. Sizes 155 m² Price/m² Starting at $2,700 Phone (01)…