Lebanon Opportunities

Winter - 2022

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 Edities

in deze editie

3 min
not just the imf

Evidently, those active in the current political structure, whether in power, or in the opposition, or on the streets, have failed the country in preventing, then managing the multiple crises. Currently, they lack a plan. This applies also to friendly countries and donor organizations. Locally, the political behavior that has led to the catastrophe is still unchanged. Le Hezb is performing its regular routine of holding the country hostage until it gets what it wants. We have seen it before at various stages. The social, fiscal, and economic consequences were disastrous. Their cumulative effect has resulted in the apocalypse. But it will not refrain from encores. The IMF is not a single item recipe for economic revival The only idea on the table is reaching an IMF program. It is a necessary…

2 min
in brief

Soundbytes Less talk and more work President Michel Aoun to Cabinet Cut back on media appearances and speech Prime Minister Najib Mikati to newly appointed ministers We don’t have any cent! We will not do privatization before recovery, or we will sell for free. We will talk about it in future governments The challenge for the new government is to get to work without delay. We will therefore judge it by its actions Jean-Yves Le Drian, French Minister for Europe and Foreign Affairs Any conditions that the IMF may require will not be harsher than what we see in Lebanon today Mahmoud Mohieldin, Executive Director at IMF Lebanese government officials are in a fantasy land Olivier De Schutter, UN Special Rapporteur on Extreme Poverty and Human Rights We can support 800,000 Lebanese families Corinne Fleischer, Regional Director, World Food Program (WFP) We do not have…

7 min
what’s new

Solidere’s profit drops despite surge in land sales Solidere’s standalone net profit dropped by 67 percent to $20.7 million in 2020 compared with the previous year despite a surge in revenues from land sales and a plunge in interest expenses. The profit decline was mainly driven by cancellation of some previous sales in addition to increases in the cost of land sales, provisions, and foreign exchange losses. A drop in revenues from rented properties has also contributed to the decrease in profit. Revenues from rented properties plunged by 57 percent to $22.8 million due to a slump in commercial activity. Many businesses have closed down in addition to the severe damages caused by the Port Explosion. Solidere said these revenues are expected to decline further in 2021 as additional businesses have…

4 min
what’s new

Provided by Subscriptions to foreign funds rebound Subscriptions by local investors to foreign investment funds increased 26 percent in 2020 to $798 million, registering a rebound from a downtrend in recent years, according to the Annual Report of the Capital Markets Authority. Subscriptions to local funds were also going through a downtrend which continued but at a slower pace and recorded a decrease of 12 percent to $238 million last year. The number of subscribers to foreign funds jumped by 31 percent in 2020 while the number of those subscribing to local funds inched down by one percent. “Investors have opted for foreign funds because of lack of attractive offerings on the local market. They were also looking for a safe haven for their savings although they were withdrawing their bank deposits…

1 min
what’s new

Provided by $87 million for Port of Tripoli The Council for Development and Reconstruction (CDR) and Egypt-based Arab Contractors have signed a contract for the first phase of the development of the Port of Tripoli. The $87 million project is funded by the Islamic Development Bank. Nabil Jisr, President of CDR said: “This will be the fastest agreement to be implemented. Guarantees will come within ten days. Work will start before winter. The project will be completed within two and a half years.” Hazem Abdul Ghaffar, representing Arab Contractors said: “The project involves the complete development and construction of new buildings for Customs, the port administration, the army, and the fire department. All the buildings will be located in one area and will be electronically linked to a control center.” ▶ L0321-08 Ten to…

4 min
what’s new

Bassam Badran President of the Lebanese University The Council of Ministers has appointed Bassam Badran as President of the Lebanese University (LU). Badran, who has replaced Fouad Ayoub, has been Dean of LU’s Faculty of Sciences since 2017 and has been operating its coronavirus laboratory since 2020. He said he will tap LU’s available resources to improve its working conditions and address the impact of the multiple crises on the university in order to better serve its 86,000 students. Badran said the collapse of the lira has eroded the salaries of LU professors and administrative staff and that the minimum requirements for running the university, with its buildings, laboratories and equipment, are no longer available. He said they are working on a strategy to solve LU crises, boost its growth prospects, and…