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Lebanon Opportunities Quarter 1 /2021 (Digital)

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25 Articles

BY THE EDITOR-IN-CHIEF All lights are off, including those at the end of the tunnel. The government (current and future) is comatose. When it occasionally wakes up, it wreaks havoc on everything it touches. But the fiasco extends to all others. To the ‘no-word-to-describe’ political class. To the naïve, infiltrated, and manipulated popular uprising(s). To the degenerate private sector. To the corrupt media. To the self-interested foreign so-called ‘brotherly and friendly’ countries. And especially to patronizing international organizations. Each has put forth impossible conditions. Each has promised too little in return. “Help yourself before we can help you,” they sing in unison. Really? Is that the best you can do? Regurgitation Listen to them. All of them. They articulate the same language. The same language of the past. The same flawed logic. The…

The country is exhausted. I wish I had inherited my grandfather’s orchard rather than had become President President Michel Aoun The international community should support Lebanon Pope Francis Don’t be silent Patriarch Bechara El Raï For me, Lebanon is like the Titanic without the orchestra Jean-Yves Le Drian, French Minister of Foreign Affairs Subsidies should target needy citizens, not products Former Prime Minister Fouad Seniora Subsidies lead to depletion and waste of public money, decline in currency reserves, smuggling, and failure to benefit the poor Raoul Nehme, Minister of Economy and Trade It is the Central Bank’s responsibility to protect the lira, and it must be able to do that Hassan Nasrallah, Secretary General of Hezbollah Isn’t there anything else besides the Central Bank? Riad Salameh, Governor of the Central Bank The dollar platform proposed by the Central Bank is temporary, circumstantial, and necessary Ghazi Wazni, Minister…

WHAT’S NEW LEADERS

Provided by Mercedes first to showcase online new model launch In a first local event of its kind, Mercedes has organized an online event to launch its 2021 models. The show was put on by T. Gargour & Fils, the brand’s sole agent in Lebanon, from its Dora showroom. The showcased models include S-Class, EClass, GLA, GLE Coupé, A35 AMG and GLC 43 AMG Coupé. Jack Rbeiz, Sales Manager at T. Gargour & Fils, said that the show was successful, as more than 10,000 individuals had watched it by Dec. 11, 2020. It had been generating since then more than 50 inquiries per day. Clients are required to pay 60 percent of the car price in fresh dollars and 40 percent in checks. Cesar Aoun, General Manager of Mercedes-Benz in Lebanon, said…

WHAT’S NEW LEADERS

WHAT’S NEW BUSINESS

Provided by Port of Tripoli selected as terminal by CMA CGM The Port of Tripoli (PoT) has been selected as a main terminal in the Eastern Mediterranean for two of the sea routes of CMA CGM, one of the world’s largest shipping companies, starting in February. This will boost the number of containerships calling on PoT each month by 83 percent to 22 vessels, according to the Tripoli Port Authority. It said that CMA CGM will use the port for local cargo and for transshipment operations. The trajectory of ‘Med Express’, one of the routes, includes the ports of Hamad (Qatar), Jebel Ali (UAE), Jeddah (Saudi Arabia), Piraeus (Greece), Genoa (Italy), and Karachi (Pakistan), in addition to Malta and two ports in India. The second route, ‘Middle East Gulf East Med’ (MEGEM),…

WHAT’S NEW BUSINESS

WHAT’S NEW OFFICIAL BUSINESS

Provided by Alvarez & Marsal ends forensic audit contract Global consultancy firm Alvarez & Marsal (A&M), which was hired by the Ministry of Finance to carry out forensic audit of the Central Bank (BDL), has decided to terminate the agreement, said the Ministry of Finance (MoF). A&M said according to MoF that it has not been able to obtain the necessary information and documents to start its forensic audit work. The company told the ministry in a written statement that it does not expect to get the required information even if it extends the deadline for the submission of the documents for an additional three months. Governor of BDL Riad Salameh said earlier that some information is subject to the banking secrecy law and cannot be disclosed. KPMG and Oliver Wyman are…

