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Lebanon Opportunities

Lebanon Opportunities Jan-18

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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4 Numerot

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3 min
what did and will happen

One is amazed when comparing the wave of pessimism that has plagued the country throughout last year with the tally of investments and projects that were undertaken and committed to. The numbers are staggering: $22 billion in 2017 (See page 29), and $20 billion, already, just from Paris IV and associated efforts, slated to be committed to in 2018! Many people are in disbelief when exposed to the true economic situation, and look at you as if you have just landed from planet Mars. The ugly politics and associated corruption, nepotism, and inefficiencies have overshadowed the great achievements, mostly by the private sector. The stench of the public sector has turned away many hardened optimists. But facts are facts. The economy has achieved modest but sustainable growth (estimated at 2-2.5…

1 min
bits & bytes

SOUND BYTES We are not a banana republic Prime Minister Saad Hariri Hezbollah uses Lebanese banks to smuggle money Adel Al Jubeir, Saudi Minister of Foreign Affairs We are among the best countries to apply American law to their banks, especially with regard to transparency Prime Minister Saad Hariri I do not think there are funds for Hezbollah going through the Lebanese banking system Samir Geagea, leader of the Lebanese Forces party The economy has gained further trust after the political crisis Riad Salameh, Governor of the Central Bank I will call for a demonstration by intellectuals in front of the Piccadilly Theater if plans for its renovation are not approved Ghattas Khoury, Minister of Culture Rejecting the expansion of the port of Beirut is a conspiracy against the economy Walid Jumblatt, MP and former Minister of…

6 min
in good company

Provided by ECONET TO MERGE WITH CABLEVISION GlobalCom acquired Cablevision through its subsidiary Econet. Cablevision is a major wireless channel distribution company. The two entities will merge in 2018. The deal is estimated at $10 million. None of the parties will confirm the value of the transaction. Habib Torbey, CEO at GlobalCom Holding, said that Econet will achieve a substantial increase in its market share through the acquisition. The collective number of subscribers for both companies now reaches 42,000, as the acquired clientele base for Cablevision exceeds 35,000 subscribers. Business operations will flow as usual for Cablevision’s clients regardless of the initiation of the merging process, expected to be finalized in the first half of 2018. The integration process started with a full senior management shuffle within Cablevision. Bassam Jaber, appointed Chief…

6 min
money & banking

Provided by SGBL TO BUY TWO BANKS IN FRANCE AND MONACO Société Générale de Banque au Liban (SGBL) said it has signed a deal with Luxembourg-based KBL European Private Bankers (KBL epb) to acquire two of its subsidiaries. The subsidiaries are KBL Richelieu Banque Privée in France and KBL Monaco Private Bankers. The combined equity of these two subsidiaries stood at €154 million ($183 million) at the end of 2016, according to the annual report of the KBL epb group. The move, which is part of SGBL’s international development strategy, still requires the approval of regulators in Lebanon, France, Monaco, and Luxembourg. Once the approvals are given, the acquisition will be completed in the first half of 2018. SGBL said in a statement that it plans to use the new acquisitions in…

9 min
official business

Provided by MOBILE PHONES REGULATION RESURRECTED The Ministry of Telecommunications (MoT) has reactivated a law cancelled in 2014 to regulate the mobile devices market, and reduce illegal imports and the number of counterfeited devices. The law will be effective next month. The Ministry, in association with the cellular operators, will maintain a database of the serial identification number for each device, known as the International Mobile Equipment Identity (IMEI). A device cannot access the networks unless it is identified by the database. The law involves all devices that can access cellular networks through a SIM card such as mobile phones, PC tablets, routers, and dongles. Importers will have to get the approval of the MoT for their products to verify that they meet the international GSM Association (GSMA) technical standards, and that…

1 min
matters of fact

Provided by PALESTINIAN REFUGEES NUMBER 175,000 The number of Palestinian refugees resident in Lebanon is officially 174,422 individuals, according to a census held by the Lebanese Palestinian Dialogue Committee (LPDC). The count is the first of its kind and is the result of the Cabinet’s desire to reach accurate figures. It also reveals household conditions concerning housing, families, and individuals. The study was a result of a combined project between the Central Administration of Statistics (CAS) representing the Cabinet, and the Palestinian Central Bureau of Statistics. The project was financed by UNICEF and the governments of Japan, Switzerland, and Norway. A total of 592,711 individuals are registered in the records of the Ministry of Interior, and 459,292 are registered in UNRWA records as of March 2016. The refugees are distributed among 12…