Innholdsfortegnelse for Summer 2024 i Lebanon Opportunities

Like a recurring nightmare, a summer full of economic promise and family reunions got busted by the eager and allegedly miscalculated aims of our bad enemy across from the southern border, and the not-much-more-constructive player facing it. Down from the abyss, the antagonists, as if in cahoots, are threatening each other with annihilation. It turns out to be ours: citizens who have no say as well as the non-functioning State whose only role seems to be to ensure the perpetuity of governance vacuum. A failed state, dysfunctional government, political implosion, institutional halt, economic decay, and societal disarray, all describe well the results of the abdication of all traditional and reformist political forces to the sole non-state actor who has been for a long while calling all the shots. Literally. Political…

Provided by Capital EE-managed fund buys 20 percent of Dairiday PoleStar, an equity fund managed by Capital EE, has acquired a 20 percent stake in Levant Beverage and Dairy Industries (Dairiday) for $2 million. The acquisition of the stake was through a capital increase and the funds injected in the company will be used to open a new factory in Iraq that is scheduled to launch operations by mid-May, said Khaled Zeidan Chairman of Capital EE which offers a range of financial advisory and capital raising services. The Dairiday factory in Kfarshima will be relocated to larger premises in the suburbs of Saida. This will enable it to expand production. Before the acquisition, Dairiday was fully-owned by Imad Mansour and his family. The company has a farm in the Bekaa…

Provided by WFP spent $491 million for food and basic needs The United Nations World Food Programme (WFP) spent $491.3 million under its Country Strategic Plan (CSP) for 2023 to help Lebanese citizens and more than 1.3 million Syrian and Palestinian refugees meet their food and other basic needs, according to the WFP’s ‘A Year in Review’ report. The assistance provided to Lebanese nationals, included among other things, cash transfers worth $85 million targeting 416,000 individuals through the government’s Emergency Social Safety Net (ESSN) as well as $107 million transferred to 412,000 citizens under the National Poverty Targeting Programme (NPTP). Nearly 309,000 Lebanese benefited from in-kind food assistance. Assistance provided to refugees included cash-based transfers totaling $187 million, according to the report. “Spurred by October 2023 Gaza war, Lebanon faced…

War delays recovery and escalates losses | Most economic indicators in the red | Monetary stability reduces inflationary pressures | Modest progress on reforms At a time, when the country started to achieve monetary stability and some progress in the implementation of reforms, and when economic studies began to project a possible return to GDP growth, the war broke out adding new challenges and delaying the recovery process. Projections of a modest positive growth after five years of contraction have been revised down. Amid the bleak security and economic conditions, positive achievements continue at the monetary level including currency stability, contained money supply, and growth in the liquid foreign reserves of the Central Bank (BDL). Negative growth in first half of 2024 Various indicators of the real economy were mostly…

The hospitality sector is active again in Gemmayzeh and Mar Mikhael which were devastated by the Port Explosion four years ago. A survey by InfoPro Research has identified 391 business establishments in the area, 66 percent of which are food and beverage (F&B) outlets. More than half the businesses were established after the Port Explosion in 2020. Guesthouses and boutique hotels are being opened especially in attractive traditional buildings. The art scene is also growing as Gemmayzeh is promoting cultural activities. Almost 70 percent of F&B outlets are restaurants The F&B sector, the hallmark of Gemmayzeh and Mar Mikhael, is back on the scene with 264 F&B outlets currently operating in the areas covered by the InfoPro survey which include Gouraud, Pasteur, and Armenia streets and alleys connecting them. “Unlike…

Soundbytes I ask to conduct an immediate investigation into the total power outage Prime Minister Najib Mikati We did not receive any warnings from the IMF Saadeh Chami, Deputy Prime Minister I am in good health and not about to resign Youssef Khalil, Minister of Finance The health sector needs to be transformed into a productive sector Firas Abiad, Minister of Public Health No to despair! Abbas Halabi, Minister of Education The Central Bank cooperates with the government to ensure monetary stability, but it does not replace it Wassim Manssouri, Acting Governor of the Central Bank Let justice hold me accountable if I am at guilt Hector Hajjar, Minister of Social Affairs While not enough steps have been taken on the reforms proposed by the IMF, no alternative program has…

Provided by 19,600 vacancies in public administration Vacancies in public administrations have reached 19,600 or 73 percent of the total number of jobs, according to Nisrine Machmouchi, Chairperson of the Civil Service Board. There are currently only 7,400 employed public servants out of 27,000 jobs and it is impossible to continue without hiring new employees. Job vacancies among second-grade employees is 80 percent and this is very dangerous because these skilled and experienced people are in leadership positions as they prepare studies for decisions made by director generals and ministers. Civil servants, excluding military personnel, are classified into five grades. Grade-two civil servants are those just below the position of the director general. Employees who will go into retirement, not counting teachers in public education, will total 453 in 2024…

Chaouki Abdallah Tenth President of LAU Chaouki Abdallah has been appointed as the tenth President of the Lebanese American University (LAU). Abdallah was Executive Vice President for Research at the Georgia Institute of Technology (Georgia Tech) with a research budget of more than $1.4 billion. His previous administrative experience includes serving as President and Provost of the University of New Mexico. Abdallah said that with support from its Board of Trustees, LAU has plenty of opportunities to contribute more to educating future generations by leveraging the potential of its students, faculty, staff, and alumni. and that it will cooperate with other higher education institutions to continue serving society. Abdallah, who holds PhD and Master of Science degrees from Georgia Tech, has published more than 360 peer-reviewed academic research papers. He also…