WHAT’S NEW OFFICIAL BUSINESS

WHAT’S NEW FINANCE

Provided by Banks accept lollars for 15 percent of medical imports The Association of Banks (ABL) has urged the banks not to ask importers of medicine and medical supplies to pay 15 percent of the value of their import documentary credit in cash. Importers of medicine and medical supplies have to provide this amount in foreign currency. They can secure the remaining 85 percent from the Central Bank (BDL) at the exchange rate of LL1,515. ABL said the new decision was reached in agreement with BDL. Salma Assi, Chairperson of the Syndicate of Importers and Traders of Medical and Laboratory Equipment, said the banks will abide by ABL’s recommendation. She said that allowing payments by check, or bank transfer, or by debiting a bank account, means that the 15 percent could be…

WHAT’S NEW FINANCE

WHAT’S NEW MATTERS OF FACT

Provided by Remittances forecast amounts to $6.9 billion Remittance inflows are projected to reach $6.9 billion in 2020, according to the ‘Migration and Development Brief’ of the World Bank. The forecast is similar to levels achieved in 2017 and 2018, but seven percent below the figures of 2019. The WB had previously forecasted a decline of 17 percent in 2020 remittances. “Travel restrictions, lockdowns, and social distancing measures imposed in response to Covid- 19 have inflicted enormous adverse effects on lives and livelihoods,” said the World Bank report. “The adverse effects of the crisis in terms of loss of jobs and earnings, and exposure to and infection with Covid-19, have been disproportionately high for migrants, especially for those in informal sectors and relatively low-skilled jobs. In times of crisis, migrants tend to…

WHAT’S NEW MATTERS OF FACT

WHAT’S NEW PEOPLE ON THE MOVE

Raymond Cham CEO of ADIR Insurance Raymond Cham has been appointed CEO of ADIR Insurance. He was previously CEO at Bankers Assurance. During his 40-year career, Cham held senior managerial and board positions in insurance firms in Lebanon, Egypt and the UAE. He said he will work hard to optimize ADIR’s business practices in today’s challenging environment while focusing on business development and improving productivity. Cham holds a Master’s in Business Administration (MBA) from the American University of Beirut (AUB). He had also supplemented this degree with other educational pursuits including an advanced management program from INSEAD. Georges Ojeil GM of Four Seasons Hotels and Resorts Georges Ojeil has been appointed General Manager of Four Seasons Hotels and Resorts-Lebanon. He was previously Area General Manager at Campbell GRAY Hotels for Le Gray Beirut and Campbell…

WHAT’S NEW PEOPLE ON THE MOVE

Key figure behind the post-war rebirth of the advertising sector

Ramsay Najjar (1952-2020) Following the end of the civil war, Najjar was one of the architects of the revival of the advertising and communication sectors in Lebanon. He played a leading role in many landmark advertising campaigns in Lebanon, and national messages in several Arab countries. He advised many governments (Lebanon, Jordan, Saudi Arabia, and others), as well as large and major multinational corporations. Friend and Supporter Najjar was a true friend and supporter of Lebanon Opportunities. He frequently participated as a speaker and moderator in its conferences. His latest communication to the magazine, last year, was on fake news. He said: “Nowadays the real in our country is the fake.” Key Pillar In 1992, he established Saatchi & Saatchi Lebanon in partnership with Eli Khoury, and the global advertising firm Saatchi & Saatchi. In 2002,…

