Innholdsfortegnelse for Autumn 2023 i Lebanon Opportunities

The entire Middle East is tiptoeing its way towards what appears to be eternal hell. Our country, situated within that tumultuous region, follows a similar course. Truth be told, since the end of the infernal internal war, we have never really enjoyed prolonged years of peace. There was always fire burning, mostly with low intensity, but eventually, and inevitably, leading to volcano-like eruptions. Bipolarity Over the tumultuous past three decades, both public and business sentiments have been inflicted by a bipolar syndrome, oscillating from one extreme to another. The journeys have taken us from complete despair, resulting in abandonment and emigration, to sheer euphoria and unwavering faith in the future, which often led to the return of people from the Diaspora, significant investments, growth, and exuberant celebrations… and back to…

More businesses have reported an increase in sales in 2022 compared to the previous year. They have also achieved a higher growth rate in terms of sales value, according to a survey of over 100 medium and large size companies carried out by InfoPro Research in Greater Beirut in July 2023. Export-oriented companies are witnessing a significant growth in their sales as well as businesses involved in the manufacture of products that compete with similar more expensive imported goods. Pricing in dollars has increased confidence and this has led to the reemergence of credit sales to a certain extent which has resulted in more sales. Improvements in purchasing power stemming from the ongoing salary adjustment and significant tourism revenues have also increased demand and subsequently sales. Big-ticket sales remain in…

The International Monetary Fund (IMF) said that competitiveness gains resulting from the sharp depreciation of the currency and the existence of a highly skilled population are likely to prop up recovery. The IMF, however, warned that the lack of progress on reforms would have long-lasting consequences on the economy despite the growth in seasonal tourism receipts and the efforts deployed by the Central Bank (BDL). IMF Staff: Competitiveness gains could buoy recovery The country’s growth outlook is likely to remain subdued due to high uncertainty, lack of bank credit, expensive and very limited electricity supply, a possible acceleration of emigration especially among skilled professionals, and the deterioration of quality of primary and secondary education, according to the IMF’s ‘2023 Article IV Consultation’ report about Lebanon. Growth is also undermined by…

Soundbytes The electricity plan is successful Walid Fayad, Minister of Energy and Water The government will continue its control of all border points George Bouchikian, Minister of Industry The Ministry of Industry is trespassing over the jurisdiction of the Ministry of Economy Amine Salam, Minister of Economy and Trade The Port of Beirut has recovered in terms of revenue, its traffic has increased by 79 percent Ali Hamieh, Minister of Public Works and Transport The statement of the European Parliament on Syrian refugees will put Lebanon in danger Hector Hajjar, Minister of Social Affairs Medical cannabis has an export potential of $1.5 billion yearly Abbas Hajj Hassan, Minister of Agriculture The trade sector is still standing on one leg Nicolas Chammas, Chairman of Beirut Traders Association We have done everything…

Naji Boulos, Chairman of IAA-Lebanon The International Association of Advertisers (IAA)-Lebanon Chapter has elected Naji Boulos as Chairman. Boulos, founder of Jicébé Creative and Innovative Consultancy, said: “We will launch new activities with the support of all members and the Young Professionals chapter.” He said that the advertising sector is facing challenges. He estimates that ad spending have doubled last year to over $20 million but is still far below the $150 million peak reached in the 1990s. He started his advertising career in Paris then became Managing Director of Inter-Régies, a business founded by his father Jean-Claude. It later merged into Memac Ogilvy. Boulos, a university professor, has written a book about the history of advertising in Lebanon. He holds a Master’s degree in Business Administration from Saint Joseph…

Tuk-tuks, golf carts, old sandstone buildings, nightlife, and lemonade – and crowds of tourists. You are in Batroun. A thriving business hub for hospitality anchored in history, location, and renovation. It enjoys alluring features that include sandstone traditional buildings, historical sites, and a clean beach. Its countryside is rich in historical and religious sites and other attractions. The town’s small size is another major asset as it allows visitors to explore it by foot. Its identity and the collaboration of its various stakeholders have succeeded in turning Batroun into the business success that it is today. Adequate infrastructure for an ideal tourist town The town’s mayor Marcellino Hark said that the Municipality started focusing on exploiting and valorizing the Old Souk as a valuable asset more than 20 years ago.…

