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Lebanon ranks 70th globally and six regionally in innovation and entrepreneurship

5-9-2017

The United Nations Economic and Social Commission for Western Asia (ESCWA) published a report entitled ‘innovation policy for inclusive sustainable development in the Arab region’ to highlight progress and performance of Arab states in terms of innovation, particularly in technology. The report emphasized the significance of innovation in achieving economic growth, industrial development, social welfare and environment protection. It displayed the ranking of these countries according to so-called Global Innovation Index 2016 (GII) which measures the status of innovation systems worldwide. To note, the GII is based on seven pillars and calculated according to a set of 82 attributes. The United Arab Emirates topped the list of Arab countries and came 41st globally posting the best performance in terms of entrepreneurship and institutions. Four GCC member states followed, with Saudi Arabia ranking second regionally (49th globally), ensued by Qatar (50th ), Bahrain (57th ) and Kuwait (67th ). Lebanon managed to reap comparable results, coming six in the region and 70th globally, as such: 91st in terms of institutions, 76th in research and human resources, 84th in infrastructure, 99th in market development, 63th in entrepreneurship, 74th in information and technological production and 51st in creative production. The executive summary of the report can be found on the following link: http://bit.ly/2eYu8d. (Al Diyar, September 4, 2017)

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2017 summer the best in 5 years while domestic trade stagnates

31-8-2017

Despite constant warnings by economic circles of the drastic repercussion of the recent tax hikes on the national economy, particularly by the president of the Lebanese Chambers, Mohamad Choukair, who said, “we are heading towards a disaster”, the president of the Owners of Hotels in Lebanon, Wadi’ Kanaan, lauded the summer of 2017 as the best season in 5 years. Citing tourism ministry figures, Kanaan said hotel occupancy increased by 10% against last year, pointing to a great number of GCC visitors to the country. The Lebanese diaspora was at the heart of this tourism boom, with 70% occupancy by Lebanese expats followed by 10% occupied by Syrian nationals. The secretary general of the Tourism Federation, also indicated an outstanding rise beyond expectation in hotel reservations until a few days before Eid el Adha Holidays, standing at nearly 80%. The ministry of tourism anticipated a higher rate, 90%, in some regions, up to 100% occupancy in the capital, Beirut. On the other hand, Nicolas Chamas, president of the Beirut Traders Association, described as disappointing, the trade movement in the internal markets this summer, stating that the 5-year high improvement in tourist arrivals did not reflect on these markets. He expressed regret over the modest recordings of the month of August, far below any normal month of the year. Meanwhile, the real estate market in the country saw a significant recovery during the 7th month of the current year, with an increased rate of sales transactions (at 31.35%) during July 2017 reaching 6326 deals, up from 4816 in the previous month. )Al Diyar, An Nahar, Al Mustaqbal, August 28, 30, 31, 2017(

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Syrian-Lebanese economic cooperation away from cabinet’s approval

30-8-2017

Following the agriculture minister, Ghazi Zouaiter’s visit to Damascus and his talks with the Syrian premier, and the resulting activation of the work of joint agricultural technical committees (http://bit.ly/2vqYU96), the Lebanese minister of economy Raed Khoury conversed yesterday with his Syrian counterpart Mohamad Samer Khalil on ways of resolving shared socio-economic problems that exacerbated with the crisis in neighboring Syria. Both sides reportedly agreed to reactivate meetings of the Lebanese-Syrian Economic Follow-Up Committee disrupted since 2010. A meeting to this end was set for next September in Beirut to discuss a number of topics. These include: a rigorous deliberation of the challenges hampering the exchange of products between both states, particularly Lebanese exports to Syria; taking effective measures to end smuggling and illegal activities on borders; present common transit procedures that ensure safety of made-in-Lebanon goods passing through Syria to various Arab destinations, namely, Iraq, Jordan or GCC states. According to L’Orient Le Jour, the consultations between Lebanon and Syria come two weeks or less after the disputed visit to Syria of 3 ministers in the Lebanese Cabinet to attend Damascus International Fair 2017. Khoury clarified to the newspaper that cooperation between the two states does not require the Cabinet’s approval, as agreements already exist to the effect of finding a solution to the impasse of Lebanese exports. The minister of state for the displaced, Mouein Merhbi, on the other hand, told L’Orient Le Jour that he personally is with discontinuing all agreements with the neighboring country. )L’Orient Le Jour, August 30, 2017(
 