Key figure behind the post-war rebirth of the advertising sector

WHAT’S NEW NEW BORN COMPANIES

Name Saint Joseph Fertility Center Sal Capital (Shares) LL30,000,000 (1,000) Directors Georges Hani Abi-Tayeh (Chairman & Gen. Mgr.)(690), Rana Adnane Chaabane (10), Aline Antoine Harfouche, wife of Georges Abi-Tayeh Shareholders Kim Georges Abi-Tayeh (100) Kate Georges Abi-Tayeh (100) Kira Georges Abi-Tayeh (100) Reg. address Saint Joseph Center, Jean Dominique Ayoub Street, Lot No. 5083/35 Ashrafieh, Beirut Object General trade and medical center Banker Credit Libanais Solicitor Me Rana Adnane Chaabane Auditor Celine Antoune Lahoud Name Citystone Sal Capital (Shares) LL30,000,000 (1,000) Directors Fadi Mohamed Ali Ahmad (Chairman & Gen. Mgr.), Walid Chauki Bechara, Bright Invest Sal (Holding) (270), Capanama Sal (Holding) (270) Shareholders Michel Tanios Choueiri (260) Tuberosa Sal (Holding) (200) Reg. address Lot No. 1270/13a Minet Le-Hosn, Beirut Object General trade, import, export, contracting, construction, topography, maintenance, infrastructure, engineering and technical consultancy Banker Cedrus Bank Solicitor Me Michel Tanios Choueiri Auditor Toni Youssef Abou-Aoun Name Hestia Invest…

Possible GDP growth in 2021, but…

I Economic recovery needs strong reforms I Currency collapse led to high inflation I Rampant poverty despite subsidies Some international organizations see a ray of hope amid the multiplication of severe and unprecedented crises that the country is witnessing. The United Nations (UN) expects GDP to grow again by 14 percent this year, according to its ‘World Economic Situation Prospects 2021’ report. In its ‘Survey of Economic and Social Developments in the Arab Region 2019-2020’, the Economic and Social Commission for Western Asia (ESCWA) projects the growth rate at 1.5-1.8 percent. It said: “The modest recovery expected in 2021 is conditioned on successful structural reforms, restoring the trust of society and foreign stakeholders in Lebanese institutions, the success of measures to halt the deteriorating local currency and the outcomes of negotiations with the…

Possible GDP growth in 2021, but…

Triple crisis translate into deteriorating indicators

Secretary General of the Association of Banks Financial, economic, and social indicators show the extent of the deterioration in the financial sector and the economy. Most of the deterioration is attributable to the failure and appalling absence of public policies at a time when the country seems to be in dire need of more of these policies due to the three escalating and intertwining crises that it is facing. Multiple crises The first crisis surfaced when the government declared a national bankruptcy in its decision to default on its external and even domestic obligations. The second one is the coronavirus pandemic which has caused a decline in economic activity. The third crisis is the continuous deterioration of the country’s monetary conditions, especially the collapse of the exchange rate of the Lebanese lira and…

Triple crisis translate into deteriorating indicators

InfoPro has launched ‘Revival 2021’, a full-fledged program aimed at advancing out-of-the-box measures that address the country’s extraordinary circumstances. It is an emergency proposal for the short-term (five years). It builds on previous editions of the plan, first presented at the onset of the crisis, and updated periodically since then. Wholesale approach “This plan should be evaluated in its totality, in terms of its overall impact. The major economic challenges can no longer be dealt with one-by-one, in a ‘retail’ manner. The approach needs to be ‘wholesale’, tackling the fundamentals of our system, and making many changes all-at-once,” said the report. Three pillars The plan focuses on three main pillars: Reinvigorating the private sector, setting up a new socio-economic contract between the economic stakeholders (State, labor, and employers), and reforming the fiscal, monetary and…

The tripartite socio-economic sectors (public sector, employers, and labor) should convene to negotiate a socio-economic plan where every party will gain benefits and offer compromises. The objectives are to allow labor to reach sustainable decent wages and increased employment levels, businesses to survive and grow, and the government to reach a sustainable fiscal balance while providing acceptable levels of service and entitlements. All this will lead in a first stage to halting the economic and social free fall, and setting the stage for future economic growth. The inclusion of the three economic partners will ensure a national buy-in of the pact, which is critical when presented to local and international communities. Our own proposal for the pact is to commit to the following: Float the currency Maintaining a stable exchange rate is…