The European Union (EU) announced the granting of €1 billion during a visit to Beirut of the President of the European Commission, Ursula von der Leyen. The aid program to Lebanon will extend until 2027. Around three quarters of the cash (€736 million) aims to help the country grapple with the challenges it is facing in hosting Syrian refugees. The announcement was made at the end of a summit that was primarily focused on the issue of Syrian migrants. Participants in the summit included the leaders of the EU, Cyprus and Lebanon. “Lebanon is full of energy and potential, but it faces many challenges, both internal and related to regional conflicts,” said von der Leyen from the Grand Serail. This meeting allowed us to “discuss how to develop political and…

The exchange rate is expected to gradually deteriorate in the next three years and reach LL152,000 to the dollar in 2027 registering a 70 percent decline of the lira compared to the current rate, according to a semi-annual report about Lebanon recently released by the global rating agency Standard & Poor’s (S&P). The exchange rate is projected at LL92,000 at the end of the current year. Doomsday scenario Notwithstanding its forecast of a further weakening of the lira, S&P said: “Following several years of [the lira’s] sharp depreciation and very high inflationary pressure, we expect some gradual monetary stabilization due to already high dollarization and base effect.” The agency also expects the economy to contract this year and in 2025 and to record a modest growth of 0.5 percent in…

Food and drinks BARS/PUBS • 16MM • Aaliya’;s Books • Abbey Road • Anidea pub • BAL Beirut • Bar 35 • Bar Nouveau • Beit Toureef • Bodo • Bohemian • Bonavida • Botaniste • Calibri • Central Station • Chaos • Chaplin Pub & Eatery • Chez Hugo Beiru • Dead End Social • Dragonfly • Eclipse Beirut • Eleven Beyrut • Epiqurus • FABRK • Favela • Fizz • Flav • Flirt Mar Mikhael • Floyd the Dog • Fuego • Ground Floor Beirut • House of Butlers • II Porto Beirut • Internazionale • JIVE • Kassya • Kitchi • L’;escalier • La Scene • La Taberna De Martin • Lantana • Layl Azmi • Le Pave • Lock Stock • L’;Osteria • Lucy Lu •…

CMA CGM Foundation supplies fuel to Red Cross ambulances The CMA CGM Foundation has supplied fuel to 285 of the ambulances of the Lebanese Red Cross (LRC) since February 2024 as part of a partnership agreement between the two sides to provide 50 percent of the fuel consumption of LRC ambulances during the first half of the current year. The partnership aims to support LRC transport of patients across the country and ensure the continuity of its emergency medical services, the Foundation said in a statement. The number of patients transported by LRC ambulances is expected to have reached 75,000 during the first half of 2024. “The Foundation of the CMA CGM Group, a global player in transport and logistics, is committed to contributing to the sustainability of this ‘emergency…

Provided by Electricity production up 42 percent Electricity generated by Electricite du Liban (EDL) soared by 42 percent in 2023 to nearly four million megawatt-hours (MWh), according to Central Bank data. The growth was driven by an increase in the hours of power supply after the tariff was raised to an amount that nearly covers actual costs of power generation but production still represents 26 percent of its level in 2018. EDL’s collection of electricity bills totaled $50 million per month which was enough to cover its costs while its working capital needs exceed that amount, according to the Ministry of Energy and Water (MEW). As stated by MEW, the cost of producing one kWh by EDL is less by 16 US cents than the same amount produced by private…

Name G.Y.H.R Sal Capital (Shares) LL30 million (30,000) Directors Georges Pierre Achcar (Chairman) (10,500) Youssef Mohamed Rifai (9,900) Rana Farid Hassanieh (9,600) Object General trade, commerce, industry, production and distribution of products, furniture, lighting, decoration and real estate Bank BLOM Bank Solicitor Me Imad Youssef Khoury Auditor Elie Nabil Karake Name The Waterfront Harbor Sal Capital (Shares) LL30 million (1,000) Directors Joseph Wadih Maalouf (Chairman) (500) Jade Georges Nemr (20) Randa Mohamed-Wassef Naboulsi (460) Shareholders Tarek Antoine Karam (20) Object General trade, import, export, management of restaurants, hotels, club and tourist projects, catering services Bank BLOM Bank Solicitor Mes Nicolas Georges Melki and William Georges Melki Auditor Nizar Toufic Kassem Name United Doctors Sal Capital (Shares) LL30 million (1,000) Directors Wassim Chafic Wazzan (Chairman) (600) Charbel Antoine Habre (200) Jade Nabil Dargham (200) Object General trade, commerce of medical supplies and…

Fresh dollar deposits in local banks are growing rapidly despite earning zero or very low interest income. These funds are being placed in turn by these institutions in interest earning accounts at corresponding banks abroad allowing them to realize a profit margin. Banks remain reluctant to lend on the local market mainly due to lack of legal protection, high risks, and maturity mismatch between loans and deposits. Fresh dollar deposits on the rise Fresh dollar accounts in the banking sector are estimated at $3.5 billion, according to Bank Audi’s Lebanon Economic Report up from $2 billion in 2022. Fresh accounts are current accounts in dollars that have been opened after the 2019 financial crisis. Unlike other (lollar) accounts, depositors are entitled to cash them anytime or transfer abroad part or…

The Gemmayzeh and Mar Mikhael real estate market improved in 2023 and to a lesser extent in 2024, as the two neighborhoods continue to attract demand especially for the rental of residential and commercial properties. Sales are weak especially when compared to the rush on buying properties three years ago. Luring a younger crowd People, especially the young generation, are attracted to the two districts thanks to their vibrant nightlife and traditional cultural heritage buildings. “New buildings are also of good quality and have beautiful architecture and design. The two neighborhoods’ small and medium-sized apartments attract high demand. The ability to shop on foot is also appealing. The high footfall in its turn has also created significant demand for commercial properties by food and beverage (F&B) and other businesses,” said…