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Lebanon Opportunities

Lebanon Opportunities October 2019

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
in (what?) we trust

‘Trust’ is the key word in economics. All else is a derivative, or a consequence. It is trust that gives strength to a currency, the stock and bond markets, as well as direct investment and lending. That trust has been eroding slowly, ever since the disaster started in 2005. Part of our robust social-economic-political system has rusted, and pieces are starting to fall off. Just as the rusting is a product of time and neglect, so an eventual recovery will need time and attention. CULPRIT NUMBER ONE The joy felt when the Syrian forces retreated from Lebanon was short lived. Following the assassination of the one perceived as the guardian of the economy, and other murders of leaders in politics, security and opinion, the erosion started. Le Hezb moved in to fill…

1 min
sound bytes

The current pattern in dealing with issues has failedPresident Michel Aoun We hope that the Lebanese government will undertake the reforms it has promisedFrench President Emmanuel Macron We have a window of six months to take measures to prevent what happened to the countries that have crumbledPrime Minister Saad Hariri Agriculture policy is in disarray. There is no clear strategyPrime Minister Saad Hariri In the 2020 budget, there will be no new taxes and no increases on petrol or VATAli Hassan Khalil, Minister of Finance The exchange rate of the lira will remain stable in the next few years, and the State will be able to repay its bonds at maturityAli Hassan Khalil, Minister of Finance If the electricity projects are implemented in 2020, there will be a deficit of zero at EDL the following yearGibran…

1 min
in good company

Provided by LAU MEDICAL CENTER TO MANAGE HOSPITAL IN JOUNIEH The Lebanese American University Medical Center (LAUMC) has leased the St. John Medical Center in Jounieh from the Congregation of Lebanese Maronite Missionaries and will manage it. The boutique hospital, which is owned by the Congregation, will open to the public in May 2020. It will be named LAU St. John Medical Center. The total built-up area of the hospital is 7,000 square meters. It consists of three floors and a basement with 40 beds in total, and can general medical services and surgical operations. LAUMC will introduce some amendments to the building before it starts operations. The construction cost of the hospital reached $15 million and investment in medical equipment $5 million. L1019-04 PLASTIC KITCHENWARE FACTORY OPENED IN BIKFAYA Ste. Assaad Gabriel & Fils,…

2 min
money & banking

Provided by INCREASE IN CEILING FOR SUBSIDIZED INDUSTRIAL LOANS The Central Bank (BDL) has increased the ceiling of its operational capital loans from $3 to $5 million in order to facilitate lending to the industrial sector. “Industrialists were suffering from the shortage in liquidity due to the economic situation, and this was prohibiting them from purchasing raw materials,” said Fady Gemayel, Chairman of the Association of Lebanese Industrialists. According to the amended circular, the interest rate on industrial operational loans has become 11.5 percent. The Central Bank will bear 6.66 percent and the borrower 4.84 percent. Industrialists can borrow up to 80 percent of the value of their exports over one year. New industrialists can take a loan that represents 60 percent of their exports in one year. The Central Bank will…

2 min
official business

Provided by MINISTRY OF INDUSTRY LAUNCHES QUALITY SEAL PROJECT The Ministry of Industry (MoI) has launched a quality of manufacturing and food safety project, which aims at helping manufacturers improve food safety standards. The project will help manufacturers improve the quality of production to comply with international standards as well as those of the Lebanese Standards Institution (LIBNOR), a public institution that sets the country’s national standards. A team from the Ministry in collaboration with students from nine universities, including the Lebanese University, will supervise the factories. “The stu dents will be selected from specialties related to food safety, and there will be priority for Master’s degree students,” said Dana Abou Reslan, a National Food Safety Expert. The team will supervise the factories’ compliance with food safety standards based on a form…

5 min
matters of fact

Provided by BEIRUT RANKED THIRD BEST NIGHTLIFE CITY IN THE WORLD Beirut has been ranked third among the top five nightlife cities worldwide, according to the American channel television CNN. It was also the seventh listing on the ‘100 best places on Earth for 2020’. Alongside nightlife destinations, the ranking system, published in The Rough Guide to the 100 Best Places on Earth, celebrated destinations, cities and countries rich in culture, including the Alhambra in Spain, natural beauty, such as America’s Yellowstone National Park, and engaging urban environments, such as Toyko in Japan. The Rough Guide contains “brilliant places for 2020, places that would be big news in 2020, just opened up, up and coming, back on the tourist map and places that are completely unmissable and timeless,” said the book’s editor…