The residential sector has become more active at the level of the secondary market with brokers reporting an increase in sales especially of previously owned apartments. According to the ‘Residential Real Estate Survey’ conducted in July 2023 by InfoPro Research, 61 percent of real estate brokers said the number of sales transactions of apartments in Greater Beirut has increased over the previous 12 months. This represents a significant improvement compared to the findings of a similar survey conducted by InfoPro last year when only four percent reported an increase in sales. Small apartments in prime areas are the ones most in demand. They are mostly sought as an income-generating investment. A number of buyers, especially those who were hoarding cash in homes, purchase them in order to rent them out.…

Provided by $200 million from World Bank to support farmers and agro SMEs The World Bank said it has approved a $200 million financing to improve the resilience of farmers and small and medium enterprises (SMEs) through the Green-Agri Food Transformation for Economic Recovery (GATE) project. The GATE project will allow nearly 80,000 farmers, almost half of the total number of farmers, to benefit from access to finance, capacity building, and improved services and infrastructure. “Approximately 110 municipalities will benefit from improved services and infrastructure. The project will also preserve livelihood opportunities to more than 22,000 farmers and workers and create around 2,200 new job opportunities through improved production capacity at beneficiary SMEs and through public works/rehabilitation of agriculture related infrastructure,” the World Bank said in a statement. The…

Name Craft Beer Masters (CBM) Sal Capital (Shares) LL30,000,000 (30,000) Directors Philippe Raymond Jabre (Chairman & Gen. Mgr.) (30), Sami Antoine Chanihi (6,300), Nagi Nacouzi Shareholders Vincent Gerald Tanios Barouki (600), Paul Antoine Choueiri (5,100), Brasserie Almaza (17,970) Object General trade, import, export, commerce, industry and marketing of alcoholic and non-alcoholic drinks Bank BLOM Bank Solicitor Me Carlos Antoine Abou-Jaoude Auditor Deloitte and Touche Name Golden Handshake Sal Capital (Shares) LL30,000,000 (1,000) Directors Amir Zouheir Baroudi (Chairman & Gen. Mgr.) (400), Bachar Said Boubes (100), Sheherazad Ahmad Zade (200) Shareholders Bilal Abdelwahab Amhaz (100), Samir Riad Ali Ahmad (100), Mohamed-Talal Abdelhamid Dernayka (100) Object General trade, import, export, commerce of beverages, management of restaurants, hotels, club and tourist projects, organization of Bank LGB Bank Solicitor Me Ali Mohamed Mohaidle Auditor Nizar Moussa Farhat Name Royal Aircraft Maintenance Sal Capital…

A survey by InfoPro Research shows that a large number of companies are continuing to adjust salaries upwards. The survey indicates that wages are still worth half their value before the crisis in terms of real dollars. The trend is likely to extend into the near future with the gradual recovery in business activity and turnover growth. Dollarization of salaries is expanding and is part of a larger phenomenon across the economy. Digital payment solutions are emerging but cash remains the major method of salary disbursement. Around 39 percent of employees lost their jobs because of the crisis but many firms are now hiring. The chronic skill gap has worsened with the brain drain which would contribute to slowing the hoped for economic recovery. Salaries have improved but not enough…

The World Bank and the European Bank for Reconstruction and Development (EBRD) have revised up their estimates for GDP growth in 2023. Both banks expected the economy to record positive growth instead of a contraction as predicted in earlier reports. Return to growth is conditional on positive political developments and advancement towards a deal with the International Monetary Fund (IMF). EBRD expects economy to grow one percent Last May, EBRD revised up its forecast of economic performance in 2023 to a GDP growth of one percent from a contraction of one percent predicted in March 2023. EBRD also revised up its forecast for 2024 from zero percent to a growth of three percent. “The economy could return to growth in 2023, projected at one percent, conditional on overcoming political hurdles…