News

We wish you a very blessed EID Mubarak

Dear Colleagues, I wish you and your family a very blessed EID Mubarak.  May God bless you with good health, peace, joy, and prosperity for the holiday and always.  For those who celebrate the holiday, we wish you a blessed EID and for those who do not, we wish you…

New aluminum profile factory planned in Lebanon

Elbadawi Company for Industry, Trade and Contracting will open an aluminum profiles factory in Arka, Akkar in mid-2017. Investment in the project is estimated at $10 million. Khaled Soueidan, a major shareholder, said that he will finance the project from his own resources. The total space of the land is…

Solar power to light Lebanon’s second city Tripoli

The Chamber of Commerce, Industry and Agriculture in Tripoli and the North will launch a project to light Tripoli’s streets and the neighboring areas with solar power. Toufic Dabbousi, Chairman of the Chamber, said: “We will fund the project with a soft loan through the National Energy Efficiency and Renewable…

New $20 million mall project in Lebanon

The design of a new mall in the Kaslik area is in its advanced stages. The mall will be managed by Shopping Mall Advisory Group (SMAG). The mall is owned by the Abi Nasr family, who will be investing more than $20 million. “The project is in a prime location…

Housing demand falls 12.5 pct in first quarter 2016

Demand for properties in Lebanon in the first quarter of 2016 fell by more than 12 percent due to political uncertainties and economic slowdown, according to Byblos Bank Real Estate Demand Index. “The results show that the Byblos Bank Real Estate Demand Index posted a monthly average of 42.5 points…

Global Economic Prospects: Divergences and Risks in MENA

Recent Developments: The sharp drop in oil prices and conflict are holding back economic growth in the region. In additional to slowing growth, most oil-exporting countries have experienced a significant worsening of fiscal and current account balances as a result of the oil price plunge. Budget adjustments are underway, predominantly through…

World Bank Cuts 2016 Global Growth Forecast to 2.4 percent

The World Bank is downgrading its 2016 global growth forecast to 2.4 percent from the 2.9 percent pace projected in January. The move is due to sluggish growth in advanced economies, stubbornly low commodity prices, weak global trade, and diminishing capital flows. According to the latest update of its Global…

Baalbeck International Festival unveils its 60th anniversary program

Baalbeck International Festival chair Nayla de Freige led a news conference at the Tourism Ministry Wednesday to announce the program for the 60th edition of the event, set to run from late July through late August. Before the event begins in earnest, however, BIF will hold a festival fundraising event…

Bassil addresses Australian delegation: Lebanon will forever be messenger of openness

Chairman and General Manager of Bank of Beirut Salim Sfeir held a dinner banquet in honor of the Lebanese Australian delegation visiting Lebanon to participate in the “Lebanese Diaspora Energy 2016” Conference organized by the Ministry of Foreign Affairs. The banquet was attended by Minister of Foreign Affairs, Gebran Bassil,…