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Lebanon Opportunities

Lebanon Opportunities August 2016

Lebanon Opportunities is a quarterly business magazine that covers: Finance, Real estate, Economy, and Local business. Lebanon Opportunities has tens of thousands of readers in Lebanon and across the globe. It is the prime local business magazine in Lebanon in terms of readership, advertising, and name-awareness. Lebanon Opportunities is written to a target of small business owners, entrepreneurs and middle management, as well as to Lebanese living abroad. It aims at bringing complex business issues in a simple manner understandable by readers who are not experts and whose English language is not the mother tongue.

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3 min
staying afloat

Yesterday’s public sector problems are being supplemented by new ones every day. In parallel, old successes in the private sector are being matched and surpassed each month. This is the environment we live in, and the system that governs our economy. At least for the time being. At a time when politics is more ineffective and debilitated than ever, companies, both big and small, are making inroads and developing. CONFLICT RESOLUTION It looks like the hatchet has been buried between banks and Le Hezb. The shattered glass on the façade of the injured bank has been quickly repaired, and press innuendo directed toward the Governor of the Central Bank has suddenly stopped. A few days later, another conflict arose, this time between a television station and the Speaker of Parliament. Coincidently, the…

1 min
bits & bytes

SOUND BYTES Only one third of financial support promised during Arab summits was received Parliament Speaker Nabih Berri We call for the creation of an Arab fund to support countries hosting Syrian refugees Prime Minister Tammam Salam People are right to complain about Internet speed Boutros Harb, Minister of Telecom We are late in the oil and gas project Gibran Bassil, Minister of Foreign Affairs There will be no solution soon for the electricity problem Arthur Nazarian, Minister of Energy and Water We are being challenged by a web of private interests Wael Abou Faour, Minister of Public Health Syrian competition is not just in terms of labor, but also in business Sejaan Azzi, Minister of Labor Quarries are threatening biodiversity Mohamed Machnouk, Minister of the Environment Dam projects are being started just to benefit some contractors Sami Gemayel, MP There is no pressure on the lira Riad Salameh, Governor…

8 min
in good company

MEGA RESIDENTIAL PROJECTS WORTH $200 MILLION Two large gated communities are planned for Terbol, near Tripoli, and Damour, south of Beirut. Elmirador de Terbol is a traditional Lebanese village concept by developers Ahmad Alameddine and Mohamad Malass. The 735,000 m2 project is divided into two phases. The infrastructure of the first phase, covering around 300,000 m2, is now complete. “The construction of villas will begin in October and will take around two and a half years to finish,” said Malass. The first phase includes 330 villas, ranging between 220-580 m2 on plots sized between 450-2,000 m2. The first phase includes 50 plots, all of which sold out in a year. Land was sold at $120/m2, slightly higher than when the project first started. “The second phase is still under design and…

11 min
money and banking

ON OUR WEBSITE: More information is available by typing the numbers at the end of news stories into the reference finder on our home page BDL ISSUES NEW REGULATIONS TO IMPLEMENT IFRS 9 The Central Bank (BDL) has instructed local banks to abide by additional regulations in preparation for the implementation of the International Financial Reporting Standard 9 (IFRS 9). IFRS 9, which is promulgated by the International Accounting Standards Board (IASB), includes accounting standards pertaining to financial instruments. When it becomes effective in January 2018, IFRS 9 will replace an earlier international standard. In preparation of this new standard, BDL informed banks through intermediate circular 428 that they must create additional provisions in Lebanese currency that will be part of Tier 2 capital. Tier 2 capital is supplementary capital in line…

7 min
official business

ON OUR WEBSITE: More information is available by typing the numbers at the end of news stories into the reference finder on our home page NEW JOUNIEH PORT TARGETS CRUISE SHIPS A touristic port in Jounieh has been given the go ahead by the Council of Ministers who approved works. The port will be located between the army base and the Portemilio beach resort in Kaslik. The first phase of the project will cost eight million dollars, with the overall costs expected to reach around $40 million. “The port would attract large cruise ships able to transport 4,000 tourists,” said Fouad Boueri, member of Jounieh Municipality. The Council will ask the Council for Development and Reconstruction to launch the tender. The Ministry of Public Works has tasked the one million dollar port…

1 min
matters of fact

ON OUR WEBSITE: More information is available by typing the numbers at the end of news stories into the reference finder on our home page CONSTRUCTION PERMITS SEE SHARP TURNAROUND The number of construction permits increased 13 percent during the first half of this year, in comparison with the same period in 2015, according to the Orders of Engineers in Beirut and the North. The 8,361 permits represent 6.4 million m2, up eight percent. The average area per permit has dropped by five percent to 767m2. The area of permits in Beirut fell 23 percent to 235,429m2 and the number of permits reached 347, down 22 percent. The average area per permit remains stable at 679m2. In Mount Lebanon, the area of permits remained stable at 2.8 million. But the number of…