Innholdsfortegnelse for Spring 2024 i Lebanon Opportunities

Denial is the current password to access any day in a reasonable way. The threat of a devastating war is getting postponed from one week to another for the past seven months, a venomous torture to the economy and national psyche that is almost begging to have it and get it over with — not realizing that unlike in 2006, this one, once it starts, it may never end. Most people don’t have a say in the matter, and those who adre to speak up are quickly labeled as weaklings, ignorant, collaborators, or traitors. The list of accusations and insults is long. So here’s a formula to get through the day, and — surprisingly — remain productive. Pretend that there are no battles in the South and sometimes in Northern…

Provided by More depositors allowed to benefit from Circular 158 Holders of bank deposits in foreign currencies whose accounts were closed or moved from one bank to another after October 31, 2019 will be able to withdraw their funds under Central Bank’s Basic Circular 158, said Wassim Mansouri acting Governor of the Central Bank (BDL). Manssouri said in a statement that BDL’s Central Council has taken this decision after reaching an agreement with the Association of Banks on this matter. Around 181,000 depositors withdrew nearly $1.78 billion of their funds under Circular 158 since it was issued in 2021 and until the end of April 2023. The new decision increases the outstanding balance of eligible accounts that could still benefit from the circular. The number of depositors who were still…

Provided by $14.7 million project to boost food security The Ministry of Agriculture (MoA) has signed an agreement with the Food and Agriculture Organization of the United Nations (FAO) for a project to improve food production and food security, the United Nations (UN) said in a statement. The Canadian government will provide CAD$20 million ($14.7 million) in funding for the project which will be implemented by FAO in cooperation with MoA. The project aims to enhance the adoption of agricultural practices that are gender-responsive, nutrition-sensitive, and climate smart. It will also seek to improve the performance of fruits and vegetables value chains and to strengthen their resilience to climate and economic shocks. “Small-scale fruits and vegetables farmers – women in particular – and their organizations will be supported to increase…

Soundbytes Bank restructuring law is easy to implement, but difficult politically Prime Minister Najib Mikati The politicians want the IMF deal without all its conditions Saadeh Chami, Deputy Prime Minister IMF has no intention to cancel the agreement signed with Lebanon Mahmoud Mohieldin, Executive Director, IMF Lebanon should undertake reforms before obtaining IMF funding Jihad Azour, IMF Director of the Middle East and Central Asia Department We suffer from an international financial blockade and banking paralysis Walid Fayad, Minister of Energy and Water The government is irresponsible in the way it is dealing with deposits and the budget Ibrahim Kanaan, Chairman of the Parliamentary Finance and Budget Committee We will not finance the State unless Parliament forces us to Wassim Manssouri, Acting Governor of the Central Bank For the minimum…

Provided by Qatar said to gift 500 MW in alternative energy Qatar is ready to provide Lebanon, in partnership with France’s TotalEnergies, with three alternative energy plants with a production capacity of 500 megawatts, said the Qatari Minister of State for Energy Affairs Saad bin Sherida Al Kaabi. Al Kaabi said that this would be in the form of a donation with soft conditions. Lebanon will have to provide the necessary land plots to implement the project. The Lebanese authorities will choose the locations according to their priorities and needs. ▸L0124-04 Tender to rebuild Karantina solid waste plant The United Nations Development Programme (UNDP) has launched an invitation to bid for a tender to rehabilitate the Karantina Solid Waste Management Facility which was damaged by the Port Explosion. “The rehabilitation…

Elias Houayek CEO of Atria Solutions Elias Houayek has been appointed as CEO of Atria Solutions. He was previously a founder and CEO of Data Consult. Houayek said Atria Solutions plans to expand existing services and introduce new ones including solutions and services in the fields of networks, IT, and cybersecurity, as well as new lines of software development in partnership with international companies like Cisco and Palo Alto Networks. “We will be mainly targeting the regional market including Gulf and North African countries, Iraq, and Jordan in addition to countries in Sub-Saharan Africa,” he said. Houayek’s work experience was mainly in data analysis, IT, and telecommunication services. He holds a degree in Electrical Engineering from USJ’s École supérieure d’ingénieurs de Beyrouth (ESIB), and an advanced Grandes Ecoles degree from…