Previous related news: 
Crisis of agricultural exports to Syria eases amidst a slight regression in foreign trade deficit
 

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Saradar Bank invest in microfinance to low income families

29-8-2017

Saradar Bank announced its acquisition of 49% stake in Vitas SAL, a subsidiary of the US Vitas Group involved in the provision of microfinance solutions to limited income households and entrepreneurs, according to Byblos Bank weekly monitor. Since its inception in the country in 1999, Vitas SAL has dispensed more than 200,000 microloans at a value of USD 350 million, and currently has over 60 points of sale and 530 collection points through a network of branches in Lebanon. In addition, Vitas boasts a banking partnership model in association with local retail banks. The press release by Vitas pointed out that partnering with Vitas Group presents an opportunity for Saradar Bank to get a foothold into the promising microfinance market in Lebanon, which will also facilitate establishing relations with international finance institutions. Mario Saradar, chair and CEO of Saradar Bank said the transaction is expected to lead to increased and substantial synergies between the two sides benefiting from the Saradar network, its sister companies and subsidiaries, as well as, to a possibility of access to capital in order to fund Vitas future business needs. And collectively, this will allow Vitas to maximize its plans for growth. (L’Orient Le Jour, August 29, 2017)

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Special center in Yarzeh to promote entrepreneurship

29-8-2017

A new co-working space was launched last week in the Yarzeh suburb of Beirut. The aim is to promote innovation and productivity through provision of a space for work and recreational activities that help startupers and entrepreneurs get productive while staying fit and healthy. To note, the idea of the brand new space came up by two ambitious young brothers, Hadi and Joseph Khoury, who are businesspeople themselves. By joining Koozpace, members can benefit from the different amenities and services including, access to a gym, pools and 15 furnished studios available for rent. Additional facilities include a free parking and an option for an outdoor swimming pool booked for corporate occasions or cultural, professional events and seminars. Koozpace targets mainly startups and small and medium enterprises, as well as young entrepreneurs and freelancers. )Al Akhbar, August 29, 2017(

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A promising fig season in Arkoob

28-8-2017

With summer coming to an end, Arkoob residents are anticipating a good fig season, especially that the nature of earth soil in the area imparts a distinctive flavor to the fruit, Al Mustaqbal reported. The town of Kfarhamam, most famous for its fig production, boasts an annual harvest of 50 tons of multiple variety of dried and fresh figs. One farmer, Abu Ahmad, told Al Mustaqbal that demand on Arkoob and Kfarhamam figs is outstanding. But he lamented that young people have moved away from agriculture work which Is further distressed by the crisis of marketing production, and the relinquished official backing to promote their steadfastness through development of this cultivation. Former Kfarhamam mukhtar, Mohieddine Shahrur, stressed the need to support fig growers, especially that fig trees have a relatively short life span and demand special care. Abu Rabi’, for his part, told Al Mustaqbal reporter that every other day he heads to the field accompanied with his wife to pick the fresh fruits where he sells one kg for LBP 4-5,000. However, if he could not dispose of the gathered figs by noon, he tends to dry them to vend them later as dried fruits, with one pound standing at LBP 30 to 40 thousand. (Al Mustaqbal, August 27, 2017)

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Wastes of hospitals pollute underground water, threaten citizens’ health

25-8-2017

The president of the Lebanese Farmers Association, Antoine Howayek, revealed yesterday that many of the crops and farmlands in Lebanon are irrigated by water contaminated with sewers and toxic and infectious discharges of hospitals. The crisis is not new but in fact has reached alarming levels, Howayek told An Nahar newspaper, cautioning against an imminent disaster. Irrigation water, and therefore all the vegetables and greens consumed by the Lebanese people are polluted. Howayek pointed out that water quality analysis conducted by the Association has shown that many hospitals, namely government-run hospitals, tend to dispose of their sanitary sewerage in rivers. The case of the Litani River and Al Jouz River in Batroun are good examples. There are 10 hospitals along Litani’s riverbank alone, he said, warning that the situation in Akkar and other regions is not better. The wastes of hospitals are more hazardous to health than the drainage of regular households, Howayek said. He demanded the government to treat this matter as a priority in order to lift the harmful risks of the Lebanese people who are infected with dozens of cancerous and gastrointestinal diseases. He appealed to the President of the Republic to make compulsory the treatment of the crisis if involved authorities failed to act. He also called on the health ministry to ban hospitals of dumping their wastewater discharge in the rivers and waterways, and to ask state-run and private hospitals to treat their sanitary waste before dumping. In this respect, Al-Nahar learned from sources close to the Ministry, that the latter will assign doctors of the districts to conduct the necessary analysis tests and make tours of inspection to hospitals and rivers to this effect. (Annahar 25 August 2017)