$2.6 billion donor plan post the Port Explosion

The United Nations (UN), European Union (EU), and World Bank Group (WBG) have launched a $2.6 billion, 18-month reform, recovery, and reconstruction response plan to address urgent needs of the population affected by the Port Explosion, according to their joint report ‘Lebanon Reform, Recovery and Reconstruction Framework (3RF)’. The 3RF involves two parallel tracks. A reform and reconstruction track at a total cost of $2 billion and a peoplecentered recovery track at a cost $584 million. Reconstruction and people-centered recovery Each of the tracks encompasses four pillars that aim to improve services, the infrastructure, and governance, in addition to providing job and economic opportunities and social protection. The people-centered track is a socioeconomic recovery path that addresses the urgent needs of the most vulnerable populations and small businesses affected by the explosion.…

$2.6 billion donor plan post the Port Explosion

Port reform strategy

The aftermath of the Port Explosion presents an opportunity to rethink the nature, function, and location of facilities in the Port of Beirut (PoB), according to a World Bank report released last December. The aim is enhancing port performance and competitiveness, and optimizing capacity and land use. Revisions to the Masterplan of the PoB should be undertaken within the framework of a new port and maritime strategy that promotes complementary roles among the ports. “For the port’s governance to meet global standards, a well-developed port sector law, anchored in a clear vision for the Lebanese port and maritime sector must be enacted,” said the ‘Reforming and Rebuilding Lebanon’s Port Sector: Lessons from Global Best Practices’ report. Three-tiered structure The World Bank recommends a governance model of the port sector that consists of…

Port reform strategy

e-government plans

The ‘Lebanon Digital Transformation Strategy 2020-2030’ prepared by the Office of the Minister of State for Administrative Reform (OMSAR), aims to streamline governmental procedures and convert them into citizen-centric digital services provided from a common digital platform. It also aims to create a transparent open government system. The strategy, whose budgeted cost totals $260 million, will enable the government to save billions of dollars. It will create a favorable business environment, and will offer local companies and workforce, especially information technology (IT) companies, plenty of opportunities. A journey of a thousand miles The strategy is the last in a series of strategies and plans that have been launched and updated since 1998. A tiny portion has been implemented of these plans which were updated over the years to cope new technological advancements.…

e-government plans

List of e-government projects

Commercial Register through Interoperable Platform (CRTIP) Ongoing • Upgrading the Dawlati portal to become the e-government common portal• Setting up a One-Stop Shop for business registration on the Dawlati digital platforms Automation of Case Management at Courts of Beirut coupled with a document management system to manage hard copy files Completed • Application currently operational in the Civil and Penal Cassation courts, the Civil Appeal courts of Beirut, and the State Council• Application electronically linked to Ministry of Finance for generation and settlement of courts’ fees • Application currently operational in the Civil and Penal Cassation courts, the Civil Appeal courts of Beirut, and the State Council• Application electronically linked to Ministry of Finance for generation and settlement of courts’ fees Ongoing • Contract closed, but support from OMSAR still ongoing to roll out the application on the…

List of e-government projects

Contributors to Lebanon Digital Transformation Strategy

The ‘Lebanon Digital Transformation Strategy 2020-2030’ was the fruit of hundreds of consultative meetings with public sector employees, entrepreneurs, NGOs, professional organizations, and international organizations such the World Bank, and the Organisation for Economic Co-operation and Development (OECD). Countries such as Estonia, United Arab Emirates, United Kingdom, and the Czech Republic have also provided their support. Sectoral analysis was carried out after consulting with the Lebanon Information Technology Syndicate (LITS), Information Systems Audit and Control Association (ISACA) Lebanon Chapter, the National Council for Entrepreneurship and Innovation (NCEI), and the team of the United Nations Development Programme (UNDP) at OMSAR.…