Shouf Biosphere Reserve (SBR) The SBR, the largest protected area in Lebanon, extends over 50,000 hectares – or five percent of the country’s total area. It includes the Shouf Cedar Nature Reserve and Ammiq Wetland in the Bekaa and is surrounded by 24 villages with over 70,000 inhabitants. The reserve stretches from Dahr Al-Baidar to Niha Mountain. Its cedar forests in Maasser Al-Shouf, Barouk, and Ain Zhalta – Bmohary account for a quarter of the country’s remaining cedar forests. The SBR also includes juniper and oak forests. The activities that could be performed by the SBR visitors include bird watching, mountain biking, snowshoeing, and hiking. The biosphere’s goals include conserving traditional agriculture and the natural and cultural heritage of the region. For this reason it helps framers become environmentally friendly…

Provided by Manousheh on UNESCO Cultural Heritage List The United Nations Educational, Scientific and Cultural Organization (UNESCO) said it has included the Lebanese Manousheh in its Representative List of the Intangible Cultural Heritage of Humanity. It described the Manousheh as a quintessential breakfast and an emblematic culinary practice in Lebanon. “Transmitted informally, al-Man’ouché is a strong identifying factor. Its aroma evokes traditional morning gatherings, or sobhhiyé, key moments of social interaction. Its sale in small bakeries also contributes to local economic development,” UNESCO said. In 2021, Lebanon was included, along with a large number of other Arab countries, in the Representative List of the Intangible Cultural Heritage of Humanity for Arabic calligraphy. ‘Zajal’, the Lebanese folk poetry, was included in the list in 2014. ▸L0124-01 Manara Dairy builds plant Manara…

Provided by Gaza war adds 26,000 to the poor in Lebanon The number of the poor in Lebanon is estimated to have increased by 26,000 people under the impact of the Gaza war by the end of the sixth month of the fighting, according to a joint report by the United Nations Development Programme (UNDP) and the United Nations Economic and Social Commission for Western Asia (ESCWA). “The spillover effects on immediate neighbors of the State of Palestine, namely, Egypt, Jordan and Lebanon, could be significant,” UNDP and ESCWA said in a summary of their report ‘Expected socioeconomic impacts of the Gaza war on neighboring countries in the Arab region.’ The combined GDP loss of the three countries is expected to have reached $18 billion during the six-month period. GDP…

Name Solar Care Sal Capital (Shares) LL100,000,000 (1,000) Directors Michel Bassel Bayoud (Chairman & Gen. Mgr.) (490), Nasser Farouk Berbir (500) Raeda Farouk Berbir (10) Address 10th floor, Point A bldg., Hotel Dieu str., Ashrafieh Object General trade, import, export, consultancy, studies, engineering of solar energy projects, batteries and tenders Bank Arab Bank Solicitor Me Nadi Rene Najjar Auditor Sabeh Khalil and Associates Name Tablecraft Sal  Capital (Shares) LL30,000,000 (30,000) Directors Zahi Michel Rizkalla (Chairman & Gen. Mgr.) (19,500), Nathalie Michel Bitar (4,500) Antoine Adel Saliba (3,000) Shareholders Sarkis Kevork Dertorossian (3,000) Address 6th floor, Jaafar bldg., Iskandar Ammoun str., Mazraa Object General trade, management of restaurants, hotels, nightclubs and tourist projects, studies and consultancy Bank BLOM Bank Solicitor Me Elias Nagib Ghorayeb Auditor Richard Youssef Ayle Name Maya Art Space Sal  Capital (Shares) LL100,000,000 (1,000) Directors Maya Atef Kahil…

Banks continue to rely on fees amid narrow interest margins and stagnant lending activity. The fees they are charging on fresh accounts remain high. According to a survey by InfoPro Research on the 20 retail banks still active, some of the fees have even been increased compared to their levels in 2021 such as account service and card fees. The banks have increased also charges on outgoing transfers, and continue to impose fees on operations that were exempt in the past such as depositing funds. Account service The most frequently charged account service fee is $5. Two out of 20 banks surveyed charge $13. In addition to the service fee, a few banks charge a onetime fee that ranges from $15 to $100. They call it by different names such…

The hub of food and beverage (F&B) outlets in Badaro has outperformed peers in the rest of Beirut by recording the highest rate of newly opened F&B businesses since 2019 and the lowest decline in number of outlets. The once quiet middle-class residential area is becoming more business-focused thanks to its strategic location. It is close to areas that host several government bodies and businesses in addition to major tourist landmarks and educational and medical institutions. Multiplier effect Government, medical, and educational institutions and tourism and cultural landmarks within Badaro or near its borders, has created a large demand for the services of F&B outlets and other businesses such as law firms. This has led to the proliferation of restaurants and cafes. F&B outlets were originally created to meet the…