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IDAL to develop production outside the capital

25-8-2017

The chair of the Investment Development Authority of Lebanon (IDAL) Nabil Itani disclosed to Al Mustaqbal a plan to promote ‘Invest in Regions’ program aimed at invigorating areas outside the capital and transforming them into productive communities. This, Itani said, is done through inspiring entrepreneurship and innovation in those regions, revealing that he will present the plan next week to deputy prime minister, Ghassan Hasbani. The work of the program, according to Itani, is based on the use and amassing of resources at hand in into one service (One Cluster One Zone) with the aim to facilitate access of international importers to made-in-Lebanon goods with specific standards. IDAL chief made clear that the program will be launched in cooperation with the civil society and the federations of municipalities, pointing out that funding will be secured from the local community and the Lebanese Diaspora. In Parallel, Itani noted, business incubators will be set up to explain how to prepare the product and methods of marketing in line with market demands and standard specifications. The significance of the program, Itani concluded, is that it encourages investment in productive industries, on the one hand, and eases the marketing of Lebanese goods, on the other. (Al Mustaqbal, August 25, 2017)

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Crisis of agricultural exports to Syria eases amidst a slight regression in foreign trade deficit

24-8-2017

In the framework of the agriculture ministry’s strategy to secure foreign outlets for the Lebanese agricultural products, and following minister Ghazi Zoueiter’s visit to Damascus last week and his talks with Syrian premier and involved ministers, the special Syrian-Lebanese committee held its regular meeting in Taanayel, Bekaa on Monday. The meeting, headed by Zoueiter in the presence of the secretary general of the Higher Syrian-Lebanese Council, Nasri Khoury, discussed the required mechanisms to activate the work of the joint agricultural technical committees, mainly the export of Lebanese vegetables and livestock to neighboring Syrian markets. On another front, the trade deficit fell by USD 64 million annually, to stand nearly at USD 7.94 billion by the end of the first half of 2017, down from USD 8.1 billion in the same period of last year, according to Customs Higher Council figures. The decline in deficit, Customs sources said, is due to an increase in the export bill by USD 48 million on a year-to-year basis to roughly USD 1.44 billion, accompanied by shrinking imports (by USD 16 million) to below USD 9.38 billion. To note, China came first on the list of exporting countries to Lebanon, with an export bill of USD 915 million (representing 9.76% of Lebanon’s import bill). South Africa topped the list of importing countries, with an import bill of USD 184 million (equivalent to 12.82% of total Lebanese exports). (Al Diyar, An Nahar, August 23, 2017)

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Burj Hamoud proudly preserves the identity its Armenian people

24-8-2017

In its issue on August 12, L’Orient Le Jour brought to light the architectural and cultural legacy of the Burj Hamoud suburb with its old commercial neighborhoods that proudly uphold the identity and history of its predominantly Armenian community. The newspaper mentioned the marketplaces in Burj Hamoud are considered one of the most popular in East Beirut, notably, Arax Street which hosts the majority of shops and bazaars. Haret Sader is another famous street, as well as Armenia street renowned as the hub of jewelry and goldsmith stores. In the alleyways, L’Orient Le Jour wrote, small workshops line up, including artisan shops that have been passed on over generations. What distinguishes these streets, the newspaper went on to say, is the blend of shops where you can find small and medium craft or industrial workshops next to fashionable commercial stores, restaurants and houses. L’Orient Le Jour drew attention to the unique and distinctive architecture of the shops and homes dating from 1930, 1940 and 1970. (L’Orient Le Jour, August 12, 2017 )

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