Contributors to Lebanon Digital Transformation Strategy

Anghami to list on Nasdaq

Anghami, a music streaming platform, is planning to be listed on the Nasdaq stock exchange through a merger with Singapore-based Vistas Media Acquisition Co. (VMAC), a Special Purpose Acquisition Company (SPAC). The Lebanon-founded company is the first Arab tech company, and the second Arab company to list on Nasdaq. Aramex was the first to do so 24 years ago, but delisted later on. More growth “We will have the ability to invest more in R&D and innovate providing a product that goes beyond music to immersive experiences around media and entertainment while remaining relevant to our users and focused on our local edge,” said Elie Habib, cofounder, Chairman and CTO of Anghami. “Being a US listed public company gives us access to growth capital and a global platform that is the best…

Anghami to list on Nasdaq

New public strategy focuses on technology and marketing

Farming, like other productive sectors, has the potential to thrive as the devaluation of the lira has made local crops more competitive abroad and food imports more expensive creating opportunities both on the domestic and global markets. A number of crops enjoy promising export prospects. Organic farming is the top winner as it does not use very expensive imported inputs such as pesticides and synthetic fertilizers. Agricultural exports are already rising sharply. They increased 34 percent yearon- year in the first nine months of 2020. More people have recently entered the agricultural sector, which has indirectly contributed to the increase. Untapped export potential The country’s untapped potential is estimated at $900 million of agricultural exports. Almost half of this amount consists of fruit and vegetable output and nearly a quarter of it…

New public strategy focuses on technology and marketing

Growing demand from abroad

Companies enter the outsourcing business through a variety of avenues. “Outsourcing is mainly in the services sector and it is one of the required solutions to attract fresh dollars to the country,” said Yahya Kassaa, Chairman of the Lebanese Franchise Association (LFA). It is growing as part of a global trend driven by the Covid- 19’s lockdowns and restrictions. It is also partly triggered by cheaper labor cost resulting from the collapse of the lira. The supply side consists of local companies and freelancers offering their services to foreign companies. It is also growing due to escalating unemployment in the country. A nonprofit ‘Lebanon Outsourcing Initiative’ was established by the outsourcing firm ‘Bridge. Outsource. Transform’ (B.O.T) with the support of Alfanar foundation and the global network of Lebanese professionals LIFE.…

Growing demand from abroad

Compensating explosion damages

Insurance companies have so far paid six percent of the total value of insured losses resulting from the Port Explosion. They are still awaiting the official results of the investigation about the causes of the blast which devastated Beirut more than seven months ago. Estimates of the insured losses vary. They total $1.1 billion, according to the Blast Monitoring Report of the Insurance Control Commission (ICC), released at the end of February 2021. Insurance firms had reinsured 94 percent of these risks mostly to international companies which gives some hope to the insured to get compensations in fresh dollars that help them recover their real losses. Meanwhile international claim management and loss adjustment companies are entering the local market. These firms target insured with large claims, especially during catastrophes. Estimates and…

Compensating explosion damages

End consumers to be invoiced in lira

The Ministry of Finance (MoF) has required taxpayers to record transactions in foreign currencies at the real exchange rate of the lira instead of the official rate of LL1,507.5. This will increase the value added tax (VAT). VAT paid at the Customs on imported goods will continue to be valued at the official rate for the time being. MoF has also notified businesses and self-employed professionals that they must comply with the consumer protection law and state the value of invoices issued to end consumers in lira. Multiple rates Businesses are required to record transactions in foreign currencies at the real exchange rate of the lira used in each operation, according to the MoF. Up till now, firms were recording transactions at the official exchange rate. The differences between the official rate…

End consumers to be invoiced in lira

Exchange rate crisis

Secretary General of the Association of Banks It is obvious that the exchange rates of any currency in any country are organically linked to the structure of that country’s economy including, in particular, the structure of its external payments with the rest of the world. Robust trade and financial exchanges of a country’s economy with global markets strengthen its currency, likewise a decline in exports and an increase in imports are mirrored in a weak currency. Divergent views External flows include, in the first place, trade in goods and services, then income and transfers, and finally cross-border capital flows, especially direct investments and portfolio investments. Besides these items, exchanges with the outside world include local bank deposits of non-residents as well as deposits held in banks abroad by Lebanese nationals residing in Lebanon.…

Exchange rate crisis

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