News

Lebanon’s $1 billion pharma market keeps on growing

The pharmaceutical market increased four percent last year reaching $1.1 billion compared to 2015, according to the Lebanese Pharmaceuticals Importers Association (LPIA). The unit of measurement of pharmaceutical market is the Net Selling Price to market. Pharmacies had an $838 million share, (up from $802 million), hospitals $159 million, and…

New expansion of Beirut Port to transform the capital into a Mediterranean Cruise attraction

Beirut Port Authority has commissioned Dar Group to rehabilitate and extend the Beirut Port. The Dar Group has already worked on rehabilitating the existing cargo area, prepared tender documents, conducted tender analysis, and supervised various upgrades in the port. The Dar’s work on the port also included supervision of the…

Construction of $18 million pasta factory planned in Lebanon

Daher Foods, manufacturer of Master potato chips, is planning to open a 15,000-square-meter pasta factory in Ferzol. Construction will be launched in mid-summer and is expected to be completed within one year. Investment in the project is $18 million. The machines and technical knowhow will be imported from Italy. Michel…

Lebanon FM opens Diaspora Energy Conference in Johannesburg

Foreign Minister Gebran Bassil called for the representation of the Lebanese diaspora with six parliamentary seats. “We should give the diaspora the required seating [in the Parliament], which is better than the seats that were given to [individuals] under non-Lebanese orders in some areas,” Bassil said in his opening speech…

Bassil calls on expats to reclaim citizenship

Foreign Minister Gebran Bassil warned Lebanese expats in South Africa Friday that the failure to reclaim their Lebanese citizenship would lead to the loss of Lebanon to terrorists and refugees. “We need your help to restore Lebanese expats their Lebanese citizenship … With each person that restores his Lebanese citizenship,…

CDR supervising $3.4 billion worth of public work in Lebanon

The Council for Development and Reconstruction (CDR) is actually supervising $3.4 billion worth of public works that will start or continue in 2017, according to the CDR Progress Report 2016. The sector that received most funding with contracts underway is ‘basic services’, whereby $2 billion worth of projects are being…

Lebanon property sales rise in number and value

Recorded real estate sales transactions increased in 2016. According to the Real Estate Registry at the Ministry of Finance, the number of transactions increased one percent to around 64,600 compared to the previous year. The total value of sales transactions rose six percent to $8.5 billion. This brings the average…

Construction permits increase 13% in Lebanon

The number of construction permits rose 13 percent in 2016 to 17,295, covering 12.3 million square meters (m2) – unchanged from 2015. The average area per permit is 707 m2, down 13 percent. Beirut saw the sharpest decline in area and number of permits. Negative growth was also recorded in…

Construction of $1 billion US Embassy in Lebanon

Alabama-based B.L. Harbert has won a tender for the construction of the new U.S. Embassy in Awkar. Permission has been granted by the Government for the work to commence. The embassy will be built over an area of 174,000 square meters at a cost of around $1 billion. It is…

Mena region’s superyacht fleet to see continued growth

The propensity of ultra-high net worth individuals (UHNWIs) in the Mena region to buy superyachts built within the last 15 years is 20 per cent, the second highest in the world after Eastern Europe (46 per cent), with propensity to buy based on historic data of wealth increase versus superyacht…